Washington, D.C. (Sept. 29, 2004) - The Independent Community Bankers of America (ICBA), the nation's largest banking trade organization, has selected Davidson, N.C.-based Profit Technologies' Courtesy Overdraft Processing System (COPSSM) as its preferred overdraft processing solution.
COPS is a complete end-to-end overdraft solution that enables banks to responsibly manage risk while providing a valuable service to their customers. Unlike other overdraft systems that apply a "one size fits all" approach to assigning overdraft limits, the COPS program calculates an overdraft limit for each individual account based on defined risk parameters. The system's flexibility allows customization to reflect the banks' individual risk tolerances and operational needs. The system also identifies those who bounce checks repeatedly and provides the bank with tools to manage them. This comprehensive approach helps banks achieve superior risk management controls unavailable with alternative overdraft solutions.
"Community banks differentiate themselves based on, among other things, high levels of personal service and a commitment to customer satisfaction," said Camden R. Fine, president and CEO of ICBA. "The Profit Technologies COPS overdraft processing solution enables ICBA members to provide an extremely valuable service. Furthermore, because of the system's forward-thinking design, COPS helps banks better manage risk associated with overdrafts on the front end and hedges both the bank's and the customer's exposure to overdrafts-ensuring that each account is serviced the right way."
Banks implementing COPS experience fewer manual overrides and greater productivity while reducing customer embarrassment from returned checks, merchant fees, and ATM and POS rejections. Banks typically benefit from the process automation, according to Profit Technologies. The COPS interface is user-friendly, requiring just 20 minutes a month to manage.
"To maintain a competitive presence in today's financial services industry you've got to be able to offer the best and latest risk processes and supporting technology," said Cliff McKee, executive managing director at Profit Technologies. "The ICBA's selection of COPS after a rigorous review is a testament to the system's worth. Providing community bankers with a means to increase revenue while at the same time providing a great customer service creates a win-win situation for both banker and customer."
The selection of COPS marks the third Profit Technologies offering that ICBA has selected as a preferred service. ICBA has previously given such status to the firm's Revenue Enhancement services and its Telecommunications Savings programs.