Press Release

Co-Op Networks Selects Ingeniux CMS for Credit Union Risk Management Platform

May 5, 2004

Leading Web Content Management System Employed by CO-OP Network to Address Billion Dollar Check Loss Problem

Ingeniux Corporation, the trusted provider of XML-based Web content management software, today announced the launch of Check Management Solutions, an online information application for preventing check losses developed with the Ingeniux Content Management System. The Check Management Solutions product provides credit unions with a comprehensive resource to address “bad checks” and ultimately reduce losses related to check handling.

Co-Op Network is owned by its credit union shareholders and offers banking solutions to over 1,500 credit unions. To develop Check Management Solution CO-OP Network partnered with ResolverGroup L.L.C., a group of financial industry experts specializing in check training, business analysis and process improvement. CO-OP Network selected the Ingeniux CMS to address check fraud because of the systems strength in managing and possessing documents, and the fact that it could deliver a highly-functional application over the Web that makes it easy for credit unions to access the system.

The Federal Reserve estimates the fraudulent checks cost banking institutions over a billion dollars a year. The cost and complexity of resolving fraudulent checking often outweighs the gain. The Check Management Solution is a Web-based software application that guides credit unions through an online interview process to identify their particular check-loss issue. Once identified, the system provides the proper procedures, forms and letters to resolve the user’s specific check problem.

CO-OP Network CEO Robert Rose said, “Check Management Solutions provides credit unions with the tools they need to follow the correct legal recourse for any check-loss recovery issue. The online system can also guide credit unions through preventative steps that will minimize any future losses.”

Jim Edmunds, Ingeniux CEO, said, “Ingeniux is committed to providing innovative and cost-effective solutions to credit unions. As the Web shifts from pure content to a blend of content and applications - Ingeniux CMS is ideally positioned to deliver Web-based solutions that add value and reduce cost of ownership for customers. Check Management Solutions is an ideal example.”

To learn more about Check Management Solutions please visit CO-OP Network at http://www.co-opnetwork.org. To learn more about Ingeniux Corporation please visit, http://www.ingeniux.com or call 206.404.9400.

About Ingeniux Corporation
Ingeniux Corporation is the trusted provider of Web content management and publishing software. Its XML-based technology empowers Web developers and content creators to build the next generation Internet with products acclaimed for ease-of-use, rapid deployment, extensibility and low total cost of ownership. Ingeniux delivers quality software with unparalleled customer service to customers in a broad range of industries, including higher education, trade associations, broadcasting, e-government, and financial institutions.

Contact:
David Hillis

 Ingeniux Corporation
Tel 206.788.4300 | Fax 206.788.4317
dhillis@ingeniux.com