Constitution Corporate Credit Union and VSoft Go Beyond Compliance

Wednesday 7 April 2004 11:12 CET | News

Constitution Corporate Credit Union will implement Vsofts Check 21 solutions, allowing Constitution, to create MICR-readable, substitute share drafts (checks) and electronically supply share draft images to its member credit unions and the Federal Reserve. VSofts Check 21 Clearing products allow credit unions to electronically send images of share drafts to central processing centers throughout the day using its Branch Item Capture product, instead of physically sending share drafts for processing at the end of the day in a single batch. The Clearing products also allow credit unions to sort share draft images through the Virtual Sorter product in a fraction of the time it takes to process share drafts through a traditional sorter. VSofts Check 21 Clearing products allow outgoing electronic share draft images to be sent to the Federal Reserve instantly, while the Check 21 Return products allow for the Federal Reserve to return share draft images to the credit union. Constitution is also preparing to launch, an alternative solution for Internet banking, which it developed in partnership with VSoft. will allow credit union members to view high quality share draft images online, print images and e-mail or fax images directly from the Web, eliminating the need for paper. Constitutions members will also be able to request share draft changes online. complements the image archives created by VSofts Check 21 suite and provides a medium for delivering those imaged share drafts to the credit unions members.

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Categories: Payments & Commerce | Payments General
Countries: World
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