Source: Integrated Media Management
Integrated Media Management (IMM), a document output management and automation technology provider, recently announced that four credit unions have selected its new teller item capture product.
New Jersey-based Affinity Federal Credit Union has deployed the product and Campus Federal Credit Union, TLC Federal Credit Union and United Financial Credit Union all plan to roll out teller item capture this year.
"We have been an IMM customer for several years, so when Check 21 solutions started to enter the market, it was only natural for us to continue to work with the company and its proven technology," Cate Mayer, MIS manager at TLC Federal Credit Union, said. "We have been using IMM's branch item capture for two years and after seeing our processing time become faster and more streamlined, we've decided to install teller item capture."
IMM's teller item capture provides significant benefits to credit unions, including the scanning of deposited checks by the teller, which eliminates the need for check data to be manually entered into the core processor. Additionally, the checks are encrypted and appended to the receipt transaction and a 128-bit encrypted indexed PDF is created for storage. While the PDF is created, the system generates an electronic cash letter for electronic distribution to the corporate credit union, Fed or other endpoints.
Affinity Federal Credit Union has installed teller item capture in all 20 of its branches and estimates it will save $100,000 in courier fees within the first year. Similarly, TLC Federal Credit Union looks forward to its operations becoming increasingly faster and more streamlined.
"We're a smaller credit union, but fortunate because we have a CEO who is committed to using the latest technology," Mayer continued. "We have enjoyed a very successful relationship with IMM over the years and with the installation of teller item capture, the credit union and our members will enjoy the benefits right along with the large credit unions."
"As the number of check processing centers decreases and the industry moves away from paper-based transactions, it is important for credit unions of all sizes to find Check 21 solutions that work best for their institutions," Chuck Klein, CEO at IMM, added. "We have created a teller item capture product that is both cost-effective and scaleable and we look forward to helping more and more credit unions move towards greater efficiency."