check image innovator named finalist in 'women in innovation' awards program
 

AVON, Conn. December 17, 2008 — COCC, a leading provider of technology services for financial institutions, today announced that Betsy Didan has been selected as a finalist in the Connecticut Technology Council’s 2009 Women Of Innovation awards program. Ms. Didan’s many accomplishments in check image processing will be judged against five other contestants in the Technology Council’s Small Business Innovation and Leadership category.

Deana Wyse, Rachel Klein, Betsy Didan and Alex Campbell conferring on the check imaging workflow.

“We couldn’t be more pleased that Betsy Didan’s enormous contributions to COCC’s products and services are being recognized by the Connecticut Technology Council,” said Richard A. Leone, COCC’s President and CEO. “Betsy is not only an innovator, she is an inspirational leader who successfully implemented deep changes in the most fundamental area of banking. We appreciate this opportunity to showcase her talent in front of Connecticut’s best and brightest.”

Betsy Didan, Assistant Vice President – Document Processing, came to COCC four years ago to spearhead impending changes in the check processing industry. The passage of federal Check 21 legislation set the stage for an image processing revolution by allowing banks and other financial institutions to replace their paper checks with electronic images for payment.

Understanding the extensive implications of the change to image, Ms. Didan developed a comprehensive approach that informed community banks and credit unions throughout the Northeastern U.S. what needed to be done, how much it cost and when they could reasonably expect a return on their investments.

“COCC’s success with image processing came early when we realized how many more components were required than most vendors or financial institutions realized,” said Didan. “We saw financial institutions scrambling to assemble the pieces of the image exchange puzzle with no one to help them. That provided a real opportunity for a service-oriented technology provider like COCC.”

Following her analysis, Didan implemented the product at every one of COCC’s check processing clients. Her systematic approach attracted new clients, such as Peoples United Bank of Bridgeport, Conn., making COCC the largest check image processor in Connecticut and one of the largest in New England. Today, COCC processes 150 million check images per year.

“A big piece of the image exchange project was building a first class implementation team and keeping them inspired as they walked into largely uncharted waters,” said Ms. Didan. “We all learned together, and we certainly honed our process into one of the best in the industry.”

Didan became a sought-after speaker on the national level, as banks scrambled to keep pace with check processing changes. The Federal Reserve, which processes the lion’s share of the nation’s checks, reduced its check processing centers from 45 to 4, forcing banks and credit unions to adopt check image processing or pay significantly higher fees for paper processing.  

“I’m proud of my team’s flexibility and willingness to take on the fresh challenges we faced on a regular basis,” said Didan. “It really demonstrated to the market that COCC combines the art of innovation with implementation and support.”

The Connecticut Technology Council will announce the winners of its Women of Innovation awards at a special awards dinner on January 29, 2009 at the Aqua Turf in Southington, Conn.