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Palmetto Cooperative Services, LLC teams with Rosetta Technologies

Wednesday, February 17, 2010

Press release from the issuing company

Tampa, Fla. - Rosetta Technologies, a leading provider of MICR printers and check and Image Replacement Document (IRD) software solutions, announced today that Palmetto Cooperative Services, LLC (PCS), a credit union service organization (CUSO) providing operational support services to more than 400 credit unions nationwide, has begun reselling Rosetta's IRD Express Pack printing solution. The IRD Express Pack contains everything needed for an institution to begin printing high-quality IRDs from printable PCL files including 30-ppm MICR printer, IRD paper and MICR toner.

Providing an image returns product to their members is a new service for PCS. They developed the service in response to a growing concern among their members as the Federal Reserve Bank continues to accelerate their exit from the IRD printing business. The primary concern was that the consolidation of item printing locations to one, Cleveland, would create large-scale delays in their receipt of printed IRDs. In addition, their members began receiving notices last year that the Federal Reserve would no longer be sending advanced notification emails to institutions. These emails would notify institutions of their in-clearing returns so they could extend the hold on an item prior to receiving the printed IRD. This reduced their risk that the item would come off hold and be available to the depositor for funds withdrawal.

These delays combined with the elimination of the email notification service compelled PCS to develop this new service for their members. By implementing the image return service from PCS, members begin receiving PCL IRD files each day via email. Rosetta's IRD Express Pack is used to print the IRD files, which are then processed and delivered to the depositor. This process can reduce the returns processing time from more than 72 hours to less than a day in many cases.

"Palmetto Cooperative Services has been providing turn-key item processing and Check 21 solutions to credit unions for many years. The addition of this image return product further solidifies our position as a leading provider of check related services", said Mark Curran, Senior VP of Business Development for the CUSO. "Partnering with an experienced MICR hardware provider such as Rosetta has improved our ability to reach the market quickly. In the short time this service has been available we've had a tremendous response from our credit union customers."




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