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Southwest Corporate Federal Credit Union Partners with Rosetta Technologies to Provide Member Credit Unions the Ability to Print IRDs On-SiteAbout the CustomerSouthwest Corporate Federal Credit Union is a $9 billion Plano, Texas-based institution that serves nearly 1,500 member credit unions nationwide. Southwest Corporate’s broad financial service portfolio includes item processing and remote deposit services, investment services, ACH origination and electronic bill payment, ALM services and advisory services through its subsidiary, Southwest Corporate Investment Services.The SituationThe Federal Reserve’s print consolidation plan that has collapsed all paper check processing to the Cleveland office was announced in 2007. At this time Southwest became concerned that this system-wide change in the way printed IRDs would be funneled to their customers would have a negative impact – both in the expense of couriering the items as well as the credit unions’ potential deposit losses to caused by delays in receiving the returns.Of further concern to Southwest Corporate was the lack of an efficient deposit return item service for its legacy member credit unions and very manual deposit return item service provided to member credit unions of the former Northwest Corporate Federal Credit Union. Southwest needed a way to provide a value-added, low cost, and automated solution to all their customers. Rosetta Technologies’ SolutionIn 2009 Southwest became one of the industry’s first corporate credit unions to offer a service that utilized image returns rather than paper. The Image Deposit Return service automates the process of handling returned items from member deposits—eliminating paper check delivery to the credit union. Returns are sent directly to Southwest Corporate from its image exchange networks, the Federal Reserve and directexchange banks and then passed along to their members electronically each day.Southwest partnered with Rosetta Technologies to make available to their customers Rosetta’s IRD Express Pack: a pre-packaged IRD printing solution that includes MICR IRD printer, software, and consumables -everything a member credit union needs to quickly and easily begin printing return IRDs locally using Southwest Corporate’s Image Deposit Return service. The OutcomeSince Southwest began offering the Image Deposit Return service in 2009 more than 170 credit unions have made the transition and hundreds more have made inquiries about the product. With Rosetta’s IRD Express Pack, credit unions have quickly benefited from the elimination of handling incoming paper returns and courier costs while reducing return item processing time to hours instead of days, which further mitigates the risk of potential losses inherent in paper delivery. |
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