Thursday, February 19, 2009 (Westbrook, ME) Synergent Check Processing & Support Services is now a sponsoring organization with Electronic Check Clearing House Organization (ECCHO), a third-party company that has set standards, rules, and regulations regarding image exchange for the private sector.
As a sponsoring organization, Synergent can exchange items directly with other ECCHO members with peace of mind we are all working with the same rules. This allows Synergent to keep processing costs down, which in turn allows for the credit unions to keep their costs to a minimum. This change requires credit unions to sign a contract with ECCHO to become a sponsored member.
Dawn Paquet, Assistant Vice President for Synergent Check Processing & Support Services, explained that ECCHO, like the Federal Reserve, has developed rules governing image exchange. "Under current relationship/bylaws within the Maine Clearing House Association, the work we will be exchanging electronically would not covered. All of the members within the clearing house will be joining ECCHO. The sponsorship will also open doors to many seminars and trainings available for the credit unions and Synergent to take advantage of," she said. "There are hundreds of institutions nationwide that are members with ECCHO. This opens up our ability to develop more peer to peer exchanges which, historically, are less expensive than exchanging with the Federal Reserve."
Today, Synergent's Check Processing & Support Services processes over a million images a month through remote capture for 200 credit unions throughout the Northeast.
Synergent is a leader in providing innovative technology, business and service solutions to credit unions. Formed in 1971, today Synergent has over 125 employees within its four divisions, Check Processing and Support Services, Technology Services, Card Services, and Print and Creative Services. Visit www.synergentcorp.com for more information.
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