Constitution State Corporate Credit Union Joins Endpoint Exchange Network Using VSoft's eDesk Check 21 suite; Nationwide Check Image Exchange, Clearing, and Settlement Now Available to 119 Member Credit Unions.ATLANTA & OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm -- VSoft Corporation, a global information and technology provider of process improvement tools for financial institutions, and Metavante's Endpoint Exchange Network, an electronic check clearing network, announced that Constitution State Corporate Credit Union (Constitution) has joined the Endpoint Exchange Network. Utilizing VSoft's Check 21 product suite, eDesk Genesis, Constitution's 119 member credit unions in the northeast are now eligible to exchange check images with more than 4,000 Endpoint Exchange Network member institutions across the country. "Check image exchange through the Endpoint Exchange Network provides our member credit unions with a significant competitive edge through faster clearing and settlement, as well as reduced transportation costs, float and check fraud," said Noreen Lagasse, director of item processing for Constitution Corporate Credit Union. VSoft Corporation joined the Endpoint Exchange Network in October 2003 as an Image Exchange Distributor and solution developer. The eDesk Genesis interface to the Endpoint Exchange Network enables check image exchange with VSoft's national base of check imaging software customers. "Through participation in the Endpoint Exchange Network, via the VSoft interface, Constitution's member credit unions will be able to forward present 100 percent of their transit check A transit check or not on-us check is a negotiable item (check) which is drawn on another bank than that at which it is presented for payment. For example, a check drawn on Bank of America, presented for deposit at Wells Fargo Bank, would be considered a transit item volume," said Mark Craig, general manager of the Endpoint Exchange Network. "This is a great example of two key industry service providers working together for the benefit of a valued customer." Constitution, a $1.6 billion corporate credit union, provides wholesale financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to other credit unions. It embraced check imaging in December 2000, with the deployment of VSoft Corporation's check imaging products. In early 2004, Constitution implemented VSoft's eDesk Genesis, which includes the VSoft Check 21 Clearing products and Check 21 Return products. Using VSoft's Branch Item Capture product, Constitution is capturing check images at the branch and electronically sending the images to central processing center throughout the day. Check image exchange via the Endpoint Exchange Network and VSoft's eDesk Genesis extends Constitution's commitment to providing value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. and quantified cost savings to its member credit unions. VSoft built the eDesk Genesis product suite on its flagship capture product, eDesk Capture 8.0. eDesk Genesis allows financial institutions to exchange electronic cash letters with images directly or through exchange organizations such as Endpoint Exchange. Through Genesis, Constitution can image cash letters and transmit them to Endpoint Exchange for presentment presentment: see indictment. to the exchanging bank, eliminating the need to encode (1) To assign a code to represent data, such as a parts code. Contrast with decode. (2) To convert from one format or signal to another. See codec and D/A converter. (3) The term is sometimes erroneously used for "encrypt. and courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. outbound out·bound adj. Outward bound; headed away: outbound trains. Adj. 1. outbound - that is going out or leaving; "the departing train"; "an outward journey"; "outward-bound ships" checks. Alternatively, financial institutions have the ability to print substitute checks if an endpoint cannot receive electronic cash letters. "eDesk Genesis offers financial institutions a smooth transition into the new era of check processing, which can allow them to reduce operating costs operating costs npl → gastos mpl operacionales , realize potential gains in efficiencies, and create new revenue-generating opportunities," added Murthy Veeraghanta, president of VSoft. The Endpoint Exchange Network will provide IRD IRD Institut de Recherche pour le Développement (French) IRD Inland Revenue Department (New Zealand's tax revenue collection department) IRD Integrated Receiver Decoder services, which will allow member institutions to transmit check images and create IRD's to settle transactions for checks drawn on non-participating financial institutions. About Constitution State Corporate Credit Union Constitution State Corporate Credit Union, Inc. (Constitution) holds a charter from the State of Connecticut, dated October 1967. In late 1980, Constitution began focusing on developing a full range of financial and payment services for member credit unions. Today, Constitution is the central depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. for the cooperative credit union movement in Connecticut, an industry that provides investment, lending and payment services to more than 900,000 member/owners. Total assets of Constitution Corporate are currently at $1.6 billion. Visit www.csccu.com for more information. About the Endpoint Exchange Network The Endpoint Exchange Network enables U.S. financial institutions to clear their check-based transactions by exchanging check images between member institutions. The Endpoint Exchange Network (www.endpointexchange.com) is the country's first electronic check-clearing network that capitalizes on existing imaging infrastructure and settlement relationships, with the interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. to connect to every endpoint in the nation. Metavante Corporation Metavante is a company that provides financial technology services and software to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization is headquartered in Milwaukee, Wisconsin and employs over 5,600 employees in 35 U.S. (www.metavante.com) delivers banking and payment technologies to financial services firms and businesses worldwide and is wholly owned by Marshall & Ilsley Corporation. About VSoft Corporation A global information and technology provider of financial solutions since 1996, Atlanta-based VSoft Corporation develops and assists in the integrated deployment of process improvement tools for financial institutions. Led by industry experts with a proven track record in excellence, VSoft Corporation is proud of its ability to provide technology designed for easy implementation and migration from the proprietary banking systems of the past. VSoft's experienced systems integration teams ensure that every customer is met with VSoft Advantage. VSoft Corporation has multiple products, services and support that cover back office, operations, lockbox Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. processing, Check 21 legislation, and retail functions. These solutions are designed to maximize core efficiencies while reducing operational costs. More information about the company can be found at www.vsoftcorp.com. |
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