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Palmetto Cooperative Services Implements VSoft’s eDesk for Central Site Imaging, Offering Branch Capture to its Member Credit Unions

Branch Item Capture at First Carolina Corporate Credit Union reduces processing cost and increases productivity

ATLANTA, May 17, 2006 – VSoft Corporation, a global information and technology provider of process improvement tools for financial institutions, announced that Palmetto Cooperative Services (PCS), a wholly-owned subsidiary of the South Carolina Credit Union League, has chosen to implement VSoft’s eDesk Capture, Image Archive, Research, Branch Item Capture, and Image Exchange products. PCS is the preferred item processor for the Carolinas and Virginia providing valuable products and services to more than 300 credit unions, including Item
Processing and Statement Processing services. PCS also processes for First Carolina Corporate Credit Union, the settlement facility for credit unions in North and South Carolina. PCS will roll out VSoft’s Branch Item Capture solution to their members allowing the credit unions’ branch locations to capture and exchange images onsite in compliance with Check 21 legislation.

“VSoft’s Branch Item Capture solution provides our members with the ability to capture check images and MICR data at the branch location, facilitating image collection,” said Mark Curran, senior vice president, PCS. “This will allow the credit unions to receive better funds availability, improved returns processing times, and eliminate their courier charges.”

VSoft’s Branch Item Capture provides full-featured, image-enabled data capture functions. Branch Item Capture enables PCS’ members to capture share draft (check) images at the branch level rather than transporting them to the central site. Branch personnel use small capture devices to capture the item’s data and image. As checks are imaged and captured throughout the day, the images and MICR data can then be sent electronically to PCS’ processing location.
All credit union members will have access to search and research in the image archive, including
reports generated.
“VSoft’s solution seems to be easier and more intuitive for our member credit unions,”
added Curran. “We believe that training and implementation at the credit unions will be
streamlined with the VSoft solution. The decision to go with VSoft’s software was a very easy one
to make,” added Curran.
PCS Implements eDesk - 2 -
“Upon our own research, VSoft Corporation’s image exchange solution appeared to be the
most intuitive and well thought out solution. It allows for easy training of staff at all levels of the
processing stream,” said Frances Bradshaw, Vice President- Information Services, First Carolina
Corporate. “We anticipate our partnership with Palmetto to help our members make the check
processing transition efficiently, therefore increasing savings much quicker than the traditional
way of collecting deposits due to them.”
PCS will collect the check images from its members, and exchange with the Fed in
compliance with Check 21 utilizing VSoft’s image exchange solution.
“VSoft’s Branch Item Capture solution will allow PCS to expand their geographic reach
and capitalize on the opportunities inherent in Check 21,” said Murthy Veeraghanta, president,
VSoft Corporation. “PCS will be able to pass the benefits to their members, allowing them to save
processing costs, offer innovative services, and minimize exposure to fraud.”
About Palmetto Cooperative Services
Palmetto Cooperative Services, Inc. (PCS) is a wholly-owned subsidiary of the South Carolina
Credit Union League. PCS provides valuable products and services to credit unions, including
Item Processing and Statement Processing services. PCS has been in business since 1969 and
currently serves the financial services needs of more than 300 credit unions in 6 states. Annual
revenues exceed $7.5 million.