News from the Wire

CO-OP adds home deposit capabilities to suite of check imaging products

Wednesday, March 05, 2008 — 11:36:31 (EST)

Ranch Cucamonga, Calif., March 5, 2008 -- CO-OP Financial Services is now offering credit unions a way for members to make check deposits from their homes and small businesses. CO-OP My Deposit, which only requires a desktop scanner and Internet access, is the newest part of a full collection of image-enabled products from CO-OP.

"As technology grows, the public's demand for increased convenience and security also rises," says CO-OP President/CEO Stan Hollen. "CO-OP is addressing this trend through innovative products like My Deposit ... and there's more to come in the near future."

With CO-OP My Deposit, credit union members can securely scan checks using just about any home scanner and Internet-connected computer. Once the check image is properly captured and displayed on the computer monitor, members click the "continue" tab on the screen. The check image is instantly submitted for processing and clearing, the deposit is processed real time through the CO-OP Next Generation Network (NGN) shared branching switch. Users can see the deposit instantly added to their current account balance and can void the original check, file it for a short period of time, and then destroy it.

"Credit union members will enjoy the versatility and convenience of making check deposits whenever they want, and small businesses will appreciate faster access to their funds," says Hollen. "By using our secure Web-based system, credit unions will save time and money, manage all aspects of the check imaging process and eliminate much of the labor that comes with in-branch, mail and ATM deposits. Credit unions will also attract attention from a new generation of tech-savvy members."

CO-OP Financial Services can manage the back-office image processing through CO-OP's CU ATM Services - giving the credit union a choice of using CO-OP to handle the image for review and presentment, or manage it themselves.

Other image-enabled products currently offered by CO-OP Financial Services include CO-OP ATM Check Imaging and CO-OP Fast Branch (kiosk-based check imaging).

About CO-OP Financial Services 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 union shareholders, 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.

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Source: Company press release.