cocc's all-image platform reduces operational costs at essex savings bank

Avon, Conn., May 28, 2008 – COCC, the region’s leading provider of next generation technology services for financial institutions, today announced that Essex Savings Bank has increased its savings in their check processing operations while adding operational efficiency as a result of new technology added to COCC’s All-Image Check Processing Platform. New automated image recognition capabilities plus new clearing options that include a check images exchange between COCC clients, will deliver further savings.

“COCC has consistently added to the All Image Platform we installed two years ago,” said Lynn K. Giroux, Senior Vice President and Chief Administrative Officer, Essex Savings Bank. “The new technology installed last month has automated our check capture process and virtually eliminated our error rate while helping us reduce a number of manual processes and their associated costs. Given the economic pressures facing banks today, this is a major win-win. We are saving money on processing costs and presentment fees while getting quicker availability and operating more efficiently.”

The $260M mutual savings bank based in Essex, Connecticut switched to COCC’s All Image Platform in 2006 to reduce the courier costs associated with transporting paper checks to the Federal Reserve. Soon after the switch, Ms. Giroux reported better than expected financial results due to improved funds availability in addition to substantial courier savings.

COCC’s new technology at Essex automatically recognizes the check amounts, adds them to the MICR line, inspects the quality of the captured image, and repairs the MICR line if necessary. Because this happens in seconds, the system streamlines the entire process, increasing efficiency and reducing cost to the bank.

“We are seeing substantial savings in labor and courier expense,” said Ms. Giroux. “As each branch installed the new system, we realized additional savings. Going forward, the new clearing options offered by COCC may further reduce our image cash letter expense.”

COCC’s all-image cash letter system also improves the bank’s ability to detect fraud. Betsy Didan, Director of COCC’s All Image Platform Operations, said that the media’s focus on phishing and other forms of Internet fraud is misplaced. “Checks remain the primary source of financial crime,” she said.

“COCC’s All Image Platform with its ability to quickly scan images and correct errors greatly accelerates the detection of fraud,” said Ms. Didan. “When you add fraud detection capabilities to the improvements in liquidity and operational efficiencies, this product becomes a home run.”