Source: Hyland Software
Hyland Software, developer of the OnBase enterprise content management (ECM) software suite, announced that Denali Alaskan Federal Credit Union is using OnBase to facilitate image capture and remote delivery of deposits in accordance with Check 21 policy.
The use of OnBase has also saved the credit union more than $96,000 per year for check encoding and transportation.
Denali Alaskan Federal Credit Union, a not-for-profit financial institution based in Anchorage, Alaska, with more than $360 million in assets and serving more than 50,000 members in 13 branches, serves the largest state in the union. With geographically disbursed branches, it was difficult to manually process checks in a timely manner. Previously, the transportation of checks from a branch to the nearest Federal Reserve Bank could take up to a week or more.
"The old process was laborious, time-consuming, and inefficient - there's no two ways about it," said John Layton, vice president of system operations for Denali Alaskan Federal Credit Union. "By using OnBase's branch capture module, we have been able to increase our income, which allows 96 percent of deposits to be available the next morning and experience a 6-month ROI without having to increase our database space or personnel."
Denali has implemented OnBase in its back office operations, with plans to expand the implementation to include merchant capture, ATM deposits and branch kiosks.
"Most vendors require credit unions to work around software limitations," added Layton. "OnBase is different because the software can grow with a credit union to create a truly individualized solution. There's no 'one size fits all' mentality."
"OnBase's unique architecture allows credit unions to tailor capture functionality to individual business processes across their enterprise," said Jason King, director of Financial Services for Hyland Software. "Additionally, OnBase's branch capture solution enables better float management and earlier exception handling, reduces dependence on couriers from branch or depositor to processing centers and provides increased security by reducing risk of lost or stolen paper by digitally storing items."