NEW AGREEMENTS COMPLETE COCC’S END-TO-END IMAGE PROCESSING SOLUTION

AVON, Conn — DECEMBER 1, 2004 — COCC, a leading provider of next generation technology services for community banks and credit unions, has agreed to purchase software components from AFSImage and to utilize Endpoint Exchange and NCHA for a complete end-to-end image solution. COCC is now prepared to deliver its image solution in early January and present its tested solution to all clients.

“With today’s agreements, COCC is prepared to offer a complete, end-to-end check image processing solution,” said COCC’s Chief Technology Officer, Joseph Lockwood. “Our advanced technology and thorough preparation will deliver the full benefits of end-to-end image processing to our check processing clients. This is Total Quality Processing at its best.”

Image processing services have gained considerable momentum as a result of Check 21, a law which eliminates the legal hurdles to end-to-end image processing. The challenge for community banks and credit unions is to embrace the many operational changes required to replace paper checks with images. End-to-end image processing encompasses the entire check image process, from initial check deposit to statement delivery.

“Many more components are required for true end-to-end image processing than most vendors or financial institutions realize,” said Lockwood. “That’s because each vendor sells its own piece of the overall image process; the institutions are left to assemble a complete end-to-end solution.”

COCC’s new agreements with AFSImage, Endpoint Exchange and NCHA pave the way for one of the few complete end-to-end image processing solutions available from a service bureau. The service includes branch image capture, remote image encoding and proof, outgoing image cash letters, and image exchange plus incoming image cash letter processing, reconciliation and archiving. The company also provides electronic access to check images as well as e-statement publishing for web access. Printing, rendering and mailing services for paper statements are also available.

COCC has assembled a full operational flow for the company’s end-to-end image processing accompanied by a full comparison of current and image check processing costs. The cost comparison enables current and prospective client institutions to calculate the economic advantages of end-to-end image processing. Installation, licensing and per item operating expenses are included in this robust analysis. When reductions in microfilm and courier costs are factored into the analysis along with increased Fed prices for paper checks, banks will see an attractive return on their image investments.

“We have gone far beyond branch image capture to processes such as image reject repair, adjustments, image quality assurance, reconciliation and settlement,” said COCC’s ’s Document Processing Manager, Betsy Didan. “Our clients need to understand exactly how this process affects their workflow and how it will impact their bottom line.”

COCC has scheduled a seminar on branch image capture for January 26. At that time, the system features and overall product workflow will be demonstrated, an early implementer will discuss its experience with image processing, and the financial model will be reviewed. The project workflow document is customizable to help each institution determine the options best suited to its operation. Full product availability is expected in March.

“By signing today’s agreements, we can offer our clients a comprehensive solution for their check images,” said Didan. “We are pleased to help financial institutions to realize the full benefits of image capture and exchange.”