Federal regulators and law enforcement agencies estimate that financial institutions suffer more than $1 billion in check losses each year. To help its member credit unions properly deal with this check-loss recovery and prevention, CO-OP Network has unveiled Check Management Solutions, the only online product of its kind that provides users with a comprehensive resource to reduce and prevent losses related to check handling.
“Dealing with check-related losses can be a time-consuming, monetary drain on all financial institutions,” said CO-OP Network CEO Robert Rose. “Resolving a ‘bad check’ situation can often involve processes and consultation that, in some cases, cost more than the original item in question.
“Our latest risk management product, Check Management Solutions, provides credit unions with the tools they need to address any check-loss recoveries.. The online system can also guide credit unions through preventative steps that will minimize any future losses.”
To bring Check Management Solutions to the marketplace, CO-OP Network partnered with Ingeniux, a leading provider of XML-based Web content, and attorneys specializing in check training, business analysis and process improvement to form ResolverGroup LLC. The result of this partnership is a Web-based product that interactively leads credit unions through an online interview process to identify their particular check issue. Once identified, Check Management Solutions provides the proper information, procedures, forms and letters to resolve the user’s specific problem. The product also comes equipped with built-in instruction tutorials and reference materials to train new users.
“Credit unions should think of Check Management Solutions as a quick, user-friendly alternative to finding, interpreting and acting upon complex check regulations,” said ResolverGroup CEO Randy Moore. “We know many institutions don’t have access to the critical information and resources needed to appropriately implement check recovery procedures that would limit their liability and recover losses. Given this lack of information and the widespread use of the Internet, the need was there to implement an online solution that provides immediate access to information, forms, letters and preventative measures to address and prevent check issues.”
CO-OP Network ([www.co-opnetwork.org]), established in 1981 and located in Ontario, Calif., is wholly-owned by its credit union shareholders and provides volume discounts on products and services that include risk management as well as debit and deposit access. With nearly 1,500 credit union members, more than 18,000 surcharge-free ATMs, 80 million monthly transactions and 18.5 million cardholders, CO-OP Network is the No. 1 credit union EFT network in the U.S. financial services industry. CO-OP Network, whose membership has access to 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, Pulse and Plus, also offers national shared branch services via its subsidiary, Service Centers Corporation, based in Southfield, Mich.