Electronic checking revolution

CO-OP Financial Services, the first ATM processor to provide end-to-end check imaging technology to credit unions, is now offering a full suite of-digital tools to capture, proof and clear checks. The products include CO-OP ATM Check Imaging, CO-OP Fast Branch (kiosks) and CO-OP My Deposit (home),

"Check imaging has rapidly matured and is now capable of supporting all electronic consumer and business checking," says CO-OP President/CEO Stan Hollen. "CO-OP is at the forefront of the movement by presenting an entire slate of check imaging software, bundling ATM, kiosk, home, branch and retail image processing technologies for credit unions. And it's a simple system, which allows us to use the same technology for each touchpoint.

"Credit unions can now securely transport digital checks, which saves time and costs. This technology is also valuable to members, so credit unions can leverage the convenience of check imaging to gain market share, especially among younger, tech-savvy audiences."

The benefits of check imaging include a reduction in fraud and transaction errors, as well as processing, courier, postage and back-office costs, and an increase in funds availability for credit unions and their members. And today, more than three years since the passage of Check 21 (legislation that provides for financial institutions to use a legal equivalent for original checks), electronic image capture and processing is expected to soon remove paper checks from the clearance and settlement cycle.

"Image processing is the future, the near future," says Hollen. "This is no longer simply a trend; it's becoming a way of life, and credit unions shouldconvert to check imaging or expect lower profits."

Established in 1981 and located in Rancho Cucamonga, Calif., CO-OP Financial Services (formerly CO-OP Network) is the nation's largest credit union service organization. Wholly-owned by its credit unionshareholders, CO-OP provides volume discounts on products and services that include ATM network access, ATM processing, debit/card services and shared branching. With nearly 3,000 credit union members, 25,000 surcharge free ATMs (including 6,500 deposit-taking), 120 million-plus monthly transactions and 26 million cardholders, CO-OP Financial Services is the No. 1 credit union EFT network and processor in the U.S. financial services industry. CO-OP Financial Services' membership has access to 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, Pulse and Plus.