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FirstCorps check processing goes fully electronic
PHOENIX (6/15/09)--FirstCorp announced that its check processing program is 100% electronic, as of June 4. Prior to June 4, return items were printed by the Federal Reserve Bank, flown and couriered to FirstCorp, and then sorted and couriered to each credit union. With the electronic process, credit unions receive return items in a secure file from FirstCorp the same day they are returned by the Federal Reserve Bank. The electronic process is saving thousands of dollars on transportation costs, FirstCorp said. Electronic processing of incoming returns from the Federal Reserve Bank was the final step in FirstCorp’s initiative to create a completely electronic check processing program. The first step was taken in December when FirstCorp converted to image capture and exchange for check collection participants through implementing branch capture, teller capture, ATM capture and remote deposit capture. FirstCorp is based in Phoenix.


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