LOS ANGELES (3/1/10)--A check-processing company for credit unions has a new name, launched at the Credit Union National Association's Government Affairs Conference last week in Washington, D.C. The former Skyline's Direct FED will offer the same technology under a new corporate name, Direct Fed Payment Solutions. Ken Buren, vice president of sales at the Los Angeles-based company, said credit unions are expressing "a growing need to find alternatives to the corporate system when dealing with the Federal Reserve. They were impressed with our ability to electronically scan and verify checks from anywhere in the world and deposit them directly into the Federal Reserve Bank." Direct Fed Payment Solutions has processed more than seven million checks totaling more than $6 billion. Its Remote Deposit Capture allows credit unions to become image-enabled without any capital investment. Direct Fed Payment Solutions' process also eliminates float and assessment fees, and provides fast access to capital while making the most of profits and funds availability, the company said in a press release. Clients receive funds in less than 12 hours. The software enables credit unions to integrate checks into accounting with a single scan.