VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that State Department Federal Credit Union (SDFCU), a $900 million asset size not-for-profit cooperative based in Washington, D.C., has chosen to implements its Agile Merchant - Web merchant capture solution.
SDFCU has 64,000 members including more than 250 U.S. Embassies worldwide and more than 100 organizational accounts such as schools, commissaries and recreation associations across the nation.
"The demand for merchant capture services arose predominantly from our overseas members," said Charlie Roberts, chief information officer, State Department Federal Credit Union. "Using the VSoft system, we can now offer immediate deposit to all of our international members, and by eliminating international courier expenses, we have drastically cuts costs. VSoft's superior technology and breadth of product features were key factors in our decision. We were also impressed with their willingness to work closely with us for a seamless integration into our existing item processing system."
VSoft's Agile Merchant - Web allows SDFCU's business members to capture check images at their offices and electronically transmit items to the credit union. SDFCU plans to first roll out the solution to its organizational accounts located throughout the country. The credit union then plans to implement at State Department facilities throughout the world. This eliminates time-consuming international transportation and high courier fees associated with traditional paper processing.
VSoft's solution reduces float. Funds become available sooner as personnel can simply scan the checks as they receive them. Business members can consolidate their deposits into a single preferred financial institution, averting any geographic dependency.
"Paper lag means added cost and lost float. This is accentuated for the large number checks from outside U.S. borders," said Vijay Balakrishnan, chief operating officer, VSoft Corporation. "This deployment of remote capture on a global scale is an excellent example of the tangible benefits of Straight Through Image ProcessingTM by shrinking the distance between capture and clearing."
"With the State Department Federal Credit Union we have taken remote capture to another level," said Murthy Veeraghanta, president, VSoft Corporation. "In an increasingly globalized world, technologies like Agile Merchant - Web are essential to move funds across international boundaries. VSoft has always been at the forefront of solution innovation, and this is another example of the breadth of our products."