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WesCorp is First Corporate to Conduct Full Image Exchange

SAN DIMAS, Calif. - December 18 was a historic day for WesCorp, the nation's largest corporate, as it became the first corporate to utilize full image exchange. Instead of transporting paper checks from its member credit unions to the Fed, the paper trail ended at WesCorp. Digital images of the...

By Staff Writer | Updated on January 06, 2004

SAN DIMAS, Calif. – December 18 was a historic day for WesCorp, the nation’s largest corporate, as it became the first corporate to utilize full image exchange. Instead of transporting paper checks from its member credit unions to the Fed, the paper trail ended at WesCorp. Digital images of the checks were made and sent over Endpoint Exchange to the appropriate financial institutions, whether it be other credit unions or banks. Some 3,500 financials are enrolled with Endpoint. The National Clearing House’s first “live” check image exchange settlement was between Sterling Savings Bank in Spokane, Washington and WesCorp. “We became the first corporate credit union in the 12th district of the Federal Reserve to deliver the real value and actual efficiencies authorized by Check 21 legislation. Check truncation will mean shorter clearing times and increased protection against fraud and overdrafts,” said Tony Kitt, SVP of Correspondent Services for WesCorp.

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