Winning a dozen new clients last year is helping drive record earnings at the core processing service bureau COCC.
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The Avon, Conn., company said Monday that it now has 157 bank and credit union clients, up from 97 in 2003. COCC also said that it expects the new customers to boost its annual revenue for the current fiscal year, which ends in June, by about 13% from the preceding year.
COCC said that it has increased its check processing revenue as customers deliver more items electronically; in September, it said, clients delivered 92% of their checks as paper items and 8% electronically. This ratio shifted dramatically by December, when 78% of the arriving items were paper and 22% were electronic files.
