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Volunteer Corporate Credit Union Begins Electronic Image Exchange

8/17/04


NASHVILLE, TN – Volunteer Corporate Credit Union (VolCorp) is successfully exchanging electronic images utilizing Endpoint Exchange. The first VolCorp member to transmit images through this network is FedEx Employees Credit Association Federal Credit Union (Memphis, TN).

This launch was prompted by recent legislation, the Check Truncation Act (Check 21), which takes effect in October. This new law will help financial institutions reduce the risks associated with the physical transportation of checks, and enable the use of an electronic means to transmit check information.

VolCorp’s strategic decision to implement full image processing in 1998 has positioned them and their members to take advantage of Check 21 and the advancement of check imaging. VolCorp has been testing, receiving and sending images since November 2003.

Endpoint Exchange is the first and only electronic clearing house that capitalizes on existing imaging infrastructures and settlement relationships, with the goal of connecting every endpoint in the nation.

VolCorp currently serves 273 credit unions with a national field of membership.