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Products Archive

Products

Diebold concludes bill-and-hold talks with OCA

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NORTH CANTON, Ohio (1/16/08)--Diebold has revised its revenue recognition method and will now recognize revenue upon customer acceptance of products at a customer location, the company announced Tuesday. The change will not affect the timing of related billing and collection activity, or the total cash flow from operating activities. Diebold plans to review the impact of the change on its 2006 and 2007 revenue with external auditors, and will provide updated revenue estimates for those periods, the company stated. The review is expected at the end of this month. Preliminary financial results for the second, third and fourth quarters of 2007 also will be made available. Financial statements for the fiscal years ending Dec. 31 during 2006, 2005, 2004 and 2003, and quarterly data in each year ending Dec. 31 for 2006 and 2005 must be revised to reflect the revised accounting method, Diebold stated in a press release. Diebold, an ATM manufacturer, has been in discussions with the Office of the Chief Accountant of the Securities and Exchange Commission, regarding its prior practice of recognizing certain revenue on a “bill and hold” basis. The company announced Oct. 2 that it would discontinue “bill and hold” as revenue recognition. Diebold said discussions have concluded.

Galaxy CU Solutions deploys scheduler

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PALO ALTO, Calif. (1/16/08)--Galaxy CU Solutions, a business unit of Fiserv, announced that it has deployed Tidal Enterprise Schedule to manage its job processing schedules. “With so many customers to support, we had to streamline, centralize, standardize and automate job scheduling in order to meet service needs and contain costs,” said Vince Fancone, Galaxy’s senior vice president of information technology. The solution allows Galaxy to monitor customer-processing steps and detect problems, using a small team of schedulers. Tidal also announced the availability of Tidal Enterprise Scheduler 5.3.1, which supports standardization of scheduling across heterogeneous and geographically dispersed information technology environments. Galaxy offers credit unions services such as loan processing, online banking and member rewards programs. It hosts applications in a datacenter or provides managed services to credit unions that operate their own applications.

Website launched for debt collections sales

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FEDERAL WAY, Wash. (1/16/08)--Ascend United, a broker of credit union debt and a credit union service organization of the Washington Credit Union League, launched a website to help financial institutions understand debt aggregation and sales. “Our hope is to demystify the straight-forward world of debt sales,” said Phillip Slater, program manager. “The sale of distressed debt has been a common and accepted practice in the banking industry for years. However, most credit unions have been left out due to the small size of the loan pools and their distrust of the buying community.” The site, Ascendunited.com, will house articles and opinion pieces about the debt collections, aggregation and sales business. “Our goal is to shed light on the current state of the industry, increase the effectiveness of in-house collections departments, and provide an opportunity for all financial institutions, regardless of size, to increase their bottom line or facilitate changes in their lending business by selling their charged-off or performing debt,” Slater said. Ascend offers products for financial service companies, including management of third-party collection programs, training, consulting and debt sales, and aggregation services.

HealthBankers first client is E FCU

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ALBANY, N.Y., and BATON ROUGE, La. (1/16/08)--Members Health Network LLC, a subsidiary of Members United Corporate FCU, has signed with E FCU in Baton Rouge to offer health savings accounts (HSAs) to the credit union’s members. “We started by giving our employees an HSA plan option in their benefits package,” said Cris Melancon, vice president of marketing for E FCU. “Now, we’d like to bring HSAs to our entire membership.” The HSA program will be based on Members Health Network’s suite of advisory tools and online enrollment. Another feature, the Health Counselor module, allows users to compare the cost and quality of healthcare providers, and includes a library of health information. The module is available to all accountholders. Members Health Network was launched in September 2007. E FCU has $203.7 million in assets.