Corporate Federal CU uses VSoft to process cheque images from BoA
15 May 2007 | 1395 views | 0
Source: VSoft Corporation
VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that Constitution Corporate Federal Credit Union (Constitution), a New England-based cooperative wholesale financial institution with assets of $2 billion, has successfully processed incoming image files from Bank of America using its Check 21 software and interface.
"VSoft's solutions allow us to take full advantage of the check processing efficiencies associated with Check 21 legislation," said Bill White, executive vice president, Constitution Corporate Federal Credit Union. "It was a natural progression for us to accept image files from Bank of America of checks drawn on our member credit unions. Direct image exchange allows us to process payments without involving the extra time and costs associated with a third party exchange organization. We are currently exchanging 57 percent of all items via our image capture solutions."
Since becoming a VSoft customer in 2000, Constitution has implemented a variety of VSoft solutions including Branch Item Capture and Check 21, allowing them to successfully exchange images with one of the nation's largest banks. Recent enhancements to VSoft's Check 21 software allow Constitution to accept image files captured at Bank of America. The software then checks the images against Constitution's member credit unions for posting. This achievement follows the December announcement of Constitution's ability to send outgoing image files to Bank of America for posting to their accounts.
"This is a major achievement not only for Constitution but also for VSoft because this is our first customer to accept check image files from a third party other than the Federal Reserve or an exchange organization," said Murthy Veeraghanta, president, VSoft Corporation. "By exchanging electronically with Bank of America, Constitution eliminates the middleman, reducing processing time as well as costs, and further improving the efficiency of check image exchange and return operations."