Smiths Falls Community Credit Union has made a big move for its members by being Canada’s first financial institution to introduce cheque deposits using image processing.
The paperless cheque processing system – branch capture – was developed by Central 1 and allows credit unions to save time and money by eliminating the use of paper and couriers to deliver cheques to a central office for processing. The technology involves using a secure scanner to scan cheques; data is then transmitted to Central 1 for processing. Central 1 is piloting branch capture of images with other credit unions and expects a full rollout to begin in the first quarter of 2015. ◊