News

Credit union first FI in New England to clear check images

December 27, 2005

DAYTON, Ohio – Pittsfield, Mass.-based Greylock Federal Credit Union became the first credit union in New England to successfully exchange an outgoing image cash letter, known as FED Forward, with the Boston Federal Reserve, according to a press release.

Clearing check images with the Fed is a key step in the movement to a complete end-to-end image-based system, made possible by Check 21. 

Greylock Federal Credit Union implemented NCR Corp.'s ImageMark NCompass system, a Windows-based, check-imaging application for the global financial marketplace designed to automate check-processing operations. 

Greylock's ImageMark NCompass system includes NCR's iTRAN imaged-based transports for image capture, along with a long-term image archive. The archive supports enterprise-wide research capability for all of Greylock's internal employees, as well as providing Internet access to those images for Greylock members.