Orion Federal Credit Union Leverages Bluepoint Solutions’ ImagePoint Teller for Combatting Check Losses
–Check capture application provides members with value-add service while saving the credit union from losses-
HENDERSON, NV – May 29, 2013 – Bluepoint Solutions today announced Memphis, Tenn.-based Orion Federal Credit Union (Orion FCU) has selected its ImagePoint Teller solution and is leveraging the platform’s integration with Early Warning’s Deposit Chek® Service to significantly reduce check losses to members and improve service.
With more than $500 million in assets and nine locations, Orion FCU was seeking an automated method to identify items with a high likelihood of return at the teller line. The credit union selected Bluepoint’s ImagePoint Teller due to the technology’s advanced interface as well as its integration with Deposit Chek Service. The solution effectively prevents up to $100,000 in annual losses to both members and the credit union by identifying checks with doubtful collectability. Orion FCU has been working with Early Warning, a longtime industry leader in fraud prevention and risk management, to reduce check losses since 2005.
The ImagePoint Teller solution provides the credit union with a real-time module that can automatically compare account information with Early Warning’s National Shared DatabaseSM to immediately notify tellers of deposited checks that have a high likelihood of return. Notifications are based on accounts with a previous history of NSF returns, accounts that are closed and other high-risk factors. The solution also enables the credit union to improve member service by accelerating funds availability and protecting members from taking losses on checks that could be returned.
“Previously, our tellers were making judgment calls based on the value of a check, utilizing a separate scanner and waiting to receive a decision. By leveraging the integration between Bluepoint and Early Warning, real-time return notification is built into the check scanning process, providing the teller with immediate, plain-language information to make a decision to place a hold or refuse the check,” said Stuart Harrington, general counsel at Orion FCU. “Just as important, the teller can deflect any blame from the member to the check and educate the member on the issue, turning a negative experience into a member-focused opportunity. The integrated solution saves our credit union and our members money and time by catching return deposit items at the teller line.”
“Members who are unknowingly depositing bad checks are the ones who suffer most when deposited items are returned,” said Andrew Tilbury, chief marketing officer of Bluepoint Solutions. “Protecting their members from incurring losses on returned checks is one of the most important and valuable services that credit unions can provide to members.”
About Early Warning
Early Warning Services, LLC creates actionable intelligence to help financial organizations fight fraud, isolate and manage risk, and remain compliant to protect the entire financial system. The company is owned by five of the largest U.S. banks, but collaborates with financial institutions of all sizes as well as with government agencies, payment processors and check acceptance companies. Early Warning offers a unique view of the financial system that enables clients to manage take appropriate action at the earliest point of detection. For more information, visit www.EarlyWarning.com.