Volunteer Corporate Credit Union Goes Live on the Endpoint Exchange Network

Wednesday 22 September 2004 16:11 CET | News

Volunteer Corporate Credit Union (VolCorp), has begun live processing with the Endpoint Exchange Network and is now offering electronic check image exchange, clearing and settlement to its 274 member credit unions.

On August 17, 2004, FedEx Employees Credit Association FCU in Memphis, Tenn. became the first VolCorp member credit union to transmit images through the Endpoint Exchange Network. Through 2003, VolCorp’s assets grew over 40 percent, placing it number one for asset growth among corporate credit unions. VolCorp attributes its aggressive growth rate to the continued confidence shown in the credit union by its members, as well as its success in attracting new members. VolCorp added 24 new credit union members during 2003, generating over $300 million in new account balances. Tennessee this past summer, answering questions and preparing VolCorp’s member credit unions with the latest information regarding the new Check 21 regulations. Check 21 will impact both the nations check clearing system and the back-room operation of all check processors. Under the provisions of Check 21, credit unions may receive substitute checks. The ability to print substitute checks from images whenever the paper instrument is necessary will accelerate the industry move to nationwide check image exchange.

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


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