VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced today that Los Angeles-based First City Credit Union selected VSoft's image exchange and settlement solutions, including its inclearings, returns and archive services.
First City will leverage VSoft's applications via an outsourced model, meeting the credit union's functionality needs without having the burden of hardware, maintenance and compliance responsibilities. VSoft's inclearing solution accepts and processes incoming electronic cash letters from image exchange networks, other financial institutions and the Federal Reserve. The system streamlines the receipt of cash letters, reducing transportation time and costs. Additionally, VSoft's returns applications manage both outgoing and incoming returns, greatly enhancing workflow efficiency.
"We selected to outsource our image exchange and settlements to VSoft because of its system's module approach and the ease with which our credit union can implement additional solutions in the future," said Jim Miller, senior vice president and CFO at First City Credit Union. "VSoft enables us to cost effectively and seamlessly transition our services to its unified platform, allowing our credit union to continue its check processing with ease and implement other services over time."
VSoft's archive solution provides comprehensive inquiry and reporting, and its Internet viewer features allows users to easily access images from any location. The solution generates reports, spreadsheets, customer statements, letters and emails and has advanced security functions that ensure stored images remain secure.
"First City Credit Union needed a way to better handle image workflow to ensure the efficiency and security of its vital check processing functions," said Murthy Veeraghanta, chairman and managing director, VSoft Corporation. "The delivery model we were able to provide First City allows the credit union to improve internal operations and grow as its needs and objectives change."