LAS VEGAS–Catalyst Corporate FCU is introducing “TranzCapture,” which it is calling a next-generation platform of remote deposit services that will deliver system interconnectivity.
Announced by CEO Kathy Garner during Catalyst’s Accelerating Success Conference here, the corporate said the new platform is built on the latest technologies and will replace aging solutions that were developed a decade ago to respond to the Check Clearing for the 21st Century Act, better known as Check 21. It will be rolled out with testing beginning this summer, platform completion by Q3, and the first new CUs onboard by year-end.
Catalyst Corporate said that like some existing remote deposit platforms, TranzCapture will integrate branch, ATM, mobile, and business/merchant capture applications, as well as new ITM capture applications through a single administrative module. The platform will be integrated into Catalyst Corporate’s online account management system.
In an interview with CUToday.info, SVP/COO Brad Ganey said TranzCapture has been in the works for approximately a year.
“We consider this to be an upgrade, not a conversion,” said Ganey, in large part because the solution is being offered completely online.
All remote deposit offerings on the TranzCapture platform will be thin client applications. No software will need to be installed at individual CU workstations. In addition, said CEO Kathy Garner, initial deployment will be minimal, and system updates and enhancements will be performed remotely.
Ganey said the migration by Catalyst Corporate-member CUs to TranzCapture will be at a credit union’s discretion.
“This offers a single sign-on, and I don’t believe that exists out there,” said Ganey, noting a single administrator will now be able to perform numerous functions that previously required numerous administrators.
For credit unions, said Ganey, there will be considerable time savings, including in any issues that need to be resolved, since there will be no need for multiple exports or imports of data.
“We are pushing a lot to them, and it really increases their efficiencies,” said Ganey.
Development of TranzCapture, said Ganey, was driven by two strategies: a desire to be able to collaborate with other corporates, and to give itself true ownership over the system. “We will be able to own and evolve this without the need for a third party,” said Ganey. “Over the years Catalyst Corporate has consistently cooperated with its third-party providers to modify out-of-the-box software based on suggested improvements from our members. As remote deposit platforms have matured, however, third-party service providers looking for new revenue streams are less likely to dedicate resources to new functionality.”
In other words, said Ganey, those third parties that had been counting on new installations as a primary revenue stream around Check 21 will be raising their costs in the future to compensate as those new installations tail off.
Among the enhancements with TranzCapture, according to Catalyst:
- Deposit items will be checked for duplicates across multiple service lines, including files from other systems.
- Enhanced batch correction features will provide direct access to items for modification and deletion throughout the day.
- Real-time Early Warning Services fraud protection will be available across multiple service lines.
- Shared branching credit union routing and transit numbers may be entered on the batch entry screen to correctly route return items.
- To facilitate research, a member’s deposit account number may be added to the batch entry screen for integration with the credit union’s home banking platform and Catalyst Corporate’s online account-management system.