COCC SEMINAR DESCRIBES END-TO-END IMAGE PROCESSING

AVON, CONNECTICUT – FEBRUARY 1, 2005 — COCC hosted a special seminar on January 31 to describe its end-to-end image processing service and to provide an analysis method to help community banks and credit unions determine when to invest in branch capture systems. Attendees saw workflow, reconciliation and pricing models, heard from image processing experts, and took the opportunity to discuss preparations for end-to-end image processing with COCC’s first client, the Savings Institute Bank and Trust Company in Willimantic, Conn.

“This seminar is an important step in COCC’s state of the-art check imaging service,” said COCC’s Chief Technology Officer, Joseph D. Lockwood. “Our advanced technology and thorough preparation enable us to advise clients of the advantages of image processing and then to deliver those advantages in a full production environment.”

COCC’s detailed analysis of various item processing operations shows an average 30% reduction in cost by switching to end-to-end image processing once check images rise in volume. Institutions will use branch capture devices to image all items and special software to “package” the captured images electronically and transmit them to COCC. There, the items are encoded automatically and transmitted to the Federal Reserve or Endpoint Exchange in an image cash letter. The images are then routed to the appropriate paying banks for collection.

“Working with COCC to identify costs and workflow changes resulting from image processing has been extremely helpful,” said Brian Hull, Executive Vice President and Chief Financial Officer of the $600M Savings Institute Bank and Trust Company in Willimantic, Conn. “COCC’s thorough analysis has helped us prepare to implement the many changes made possible by Check 21. When the volume of check images rises to a viable level, we will be positioned to realize substantial savings.”

The Savings Institute is currently engaged in COCC’s nine step preparation for successfully installing a complete image process from teller line to customer statement. Hull said that the bank’s Vice President — Operations, Donna Irish, went to the COCC seminar to help guide other COCC clients through the preparation steps.

“This is the essence of the COCC cooperative,” said Irish. “The benefits of end-to-end image processing have attracted banks for months, but implementation remains a mystery. Our experience, combined with COCC’s expertise, will be highly valuable to other COCC clients.”

COCC has insisted that banks want a complete image processing solution rather than a piecemeal approach. To deliver that solution, the company researched the process as well as the system solutions available in the technical market. “We quickly realized that many more components are required for true end-to-end image processing than most vendors or financial institutions realize,” said Lockwood.

COCC’s agreements with Endpoint Exchange and NCHA are important components in the overall image processing service. Software to send and receive images from these sources is also key to smooth functionality. With the components in place and final testing underway, COCC is in position to offer the complete service to its client base.

“Our customers continually compare our services against those offered by our super regional competition,” said Hull. “COCC’s product has evolved into a truly great one that leaves no stone unturned. We are pleased to participate in this important seminar to spread the word about image processing and the great company that has figured out how to do it right.”