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Catalyst Corporate Announces Development of Next-Gen RDS Platform
Wednesday, May 11, 2016 6:30 AM

Single Sign-On Functionality, Thin-Client Deployment Top New Features

During its Annual Meeting on May 5, Catalyst Corporate Federal Credit Union announced it is developing a next-generation platform of remote deposit services that will deliver an unprecedented level of system interconnectivity and credit union-specific enhancements. Called TranzCapture, the new platform is built on the latest technologies and will provide an alternative to aging solutions that were developed a decade ago to respond to the Check Clearing for the 21st Century Act.

Like some existing remote deposit platforms, Catalyst Corporate's new platform will integrate Branch, ATM, Mobile, and Business (Merchant) Capture applications, as well as a new ITM (Integrated Teller Machine) Capture application through a single administrative module. ITMs are ATMs that employ two-way video conferencing with a live teller. One of the stand-out features of the new platform, however, is its integration into Catalyst Corporate's online account management system.

"TranzCapture will offer credit unions a new level of single sign-on functionality that is unparalleled in the industry," said Kathy Garner, Catalyst Corporate president and chief executive officer. "Remote deposit activities can be accessed from within the same system credit unions use to manage their other Catalyst Corporate accounts, such as wires, ACH or investments, adding a new measure of convenience and efficiency to their daily operations."

All remote deposit offerings on the TranzCapture platform will be "thin client" applications, Garner said. "Unlike existing systems, software does not have to be installed on individual credit union workstations. Initial deployment is minimal, and system updates and enhancements can be performed remotely over the Internet, without inconveniencing credit unions."

One impetus for Catalyst Corporate developing its own remote deposit platform, according to Brad Ganey, Catalyst Corporate senior vice president and chief operating officer, is the ability to add enhancements to the platform as technology and credit union needs evolve.

"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," Ganey said. "As remote deposit platforms have matured, however, third-party service providers looking for new revenue streams are less inclined to dedicate resources to new functionality." TranzCapture will provide Catalyst Corporate greater flexibility to implement new services and enhancements specifically designed for credit unions for years to come.

"The added flexibility also opens up opportunities to partner with other organizations, including other corporate credit unions, to provide additional services and efficiencies that are created through increased scale," Garner said.

Development of the new TranzCapture platform is well underway with testing to begin this summer and platform completion scheduled for the third quarter of this year. Catalyst Corporate expects to add the first credit unions to the new system by year-end, but anticipates the majority of credit unions will transition to the system in 2017.

Over the next few months, Catalyst Corporate will communicate additional details about the TranzCapture service line, so that credit unions can ask questions and prepare for a transition that meets their individual requirements. Although TranzCapture will be intuitive and promises a minimal learning curve, Catalyst Corporate will schedule webinars and system demonstrations to increase credit union understanding prior to and during the roll-out phase.

While credit unions will benefit immediately from full integration efficiencies, more than a dozen other useful, time-saving enhancements are planned for the initial roll-out.

Other enhancements include:

  • 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.

Credit unions using other providers for remote deposit services may also enjoy the convenience of the TranzCapture platform, as payment items can flow through Catalyst Corporate’s system, via Image Clear, and be accessed and modified within its online account management system.

While excitement surrounds the launch of the TranzCapture system and the new capabilities it will provide, Catalyst Corporate emphasized that it will continue to fully support credit unions using its existing remote deposit services.

“Our goal is to meet the needs of credit unions that continue to use our current services, as well as those transitioning to this exciting, new state-of-the art platform,” Ganey said.