The implementation allows IHMVCU to create outgoing image cash letters for exchange with the Federal Reserve and accept incoming image files as returned items.

"We are dedicated to improving the economic well-being of our members by providing comprehensive financial services using the most advanced technologies," said Scott Zahnle, Vice President of Information Technology, IHMVCU. "VSoft's check imaging and exchange solutions will allow us to move our payment processing system from paper to images, improving our operational efficiencies while enhancing services offered to our members."

VSoft's image capture and Check 21 software allow IHMVCU to exchange electronic cash letters with images directly or through exchange organizations. This eliminates the need to encode and send outbound checks through a courier. The credit union can also print substitute checks if an endpoint cannot receive electronic cash letters.

"IH Mississippi Valley Credit Union will quickly realize cost savings and improvements in their back office operations," said Murthy Veeraghanta, president, VSoft Corporation. "Replacing their paper processing system with a full imaging system to send and receive files will also allow the credit union to provide enhanced services to their members in the Quad City area, and improve funds availability."

A virtual sorter replaces a physical sorter for processing electronic, in-clearing cash letters for Prime or Return Items. The Check 21 software screens and logs IHMVCU's incoming and outgoing cash letters, while maintaining a complete history and audit trail by time-stamping each of the incoming and outgoing files along with the source and destination of each file. Built-in intelligence automatically detects out-of-balance conditions and directs the operator to the correct item. A browser-based presentation layer enables a supervisor to access the VSoft system from any PC in the credit union.