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Products

UsNet reduces in-network verification charges

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ALBANY, N.Y. (1/14/08)--The Universal Sharing Network (UsNet) board of directors announced a 5% reduction in the price of in-network member verification charges. The decrease in price took effect Jan. 1 and is the second reduction in four years. Forty-six credit unions are active in the network. Collectively, they offer 97 UsNet-sponsored CU Service Centers in New York, New Jersey and Massachusetts. More than 11 CU Service Centers have contracted to open this year. UsNet is part of a national network of credit unions committed to expanding services to their members through CO-OP Shared Branching. Members of participating credit unions can do business from any CU Service Center in New York and in the U.S.--a total of 2,900 locations in 46 states. Shared branching also is available in Germany, Italy, Japan, Korea, Ecuador and Puerto Rico.

Metavante acquires Nomad Payments

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MILWAUKEE (1/14/08)--Metavante Technologies announced that it has acquired London-based Nomad Payments Limited for $58 million. Nomad will now operate as Metavante Technologies Ltd., part of the Metavante International Group. The acquisition is expected to add 1% to Metavante’s revenue. Nomad offers processing services for payment providers of gift cards, money share cards and general purpose prepaid cards. Metavante delivers banking and payments technology for financial institutions including credit unions.

Eight CUs share Hispanic strategies in new CUNA report

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MADISON, Wis. (1/14/08)--To attract more Spanish-speaking members, credit unions must first speak Spanish. But even English-speaking Hispanics can see that a credit union with Spanish-speaking employees is making an effort to reach them, say executives from credit unions featured in a new Credit Union National Association (CUNA) report. Credit Union Magazine Best Practices: Serving Spanish-Speaking Members studies the programs, strategies, products and services of eight credit unions that have attracted Spanish-speaking members. The executives, from credit unions with assets ranging from $55 million to $6.7 billion, agreed that credit unions planning to reach out to Hispanics must be prepared and have enough Spanish-speaking employees to handle the traffic on Day One. They recommend looking for bilingual employees within the Hispanic community. They also advise credit unions to go into the community and meet potential Hispanic members rather than expecting Hispanics to flock to the credit union. The report shares their stories on how to achieve this. Other CUNA best practices reports discuss succession planning, serving members of modest means, growing youth membership, business services providers, consumer lending, credit counseling, disaster recovery, risk-based lending and more. The report is available in print or PDF downloadable format. For more information, use the link.

Passageways sees record growth in 2007

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WEST LAFAYETTE, Ind. (1/14/08)--Passageways announced record revenue growth of 56% in 2007 and the addition of more than 40 new portal community financial institutions, including credit unions. Other highlights of Passageways’ growth:
* Completed the acquisition of Engineered Business Solutions (EBS), with two EBS clients--USU Charter CU in Logan, Utah, and TruMark Financial CU in Trevose, Pa.--signing up for a migration to Passageways portal within the first 90 days of the acquisition; * Launched new products such as e-Forms Builder, Executive Dashboards, Learning Management, Knowledge Management and Lobby Management; * Reached 100 clients; * Added American Airlines CU, Fort Worth, Texas, and Alliant FCU, Chicago; * Increased participation in Passageways’ PowWOW Advanced User and Developer Conference to more than 100 attendees; * Formed relationships with Callahan and Associates, Members Development Group and the Indiana Credit Union League; * Increased staff by eight new employees; and * Accepted a best practice award for implementing portal-based automation projects at Kitsap FCU, Bremerton, Wash.