SCFCU is First to Complete the Check 21 Electronic Presentment Circle

Thursday 21 October 2004 14:45 CET | News

Southwest Corporate Federal Credit Union(SCFCU) became the countrys first multi-institution processor to enable its member credit unions to complete the Check 21 Electronic Presentment Circle when it began live processing with the Endpoint Exchange Network on August 12, 2004.

The Check 21 Electronic Presentment Circle describes the image capture and truncation of checks at the branch with electronic clearing and settlement using check image exchange. At the forefront of providing imaged item processing services to the credit union industry, Southwest Corporate Federal Credit Union selected Advanced Financial Solutions (AFS) for branch capture, and the Endpoint Exchange Network for image exchange, electronic clearing and settlement. AFS Branch Capture allows member credit unions to image-capture and truncate check transactions at the branches, and then transmit the images to Southwest Corporate’s regional image-item processing centers. Posting and processing can begin immediately after transmission to the item-processing centers. AFS Branch Capture improves branch transaction processing and reduces back office processing costs while optimizing the truncation-related benefits of the Check 21 Act.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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