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Palmetto Rosetta team up on image returns
IRMO, S.C. (2/18/10)--Palmetto Cooperative Services (PCS), a credit union service organization, and Rosetta Technologies, a provider of printers and software solutions, announced that PCS has begun reselling Rosetta’s Image Replacement Document (IRD) Express Pack to credit unions. The pack has a 30-page-per-minute Magnetic Ink Character Recognition printer, IRD paper and toner. PCS developed the image-return product in response to a growing concern among credit union clients about the Federal Reserve Bank’s exit from IRD printing. If the Fed consolidates item printing to one location in Cleveland, credit unions anticipate delays in their receipt of printed IRDs, said PCS. The Federal Reserve also has said it would no longer send advanced notification e-mails to institutions. The e-mails notify institutions of their in-clearing returns so they can extend and hold on the item prior to receiving the printed IRD, which reduced the risk that the item would come off hold and be available to the depositor for funds withdrawal. PCS’ image return service allows members to receive their files daily through e-mail. The Express Pack prints the files, which are processed and delivered to the depositor. The process can be reduced to less than a day, as opposed to 72 hours in most cases, the company said. “In the short time this service has been available, we’ve had a tremendous response from our credit union customers,” said Mark Curran, PCS senior vice president of business development.


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