The Avon, Conn., data processing cooperative COCC has formed an "on-we" image exchange partnership with Eastern Bank Corp. of Boston.
The $6.8 billion-asset Eastern, a mutually owned commercial bank, will provide clearing services for COCC's image-processing clients, primarily community banks and credit unions in New England.
COCC said Tuesday that it anticipates the majority of its nightly image volume will move to Eastern Bank within 12 months.
The COCC Exchange network will offer participants a flat price for clearing items regardless of the time they are deposited or the location of the paying institution, in contrast to tiered pricing structures that charge higher fees for images presented later in the day. COCC said Eastern Bank will provide 100% next-day availability for all deposited items without withholding a percentage of the institution's deposit — a practice known as deferral.
