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Members United Corporate breaks processing record
WARRENVILLE, Ill. (10/9/08)--One day this summer, Members United Corporate FCU processed 300,821 items through its electronic branch capture--a record for the corporate. The corporate’s virtual item processing (VIP) program allows checks to be scanned at a credit union branch and transmitted electronically, and is catching on, according to the corporate. “Our electronic branch capture program benefits our members in many ways--most notable is the quicker funds availability, which allows for faster identification of fradulent funds and lower pricing,” said Terry Faurote, Members United vice president of payment operations. By the end of the year, the corporate will receive all of its members’ images from the Federal Reserve or an Image Exchange Network in electronic format. The VIP program aims to reduce courier costs, as the average credit union spends $1,300 a month on fees. Members United processes 19 million items monthly (about five million weekly) for its member credit unions. More than 330 members and 950 individual credit union branches are served by the VIP program. The corporate serves more than 2,300 credit unions nationwide.


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