ATLANTA, March 28, 2006 (PRIMEZONE) -- Financial Technologies, Inc. (FTI) today announced it has reached an agreement with Navy Federal Credit Union(sm) to process paper deposits made by its customers using FTI's QuickPost(sm) deposit and payment forwarding service. The service allows customers of participating financial institutions to forward deposits or payments overnight through any of the 4,100 domestic locations of The UPS Store(r). The terms of the agreement were not disclosed.
"Many financial institutions are looking for cost-effective ways to gather deposits and payments," said Tom Cable, president, Financial Technologies, Inc. "QuickPost is a great value-added service because it provides a fast, convenient and secure alternative for customers to forward deposits to their financial institution and have them post the next business day. We continue to see high adoption rates and exceptional customer satisfaction scores from QuickPost users."
Navy Federal, the world's largest credit union with more than 2.6 million members, becomes the fourth financial institution to join the QuickPost network since the service was introduced a year ago. Customers of USAA Federal Savings Bank, NetBank and ebank already enjoy the convenience, speed and reliability of QuickPost.
"Navy Federal is committed to offering our members quality services," said Pat Schneck, SVP Marketing & Development of Navy Federal. "QuickPost will complement our deposit strategy very well in addition to our 109 Member Service Centers."
The service is simple for customers to use and financial institutions to implement. Customers simply take their check and completed deposit slip to the nearest location of The UPS Store. Once there, they place their item in a QuickPost envelope for delivery. All QuickPost envelopes are then consolidated and sent via UPS Next Day Air(r) delivery to a state-of-the-art deposit and payment processing center. There, the deposits are processed and the funds are electronically routed to the customer's bank account.
The center is highly scalable and was designed to take full advantage of Check 21 legislation and new electronic check imaging technology. Since checks can be converted to digital images and processed electronically, it dramatically reduces the time from check drop-off to availability of funds.
About FTI
Financial Technologies, Inc. is a subsidiary of NetBank, Inc. (Nasdaq:NTBK), a diversified financial services provider. FTI offers financial institutions technology solutions that include: NetServ(sm), a private-label Internet banking solution; QuickPost(sm), a deposit and payment forwarding service; and PowerPost(sm), a remote deposit capture service. For more information, call (866) 441-4FTI.
About Navy Federal
Navy Federal is the largest credit union in the world with $25 billion in assets and 2.6 million members. Navy Federal has 109 branch offices and 305 proprietary ATMs worldwide. The credit union serves all Department of the Navy (DON) military and civilian personnel, contractors who provide service to or work for DON on a regular basis, and their families. For additional information about Navy Federal, visit: www.navyfcu.org.