Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

Products Archive

Products

Vertifi signs 100th RDC user

 Permanent link
BURLINGTON, Mass. (10/23/12)--Vertifi Software LLC, a credit union service organization (CUSO) of Eastern Corporate FCU (EasCorp) that provides payment systems software and services, added four credit unions to its list of DeposZip users, bringing the total number of participating credit unions to 100.

The four new users are:

  • $234 million asset Agriculture FCU, Washington, D.C.;
  • $678 million asset Pacific Marine CU, Oceanside, Calif.;
  • $562 million asset Sb1 FCU, Philadelphia; and
  • $916 million Unitus Community CU, Portland, Ore.
Vertifi's DeposZip  suite of RDC products includes mobile- and PC-based versions. It allows consumers and businesses to deposit checks to their credit union accounts via a Web-enabled personal computers and program-supported scanner, or via downloadable applications (apps) for program-supported smartphones and tablet devices, which include the iPhone, the iPad, the iPod touch, and Android  phones and tablets. 

Since inception, Vertifi has processed more than $2.4 billion in deposits for participating credit unions. More than 400,000 credit union members are presently registered, and they are making more than 200,000 deposits each month.

Equifax offers verification platform for quicker loans

 Permanent link
ATLANTA (10/23/12)--Equifax has released the Spectrum Verification Services Platform, which strengthens lender confidence by streamlining the verification process.

Equifax developed Spectrum to help lenders gain efficiencies and improve overall loan quality production, which helps mitigate loan repurchase risk. Spectrum is fully automated and delivers loan-level verifications by combining unique data assets with integrated workflow processes to reduce fraud, improve overall loan quality and cycle times, avoid capacity issues and reduce costs, Equifax said.

Spectrum also provides real-time access with ordering and tracking screens to deliver current and accurate data, the company said.

Verification services currently offered through Spectrum include: employment and payroll income via The Work Number--Equifax's proprietary database of more than 210 million employer-direct payroll records, Internal Revenue Service tax transcripts (4056-T), identity and Social Security number authentication, verification of deposits, and verification of hazard insurance coverage. Spectrum assists lenders in ordering verification reports through a single Web interface, or through direct system integration.

Spectrum also features Undisclosed Debt Monitoring (UDM), which continuously monitors and distributes daily alerts of new loan applicant activity initiated during the pre-funding stage of a loan. UDM reduces risk and protects lenders from repurchase demands and unsalable loans related to inaccurately reported debt-to-income ratios.

Switch announces record sales SuperNAP update

 Permanent link

LAS VEGAS (10/23/12)--Switch, a designer and operator of business technology ecosystems, announced record‐breaking sales for the month of September. The company sold 533 cabinets of space and 7.6 megavolt-amperes (MVAs) of power over a 30‐day period.

Switch is a CUNA Strategic Services provider.

"Companies have found that by partnering with the multi‐trillion dollar buying power of the Switch technology business ecosystem they can substantially improve their tech return on investment while staying in lock‐step with the newest offerings in connectivity and cloud services," said Rob Roy, CEO and founder of Switch.

During the past year, Switch delivered 40 MVA to its clients at the Switch SuperNAP‐7 facility. There are two units of work that describe the size of a data center: the amount of deliverable, critical load that the Universal Power Supply (UPS) system can support (MVA of UPS), and the deliverable amount of cubic feet per minute/tons of cooling that the heating ventilation and air conditioning system can supply.

Switch is also constructing its eighth facility. The firm anticipates SuperNAP-8, located in Las Vegas, will be client‐ready in May. Switch continues to make new advancements in data center technologies. The new facility will house several new best‐of‐breed data center innovations, all designed by Roy, who currently holds 169 patented and patent‐pending data center inventions.