DAYTON, Ohio - Navy Federal Credit Union has selected NCR Corporation (NYSE: NCR) to provide end-to-end, image-based technology across Navy Federal's entire enterprise for check-image capture, processing, storage and access for image delivery and exchange applications.
Navy Federal, the world's largest credit union with more than $23 billion in assets and some 2.5 million members, seeks to leverage the efficiency created by the recently implemented Check Clearing for the 21st Century Act, or Check 21, according to a news release.
Navy Federal will use NCR's ImageMark Passport to capture, balance and consolidate check images captured throughout its 106 member service centers worldwide. These transactions will be electronically transmitted to Navy Federal's processing center in Vienna, Va., where NCR's ImageMark Transaction Manager system will validate, balance and consolidate check images.
Balanced transaction files will be sent to Navy Federal's host system for cash letter generation and to the image exchange application provided by VECTORsgi. Incoming paper and electronic transactions from other financial institutions will be processed using NCR's ImageMark Transaction Manager's Enterprise Balancing application.
NCR's ImageMark Archive will store the payment transaction data and images for seven years. Credit Union members worldwide, including home banking users, will be able to retrieve this information.
NCR's business continuity architecture, which ensures system availability, is included in the overall implementation, according to the release.
"In order to realize our strategic plans for Check 21, we needed to replace our check archiving and microfilm system with a single enterprise-wide image archive. We also wanted to utilize distributed check-image capture to further automate deposit processing," said Ebb Ebbesen, senior vice president of Process Improvement at Navy Federal. "With these initiatives in place, Navy Federal is prepared for Check 21 and the electronic check-processing era."
