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COCC Implements Advanced Financial Solutions' Image Technology and the Endpoint Exchange Network
Market Wire, February, 2005
COCC, a leading provider of next generation technology services for financial institutions, today announced the availability of its complete image-item processing solution, branded "End-to-End Image Processing." This new functionality was built on technology from Advanced Financial Solutions (AFS), and fully interfaced to the Endpoint Exchange Network, which are Metavante companies.
"After a thorough evaluation, COCC selected AFS and the Endpoint Exchange Network for its demonstrated leadership in check imaging and significant advances to electronic check clearing brought to the forefront by Check 21 legislation," said Gary Nelson, AFS president.
COCC is deploying AFS ImageVision, the banking industry's leading image item processing application suite, and AFS ImageVision Courier, the software interface between AFS ImageVision and the Endpoint Exchange Network, as the platform for its new "Check 21-ready" image-item processing technology infrastructure. The AFS ImageVision Suite provides COCC and its financial institution customers with the foundation for several future image-enabled service offerings, such as Branch Capture and ATM Deposit Capture.
"The AFS ImageVision suite allows us to offer new image-based products as well as improve our operational efficiencies," said Joseph Lockwood, COCC's chief technology officer. "The scalability of AFS ImageVision allows us to handle increasing volumes of checks as we launch new marketing programs and expand our community bank and credit union base. The interface to the Endpoint Exchange Network is generating several transaction cost advantages in clearing and settlement for our member institutions, most importantly a significant reduction of the costs and inefficiencies associated with the transportation infrastructure needed to move paper checks."
In 2003, AFS became the first check-imaging software vendor to complete an interface to the Endpoint Exchange Network. The Endpoint Exchange Network enables U.S. financial institutions to clear their check-based transactions by allowing for the exchange of check images between its more than 4,500 member institutions.
The AFS ImageVision Courier interface to the Endpoint Exchange Network provides COCC's customers with access to the country's fastest growing and most interoperable check image exchange network. The AFS ImageVision Courier interface is designed to take advantage of all the functionality of the Endpoint Exchange Network, including forward presentment, incoming and outgoing returns, incoming and outgoing adjustments, and automated image quality assurance for exchanged images.
According to Nelson, "COCC is an established market leader in information technology-based solutions for community banks and credit unions, and the new End-to-End Image Processing solution is a winning formula that will provide significant productivity gains and operating efficiencies, with reduced expenses and greater profitability."
About COCC
Established in 1967, COCC is a mutually-owned data processing company specializing in technology services to financial institutions throughout the Northeastern United States. Using the latest open systems, COCC provides a complete service that goes well beyond the traditional systems approach. Hands-on support from account processing to secure Internet access are the hallmark of COCC's Total Quality Processing. With nearly 300 employees and $43 million in annual revenue, COCC is one of the fastest growing data processing companies in the United States. For more information, please contact Robert Bessel at bessel@cocc.com or by phone at 860.674.7214.
About Advanced Financial Solutions
Founded in 1992, Advanced Financial Solutions Inc. (AFS), a Metavante company, has delivered high-quality image-based and conventional check processing solutions to the financial services industry. Based in Oklahoma City, AFS was one of the first companies to offer image and item processing technology based on the Microsoft® Windows .NET operating environment. All AFS item-imaging solutions are designed from the ground up with the functionality that banks and remittance processors need for operating in a high-capacity, transaction-based environment. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI). For more information, see www.afsimage.com.
Contact: Chip Swearngan Advanced Financial Solutions 414-357-3688 chip.swearngan@metavante.com Robert Bessel COCC 860-674-7214 BESSEL@COCC.COM