cocc Image Exchange increases operational efficiencies at
united bank

Avon, CT, July 31, 2008 – COCC, the region’s leading provider of next generation technology services for financial institutions, today announced that $1.1 billion United Bank of West Springfield, Mass. is reaping the rewards of COCC’s advanced image exchange technologies throughout its 15 branch network.

“COCC’s branch image capture solution is helping us achieve better than expected savings in courier charges, funds availability, and overall operational efficiency,” said Joan B. Klinakis, United Bank’s Senior Vice President — Operations. “With the early closing of the Federal Reserve’s check processing center in Windsor Locks, Connecticut, we will realize additional savings through increased image exchange and insulation from rising Fed charges for clearing paper.”

Klinakis said the initial cost analysis provided by COCC showed the bank would recoup its investment in scanning equipment in approximately 12 months. “That’s on top of the efficiencies we are achieving by streamlining our adjustment processes with online access to scanned check images,” she said.

United bank had estimated 20% savings in Fed charges day one, but Klinakis estimated this number will rise to 25% when the Windsor Locks Processing Center closes on September 19. The Federal Reserve had originally planned to close the Windsor Locks center in March, 2009. Faster than expected adoption of image exchange at area institutions enabled the Fed to move up the closing date by six months.

Additional changes in check image processing are in motion as well. COCC recently announced the successful launch of its ‘Direct Branch’ product which reduces ‘rescans’ and virtually eliminates ‘Day 2’ processes. COCC also announced that it had formed a clearing partnership with Eastern Bank of Boston, Mass, making cash letter presentment  a more dynamic process according to Klinakis.

“Banks are no longer limited to clearing with a single entity,” said Klinakis. “That creates opportunities for greater competition which means lower costs over the long term.”

Kimberly Merritt, United Bank’s Assistant Vice President — Operations, added, “COCC’s training and customer service have been great. They completely supported our plan to convert our 15 branch locations over an extended time period. It gave us an opportunity to spot and correct problems early in the process, which kept our quality exceptionally high.”

COCC made its mark early in image exchange by installing a complete branch capture and storage platform, then developing a complete operational flow for end-to-end image processing. The operational flow precipitated a full comparison of current and image check processing costs for each client institution which enabled them to calculate the economic advantages of image exchange with full consideration of installation, licensing and per item operating expenses such as image reject repair, adjustments, image quality assurance, reconciliation and settlement. Without exception, COCC’s clients have beat the estimated cost savings due to improved funds availability and reduced courier costs. The rising cost of Fed services has further increased the savings.

As image exchange becomes the standard for check processing, COCC estimates that 95% of its 114 check processing clients will be transmitting and receiving 12 million check payments electronically by year end 2008.

“COCC has done a remarkable job of transitioning its clients to the check image world,” said Michael Stewart, Assistant Vice President, Federal Reserve Bank of Boston. “We are pleased to have their support in our move to eliminate paper check processing nationwide.”