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Southwest Corporate rolls out Image Deposit Return
DALLAS (6/8/09)--Southwest Corporate's new Image Deposit Return service is now available to credit unions in the Federal Reserve's 11th District, and could roll out for the rest of the nation as early as July. The service automates the process of handling returned items from member deposits--eliminating paper check delivery to the credit unions. Returns are sent directly to Southwest Corporate from its direct-exchange banks, image exchange networks and the Federal Reserve Bank--reducing potential for losses by providing faster information delivery, said the corporate. "We have worked out the last few details with the pilot credit unions," said Brad Ganey, senior vice president of payment services at Southwest Corporate. The corporate is preparing to pilot the service in additional Federal Reserve districts, he added. Southwest Corporate worked with the Fed to develop the service and is one of few institutions to go live with it. The new service will complete its plans to fully automate the deposit process for credit unions. The Fed's 11th District includes 259 credit unions already using Southwest Corporate's deposit services and who will be eligible for the new service. The district includes Texas, the northern portion of Louisiana and the southern portion of New Mexico. The corporate noted that the Federal Reserve Bank's announcement that it will collapse all paper check processing into its Cleveland office by fourth quarter has left many credit unions anticipating increased courier charges and delays in the delivery of deposit returns. The new Image Deposit Return service is a cost-effective alternative that will return items online a day earlier, said the corporate.


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