Credit Unions Continue to Move Item Processing In-House
–Bluepoint Solutions reports increased demand for ImagePoint; Adds 17 credit unions-
Vista, Calif. Nov. 12, 2010 Bluepoint Solutions, winner of the 2010 CUNA Tech Council “Best of Show” award, and provider of Check 21, remote deposit capture, item processing and enterprise content management solutions for financial institutions, announced 17 credit unions selected ImagePoint as their in-house item processing solution.
All 17 credit unions share a common desire to gain greater control over a vital operation, eliminate third-party costs, and clear checks directly with the Federal Reserve Bank. They range in asset size from $2.2 million to $2.8 billion, and are located nationwide including California, Texas, Minnesota, Utah, New York, New Jersey, Louisiana, Florida and Delaware.
Bluepoint’s CEO and Founder, Hal Tilbury, said, “Credit unions of all asset sizes, across all geographic regions, and with all types of memberships are demonstrating the value of moving their item processing in-house and taking control of this crucial operation. The benefits are both scalable and universal.”
City and County Credit Union, headquartered in St. Paul, Minn. with $339 million in assets, made the decision earlier this year to move its item processing in-house. CEO, Pat Pierce, said, “Moving item processing in-house effectively stabilizes the cost of our check processing. We will no longer be subject to pricing fluctuations or service interruptions from third-party outsource providers. ImagePoint is sophisticated enough to manage both transit items and in-clearings, yet simple and intuitive for the end-user to operate. Our staff was up and running on ImagePoint in a matter of hours, with minimum training required. We were also able to bring additional value to our members by keeping costs low and giving them access to images of their deposited checks and receipts online through their internet banking.”
Bluepoint’s ImagePoint check processing solution aggregates check images from all capture points, including branch, teller, ATM, merchant, home and mobile. The application then creates electronic cash-letters for transmission to any endpoint, automating many of the traditionally labor intensive check processing procedures that were required when paper checks were a part of the process. With ImagePoint, financial institutions have the ability to automatically perform courtesy and legal amount recognition (CAR/LAR), enterprise-wide duplicate detection and MICR line correction and repair. ImagePoint enables automated processing of on-us items, transit items, in-clearings and returns, as well as providing a feature-rich check archive that can be integrated with online banking for account-holders to view deposited items and receipts.
Tilbury added, “With the adoption of image-based processing, the costs and labor required to manage item processing in-house are negligible. This innovative technology has significantly modified the item-processing environment because the value previously inherent to outsourcing the process is now non-existent. In this new world, there simply is no need to outsource an important operation that can now be almost entirely automated by software such as ImagePoint.”