Paducah Federal Credit Union (Paducah, KY) compared check-processing services from various industry systems including the Federal Reserve Bank (FRB) before it signed a three-year contract with iVia Exchange Services. iVia is the check processing service operated by the Missouri Credit Union Association (MCUA) since 1991.
The iVia partnership is expected to save Paducah an estimated $12,000 annually, which is a 45 percent increase in savings compared to what the FRB charged it in 2011. iVia also enables the $194 million credit union to provide check images to its members using their home banking product – an option that Paducah couldn’t afford at its previous provider.
“I contacted numerous iVia users, and everyone I spoke with offered nothing but praise about the service,” says Dale Adams, Paducah vice president. “Even another vendor told me iVia was timely and efficient with conversions, and they were a good company to work with. We look forward to a long relationship with iVia in which the credit union will save money and our members with be able to view their check images online."
iVia has earned endorsements from both the Kentucky Credit Union League and the Credit Union Association of Oklahoma. More than 150 credit unions currently use iVia for their check-processing needs.
“iVia offers a tremendous value to credit unions, especially when compared to industry competitors,” says Mike Beall, MCUA president/CEO. “We are pleased to offer credit unions in Missouri and beyond a premiere check processing system that truly exists to serve the credit union industry.”
For more information on iVia, visit: www.mcua.org/checking.