Coastway Credit Union Enters Second Phase of Check Image Partnership with COCC

AVON, Conn., May 28, 2009 – COCC, a leading provider of next generation technology services for financial institutions, today announced that Coastway Credit Union of Cranston, Rhode Island has entered the second phase of implementing COCC’s complete document processing technology. Following the successful deployment of advanced branch image capture systems at Coastway, COCC will further streamline the institution’s check image and statement operations, helping the institution promote its electronic banking channels to an increasingly ‘online’ market.

“We have been very pleased with COCC’s process, experience and results to date,” said Valerie I. Fuchs, Senior Vice President – Technology and Operations at Coastway Credit Union. “We know that the next phase of our implementation will deliver even more of the great results we have seen so far. COCC’s customer focus and willingness to go the extra mile to keep costs down are proof that our success really is their business.”

Since Coastway and COCC established their partnership in January, the two organizations have rolled out a robust branch image capture system to the credit union’s seven branch locations. In phase two, all inclearing and return items will be brought under the COCC image service umbrella. Redesigned statements and e-Statements plus a seven year archive will be rolled out later this year.

“COCC personnel are working together with us to integrate and streamline the many components involved in this project to increase our ongoing efficiency,” said Ms. Fuchs.  “We are very comfortable with the COCC team and feel confident in our decision to partner with them.”

The image capture system is already saving the credit union time every day by automatically correcting reject items and out-of-balance batches. “These are the types of solutions we need in order to continue our efficient growth,” said Ms. Fuchs.

Growth is certainly on the Credit Union’s mind following its members’ recent decision to convert from a credit union to a mutual savings bank. The conversion is intended to maintain the credit union’s independence and growth, particularly in the electronic banking and small business arenas.

“Success in today’s market requires our institution to maintain more than a vendor relationship with its technology providers,” said Ms. Fuchs. “We have a lot going on and that makes it more important than ever to have partners we can trust to work with us in executing our strategies,” said Ms. Fuchs. “We feel fortunate to have found a partner whose values and operating methodology are so similar to ours. When you’re working this closely, the relationship is key.”

Richard A. Leone, President and CEO at COCC, agrees. “Our many years of success are largely due to the values we maintain at COCC as well as our corporate structure as a client-owned cooperative. Being responsive, true to our word, and clearly caring for our clients make COCC a truly different company. We look forward to a long and mutually beneficial relationship with Coastway Credit Union.”