VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced today that Columbus, Ohio-based Corporate One Federal Credit Union joined in an alliance to offer its services settling items captured through VSoft's branch capture and image exchange solutions.
The agreement provides credit unions using the VSoft platform and its services with a broader choice of settling agents. Corporate One has direct clearing relationships with many of the nation's largest banks and clearing agents, which allows it to efficiently settle items for credit unions at a significant cost savings.
Muncie, In.-based WGE Federal Credit Union and La Porte, In.-based Grand Heritage Federal Credit Union have already selected to implement VSoft's branch capture solution and exchange their images through Corporate One. As a certified aggregator, VSoft's technology will send the credit unions' image cash letters to Corporate One. From there, Corporate One will settle the items.
"Corporate One is proud to offer some of the most comprehensive payments solutions for the nations' credit unions," said senior vice president of marketing and operations at Corporate One, Robert Coyan. "We've recognized our credit unions' desire for viable options and VSoft fits perfectly with our members' needs and our strategy for complete payment solutions offerings. Our alliance with VSoft allows credit unions to quickly implement or transition branch capture and image exchange services without any significant cost or dedication of time to install or train staff."
Credit unions leveraging the VSoft platform through Corporate One have the flexibility to transition their clearing and settlement services without any large hardware investments. By leveraging the corporate's infrastructure, they do not have to purchase new equipment or retrain staff.
"Corporate One is a proven, stable financial services provider, exactly what credit unions need right now to leverage the best solutions while working with tight margins," said Murthy Veeraghanta, chairman and managing director, VSoft Corporation. "The partnership meets a strong need in the credit union industry, as has already been evidenced by WGE Federal Credit Union and Grrand Heritage Federal Credit Union signing up for our solutions in less than a month of our alliance. We look forward to working with Corporate One and helping many more credit unions improve service, reduce cost and maximize efficiency."