The Endpoint Exchange Network today announced that Volunteer Corporate Credit Union (VolCorp), based in Nashville, Tenn., has begun live processing with the Endpoint Exchange Network and is now offering electronic check image exchange, clearing and settlement to its 274 member credit unions. On August 17, 2004, FedEx Employees Credit Association FCU in Memphis, Tenn. became the first VolCorp member credit union to transmit images through the Endpoint Exchange Network.
Through 2003, VolCorp’s assets grew over 40 percent, placing it number one for asset growth among corporate credit unions. VolCorp attributes its aggressive growth rate to the continued confidence shown in the credit union by its members, as well as its success in attracting new members. VolCorp added 24 new credit union members during 2003, generating over $300 million in new account balances.
"VolCorp is successfully growing its member base with its commitment to delivering prompt and robust services," said Wanda Bradley, VolCorp’s Vice President of Item Processing Services, who recently hosted a series of Check 21 seminars across Tennessee this past summer, answering questions and preparing VolCorp’s member credit unions with the latest information regarding the new Check 21 regulations.
Check 21 will impact both the nation’s check clearing system and the back-room operation of all check processors. Under the provisions of Check 21, credit unions may receive substitute checks. The ability to print substitute checks from images whenever the paper instrument is necessary will accelerate the industry move to nationwide check image exchange.
The Endpoint Exchange Network provides full interoperability between financial institutions utilizing standard exchange formats for the sending and receipt of electronic items. By the end of 2004, the Endpoint Exchange Network expects to have over 5,000 financial institution members in the network. Current corporate credit union users include Southwest Corp., WesCorp, SunCorp, Southeast Corporate and others.
"Check image exchange capabilities and its seamless incorporation into VolCorp’s image-based check processing system, will be an important part of our offering," said Ms. Bradley. "Image exchange is essential for our member credit unions that are under pressure to generate efficiencies from their item processing operations, especially in the post-Check 21 image-based environment."
VolCorp is interfacing its full suite of image-enabled item processing applications from Advanced Financial Solutions to the Endpoint Exchange Network.
"Check image exchange capabilities will not be an add-on technology but an integral part of our offering," said Ms. Bradley.
"VolCorp has been an early adopter and industry leader in providing image-based item processing, ACH and electronic payment services to its member credit unions. Check image exchange is a natural fit for VolCorp and its member credit unions," said Mark Craig, General Manager of CheckClear LLC, which operates the Endpoint Exchange Network. "VolCorp’s membership in the Endpoint Exchange Network will provide its member credit unions with unmatched technology and a competitive edge through lower check clearing costs and faster clearing and settlement, as well as reduced float and check fraud."