The banking software and services provider COCC says it expects to handle 95% of the checks it processes for banks as images by yearend.
The Avon, Conn., company announced the milestone Tuesday. It processes about 12.5 million checks per month for 114 financial clients.
COCC began offering image clearing in 2005 and said that last year it set a goal to move all its clients to imaging as quickly as possible to respond to the Federal Reserve Board's plan to shutter check processing facilities nationwide, including sites in its region. The Boston center has been closed, and the Fed said earlier this year that checks currently handled at the Windsor Locks, Conn., site would be shifted to its Philadelphia center in September.
"With the Federal Reserve closing check processing centers and increasing the cost of processing paper checks, we knew our clients needed to shed the paper as quickly as possible," Betsy Didan, COCC's assistant vice president for document processing, said in a press release.
