Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Corporate debuts national image deposit return service
DALLAS (7/16/09)--Southwest Corporate is rolling out its Image Deposit Return service to credit unions nationwide after launching the service last month to credit unions in the Federal Reserve’s 11th district. “We have completed testing with pilot credit unions,” said Brad Ganey, Southwest Corporate senior vice president of payment services. “Now the service is available to credit unions across the country--regardless of the Federal Reserve district.” Ten credit unions signed up for the service already, Southwest Corporate said. Image Deposit Return automates the process of handling returned items from member deposits and eliminates paper check delivery to the credit union. Returns are sent to Southwest Corporate from its direct-exchange banks, image exchange networks and the Federal Reserve. Deposits are routed electronically to Southwest Corporate, rather than delivered by a courier to a credit union’s central office. Southwest Corporate can automate the re-deposit of insufficient funds, report additional maker or payee information and provide deposit detail reports. Also, Rosetta Technologies, a provider of check printing software solutions, announced that Southwest Corporate will offer Rosetta’s IRD Express Pack to credit unions using Image Deposit Return. The Express Pack offers a magnetic ink character recognition (MICR) and an image replacement document (IRD) printer, software and consumables, Rosetta said Wednesday. Image Deposit Return resulted from the Federal Reserve Board’s announcement that it intended to collapse all paper check processing into the Cleveland office by the fourth quarter. Southwest Corporate FCU is a $10-billion-asset institution based in Plano, Texas.


RSS print
News Now LiveWire
.@BankOnOregon recruiting #creditunions for underbanked project via @NWCUA http://t.co/j6MgHbe9F8
24 minutes ago
.@wpcu's Fecher to testify next week on reg burden @HouseFinSrvicesCmte's subcommittee FIs/consumer credit #NewsNow http://t.co/eNGlQ7n3SS
1 hours ago
1 in 6 US teens considered financially illiterate, survey finds #NewsNow http://t.co/KpqYveLf4n
1 hours ago
6,000 members: That's what @CUNA Councils are celebrating. http://t.co/2zVu4doNIb http://t.co/30c5rDWq9f
1 hours ago
.@CUNA staff salary report: Hiring, pay increases on horizon to meet growing member demand See #NewsNow http://t.co/0hmOdjJrM5
2 hours ago