Navy Federal Credit Union has agreed to use several check imaging applications from Wausau Financial Systems Inc. to streamline the processing of deposited checks.
Wausau, of Mosinee, Wis., said Thursday that the credit union is planning to implement its branch capture software worldwide, and image processing software, including balancing and image quality review applications, to handle the deposits at its Vienna, Va., headquarters. When the project is complete, Navy Federal expects to eliminate the use of cash letter deposits.
Navy Federal evaluated multiple vendors before choosing Wausau, and said that a key factor in the decision was building in support for future branches. Michael Lamont, a senior analyst with the credit union, said in a Wausau press release that the software "will simplify the logistics of opening new branches and eliminate the need to settle physical items worldwide."
Navy Federal, world's biggest credit union, has more than 3 million members and assets exceeding $35 billion.