cocc allies with eastern bank for additional image clearing services

AVON, CT, April 22, 2008 – COCC, the region’s leading provider of next generation technology services for financial institutions, today announced that it has formed an alliance with Boston-based Eastern Bank to clear image cash letters from COCC’s client institutions.

“Today’s agreement combines three crucial factors in check image processing: quality service, operational efficiency and true cost savings,” said Joseph D. Lockwood, Chief Technology Officer for COCC. “It speaks to the heart of COCC’s service philosophy which seeks continuous improvement even in areas where we already lead the industry. With Eastern Bank’s innovative technology and quality service culture, we have gained an excellent image processing partner.

COCC had long sought a clearing partner to provide price and service flexibility for the company’s image processing clients. Among the candidates were some of the biggest names in the business. Lockwood said the search showed Eastern Bank to be the most feature rich and quality-minded.

“Our two companies possess a common philosophy of placing clients before all else,” said Mary Ann Jordan, Senior Vice President and Director, Financial Institutions at Eastern Bank. “Our mutual ownership structure, in place for nearly 200 years, earns us the same high client service grades as COCC. It was an important factor in our partnership decision.”

With the alliance in place, COCC and Eastern Bank offer a low, flat price for image clearing items regardless of the time deposited or the location of the paying institution. The arrangement provides an alternative to complex tier pricing structures that penalize institutions that present their check images later in the day for payment.

“With image exchange, these complexities are no longer factors in the check processing world,” said Lockwood. “Our pricing with Eastern Bank reflects that thinking while giving clients additional opportunities to reduce cost with The COCC Exchange.”

Eastern Bank will also provide 100% next day availability for all deposited items without withholding a percentage of the institution’s deposit — a practice known as deferral.

These innovations are nothing new to either organization, both of which entered the image processing world at its earliest stages more than 10 years ago and were among the first to exchange images with the Federal Reserve when Check 21 went into effect. Both companies quickly earned a reputation for thorough implementations that identified costs up front and supported clients as they achieved the many financial rewards of image exchange.