SAN DIMAS, Calif. — Check 21 legislation opened the doors for credit unions to participate more fully in image processing to replace checks. Many have already made plans to implement image capture at the branch level. Thanks to a new shared branch agreement between Financial Service Centers Cooperative Inc., Ensenta and WesCorp, image processing can now be expanded to self -service branch kiosks.
This new technology allows FSCC-networked credit unions to offer the latest technology and convenience to their members while taking advantage of WesCorp's experience and expertise in image and deposit processing. A member inserts a check (no deposit slip, no envelope), verifies the amount and receives a picture of the check on the receipt. Ensenta uses Optical Character Recognition and risk factor analysis to create the image files, which are sent electronically to WesCorp for processing.
The check image is immediately available to credit union staff via Ensenta's Web-based EZ-Admin service. Credit unions also may choose to customize their hold policies and accelerate funds availability for certain members through EZ-Admin.
For the credit union member, the "win" is more convenience, a better user experience, added confidence in the process and quicker funds availability. For the credit union, the "win" is lower risk and lower processing costs (i.e., no envelopes, no dual-control, no courier, no daily check sweeps).
"We are pleased that the certification with WesCorp went so well for Check 21," commented Sarah Canepa Bang, chief executive officer of FSCC. "The self-service branch kiosk provides another channel for credit unions in supporting their own members and guest members at existing branches. It can also provide access at SEG locations and in retail stores. With the kiosk certified to Check 21, the challenge of processing physical checks goes away. The imaging process will not only make the credit union's back office more efficient but significantly reduces handling costs."
