VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that Members United, a $13.5 billion financial institution that provides wholesale investment, credit, payment and correspondent services to over 2,100 credit unions nationwide, has chosen to expand its existing VSoft imaging suite of solutions to include Merchant and ATM Image Capture for member credit unions.
Members United first implemented VSoftâs Image Capture and Branch Capture solutions in 2005. The Branch Capture solution is now live in 300 branches with 150 more in the queue for this year.
âBranch Capture allows our member credit unions to increase efficiencies by eliminating microfilm, encoding and courier costs. These efficiencies spurred us to turn to VSoft again for its ATM and Merchant Capture solutions,â said Terry Faurote, vice president of item processing, Members United Corporate Federal Credit Union. âWe consider VSoft a partner, and we look forward to expanding that partnership with the implementation of the additional Remote Capture solutions.â
VSoftâs ATM Image Capture interfaces with any image-based ATM, allowing members of Members Unitedâs credit unions to deposit checks directly into the image ATM. Once the image is captured at the ATM, the software sends it to the central check-processing site. Each check is positively matched against the ATM records, and a complete audit trail is maintained for clearing purposes thus reducing fraud and improving efficiency. ATM balancing workflows are automated, allowing the institution to decrease the resources needed to support multiple ATMs.
The Merchant Capture solution allows Members Unitedâs credit unions to provide their business members the ability to remotely capture and electronically send deposits, eliminating a trip to the credit union for deposits. Business members use a low speed scanner to capture the check images and transfer the data through a secure transmission. Businesses can consolidate their deposits into a single preferred financial institution, eliminating geographic dependency. Funds become available sooner as personnel can simply scan the checks as they receive them.
âBy implementing VSoftâs ATM and Merchant Capture, Members United will offer an end-to-end Remote Capture solution to its member credit unions allowing them to capture images at their branches, merchant locations and ATMs,â said Murthy Veeraghanta, president, VSoft Corporation. âThese solutions will allow Members United to capitalize on the benefits of Remote Capture and image exchange by improving its operations and reducing costs for members.â