Community One Federal Credit Union Goes Paperless

Business Wire, Jan 21, 2002

Business Editors

CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 21, 2002

Receipt Manager(TM)decreases the cost of managing paper receipts

Las Vegas-based Community One Federal Credit Union announced it is now using Bluepoint Solutions, Inc.'s Receipt Manager.

Receipt Manager is an electronic capture system that allows credit unions to eliminate multi-part paper receipts by capturing receipt data and member signatures electronically.

"We selected Receipt Manager because we were looking for ways to be more efficient as well as a way to reduce some of the expense of having an off-site storage location," said Tara Banua, branch manager at Community One Federal Credit Union. "With Receipt Manager, Community One's costs are decreased because we no longer need the manpower involved in transferring the paper receipts to a secure storage location."

Paper receipts within the credit union industry create storage and handling nightmares, because credit unions are legally required to store receipts for seven years per federal regulations. Hal Tilbury, Bluepoint Solutions' CEO estimates that the cost for credit unions to manage paper receipts is between 5 and 10 cents per receipt over their seven-year life cycle.

"Receipt Manager eliminates the need for two-part paper receipts and a wide range of costs associated with their management," Tilbery said. "Customer service and teller balancing are enhanced, and the annoyance of dealing with the paper burden is eliminated. Depending on a credit union's volume, we have seen costs reduced by as much as $6,000 a month."

Increased efficiency was another important aspect in the decision for Community One to adopt a paperless environment. "Receipt Manager allows you to pull up a receipt to verify a signature while you are on the phone with a member," Banua continued. "All you need is the account number, the teller number or the date of the transaction, and you can access all the information on the receipt instantaneously."

Community One Federal Credit Union has noticed other benefits from installing the Receipt Manager package. "Tellers are balancing more accurately because Receipt Manager enables the tellers to put in the cash denomination breakdown, whether it's incoming or outgoing," Banua added. "Additionally, once the whole organization is live, we'll be able to pull receipts up from any branch location." Receipt Manager has an indexing engine that allows credit union employees to instantly access member receipts from any teller workstation.

Another feature of the Receipt Manager system is the ability to capture electronic signatures at the teller window. This feature increases security by electronically comparing stored signatures. "Operationally, Receipt Manager has improved our cycle-time by allowing us to provide members with fast and efficient service," Banua said. "The impact has been so significant that members have commented on the improved service. Using the paperless Receipt Manager system has provided Community One with a leading-edge advantage."

About Community One Federal Credit Union

Community One Federal Credit Union serves the Clark County area of Nevada, and is available to all those who work, live, worship or attend school in Clark County and their family members. In February of 1999 Community One, formerly known as Network Federal Credit Union, changed from an employer-based credit union to a community-based credit union. Community One has $130 million in assets.

For more information, contact Tara Banua at Community One Federal Credit Union 702.968.1210, or by e-mail at tara@communityonefcu.com. Visit the company's Web site at www.communityonefcu.com.

About Bluepoint Solutions

Bluepoint Solutions develops and supports the credit union industry with high performance software used for document imaging and management of electronic records. Its products work with application software products from key industry vendors such as XP Systems, Symitar Systems and others.

Its primary suite of applications consist of: Receipt Manager(TM), a digital signature capture and electronic receipt system; FastDOC(TM), a document imaging and management solution which integrates directly into existing host data processing systems; and ODOC, an object-oriented infrastructure that allows any member documents, records, including statements and other printed reports (COLD document), and document images to be easily retrieved on demand.

For more information, contact Dick Drew at Bluepoint Solutions at 760.410.9000, ext. 310, or by e-mail at richard.drew@bluepointsolutions.com. Visit its Web site at www.bluepointsolutions.com.