Constitution Successfully Processes Check Images from Bank of America with VSoft's Check 21 Software

Business Wire, May 15, 2007

Credit Union Able to Direct Exchange 36% of Check Volume

ATLANTA -- VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that Constitution Corporate Federal Credit Union (Constitution), a New England-based cooperative wholesale financial institution with assets of $2 billion, has successfully processed incoming image files from Bank of America using its Check 21 software and interface.

"VSoft's solutions allow us to take full advantage of the check processing efficiencies associated with Check 21 legislation," said Bill White, executive vice president, Constitution Corporate Federal Credit Union. "It was a natural progression for us to accept image files from Bank of America of checks drawn on our member credit unions. Direct image exchange allows us to process payments without involving the extra time and costs associated with a third party exchange organization. We are currently exchanging 57 percent of all items via our image capture solutions."

Since becoming a VSoft customer in 2000, Constitution has implemented a variety of VSoft solutions including Branch Item Capture and Check 21, allowing them to successfully exchange images with one of the nation's largest banks. Recent enhancements to VSoft's Check 21 software allow Constitution to accept image files captured at Bank of America. The software then checks the images against Constitution's member credit unions for posting. This achievement follows the December announcement of Constitution's ability to send outgoing image files to Bank of America for posting to their accounts.

"This is a major achievement not only for Constitution but also for VSoft because this is our first customer to accept check image files from a third party other than the Federal Reserve or an exchange organization," said Murthy Veeraghanta, president, VSoft Corporation. "By exchanging electronically with Bank of America, Constitution eliminates the middleman, reducing processing time as well as costs, and further improving the efficiency of check image exchange and return operations."

About Constitution Corporate Federal Credit Union

Chartered in 1979, Constitution Corporate FCU is a New England-based cooperative wholesale financial institution with assets of $2.0 billion. A strong track record of investment expertise coupled with innovative systems allow Constitution and its subsidiaries to supply credit unions with the most effective resources relevant to the needs of their own members. Investment services, correspondent services, payment systems and technology services represent the full range of Constitution's product and service lines. Visit us online at www.constitutioncorp.org.

About VSoft Corporation

Established in 1996, VSoft Corporation is a global provider of financial technology solutions that improve service, reduce cost and maximize efficiency. In use by over 1,700 financial institutions worldwide, VSoft's broad image-based solution range includes distributed deposit and payment capture across all points of presentment, back office check processing, image exchange, document management, remittance and lockbox operations. Customers include banks, credit unions, savings institutions, transaction processors, governments, utilities, telecommunications and retail organizations. VSoft's proven products and services ensure versatile and rapid delivery of solutions to mission-critical needs. For more information call (770) 225-7692 or visit vsoftcorp.com.