BASKING RIDGE, N.J. — Affinity Federal Credit Union is now using more than 130 scanning stations at 22 locations to scan checks with the member present.
The $1.5 billion CU, New Jersey's largest, is using a new teller item capture system from Integrated Media Management to streamline check processing, reduce paper, and help curb fraud.
Along with front-line imaging, the system is being used in loan servicing, new member enrollment, and other back-office functions, says Roland Plante, AFCU assistant vice president for consulting services, strategy, and innovation.
"While we are among the first credit unions to offer a total Check 21 solution, we believe it will be common practice among financial institutions in 2008," Plante says.
In addition to providing members with instant check clearing and real-time information, Plante says the system will save the credit union an estimated $100,000 in courier costs in the first year.
IMM (www.immonline.com) is based in Linden, N.J., and provides document management services to more than 600 community financial institutions nationwide, the company says.
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