Navy FCU Signs Paper Processing Pact ForPaper Deposits

March 30, 2006, 1:00 a.m. EST 1 Min Read

VIENNA, Va. - (03/30/06) Navy FCU said it has contractedwith Financial Technologies Inc. to process paper deposits usingFTIs QuickPost deposit and payment forwarding service. Theservice allows members to forward deposits or payments overnightthrough any one of 4,100 domestic locations of The UPS Store. Termsof the deal were not disclosed. Members take their check andcompleted deposit slip to the nearest location of The UPS Store.Once there, they place their item in a QuickPost envelope fordelivery. All QuickPost envelopes are then consolidated and sentvia UPS Next Day Air delivery to a state-of-the-art deposit andpayment processing center. There, the deposits are processed andthe funds are electronically routed to the member's bankaccount.

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