Southwest Corporate Federal Credit Union Teams With Advanced Financial Solutions for Check Image Exchange

Southwest Corporate Federal Credit Union, the second largest corporate credit union in the U.S., and Advanced Financial Solutions (AFS), a leading provider of image-enabled payment processing solutions to the financial services industry, announced jointly that Southwest Corporate has licensed AFS's xVision software.

With just a little less than three months until the enactment of Check 21, Southwest Corporate is focused on providing its member credit unions with the most strategic and cost effective Check 21 and image exchange solutions available. Under the provisions of Check 21, credit unions may receive substitute checks. The ability to print substitute checks from images whenever the paper instrument is necessary will accelerate the industry move to nationwide check image exchange.

AFS xVision will facilitate the exchange of check images for the more than 550 member credit unions currently taking advantage of Southwest Corporate's check clearing services. The implementation of AFS xVision will provide Southwest Corporate's member credit unions with the gateway to both support and accommodate check image exchanges through the Federal Reserve's FedImage Services and CheckClear's Endpoint Exchange Network. AFS xVision removes any constraints regarding interoperability, exchange standards, and record formats, while leveraging the existing investment in check imaging technology.

The combined reach of the Federal Reserve's FedImage Services and the Endpoint Exchange Network will provide an unprecedented level of check image exchange, allowing for the exchange of check images with thousands of financial institutions across the country.

The Federal Reserve provides a nationwide solution that can reach every U.S. financial institution. The Federal Reserve offers an array of capture, archive, retrieval, and delivery options that support interactive services between the Reserve Banks and thousands of financial institutions.

The Endpoint Exchange Network provides full interoperability between financial institutions utilizing standard exchange formats for the sending and receipt of electronic items. By the end of 2004 the Endpoint Exchange Network expects to have over 5,000 financial institution members enrolled. Southwest Corporate was one of the first corporate credit unions to join the Endpoint Exchange Network in June 2003.

"AFS is leading the way in providing check image exchange interoperability to the credit union industry," said Brad Ganey, Director of IP Services for Southwest Corporate Federal Credit Union. "AFS xVision provides Southwest Corporate's member credit unions with a very reliable and extremely flexible solution for check image exchange. The changing ratio of paper to electronic payments presents a business challenge to the credit union industry. AFS xVision will help Southwest Corporate's member credit unions generate efficiencies from their existing item processing operations and check image exchange network memberships."

"As a credit union for credit unions, and one of the nation's largest credit union check processors, Southwest Corporate Federal Credit Union has been at the forefront of providing imaged item processing services to the credit union industry," said Gary Nelson, president, AFS. "With the decline in the volume of paper checks it is imperative for credit unions to reduce their cost per transaction while containing technology expenditures related to adapting new image-based processes and platforms. AFS xVision is the ideal solution, allowing Southwest Corporate's member credit unions to exchange check images with thousands of financial institutions in every Federal Reserve District."

About Advanced Financial Solutions

Founded in 1992, AFS, a Metavante company, has consistently delivered high-quality image-based and conventional check processing solutions to the financial industry. AFS was one of the first companies to offer image and item processing technology based on the Microsoft Windows NT operating environment. All AFS check imaging solutions are designed from the ground up with the functionality that banks need for operating in a high capacity transaction-based environment. AFS ImageVision is a Windows NT-based system that supports electronic capture, encoding, and clearing of checks and other documents. AFS Enterprise Archive allows users to archive checks and other digitized documents in a central location and to retrieve those images using traditional Internet-based research tools. Based in Oklahoma City, AFS became a wholly owned subsidiary of Metavante Corporation on July 1, 2004. Visit AFS on the Web at www.afsimage.com.

About Southwest Corporate Federal Credit Union

Southwest Corporate Federal Credit Union is the second-largest corporate credit union in the United States. It serves more than 1,200 credit unions nationwide and has assets of over $8 billion. In September of 2004, SCFCU will celebrate twenty-nine years of commitment to credit unions. As a credit union for credit unions, SCFCU provides credit unions EFT services, imaged-item processing, investment options, funds management solutions, electronic bill payment, and much more. For detailed information about the products and services Southwest Corporate offers its member credit unions, visit www.swcorp.org.