Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

Products Archive

Products

Open Solutions in reseller agreement with Panini

 Permanent link
GLASTONBURY, Conn. and DAYTON, Ohio (12/1/08)--Open Solutions Inc., which provides integrated enabling technologies for financial service providers, has made a reseller agreement with Panini, which provides distributed capture technology. Open Solutions will use Panini's Vision X check scanner to offer a remote deposit and branch image capture solution to credit union and bank clients. Open Solutions' ISeDeposit and ISBranch solutions, with the Panini Vision X, will allow financial institutions and corporations to streamline operations, save time and reduce costs through electronic processing and depositing checks, the companies said.

CUNA revises CU Mortgage Lending Strategies book

 Permanent link
MADISON, Wis. (11/26/08)--Credit union professionals can learn about trends and key issues that influence a successful mortgage lending program in a recently revised book from the Credit Union National Association. “Credit Union Mortgage Lending Strategies: The Best Never Rest” offers information and guidance for building a successful and competitive mortgage lending program. The book provides credit union case studies whenever possible and updates information concerning paperless mortgages and automated underwriting, long-term and reverse mortgages, and subprime lending. It also addresses the current lending environment and regulations; building a program to include planning, pricing, operations, and other key elements; marketing strategies; steps to continue evolving and keeping up with trends; and more. For more information, use the resource link.

CUAnswers offers lending management platform

 Permanent link
GRAND RAPIDS, Mich. (11/26/08)--CU*Answers announced its lending management platform, Lender*VP, to help credit union clients with lending operations. Lender*VP offers a combination of lending tools for credit unions using CU*Answers’ CU*BASE software. Features include:
* 247 Lender: Provides round-the-clock access to loan information, requests, applications and approvals; * Credit card options; * Real Estate Solutions: A web-based mortgage application; * Retailer Direct: Loan applications are delivered from any partner location to retail business partners; and * Payday Lending: Members receive the benefit of payday advance loans without the negative lending practices from predatory lenders.
CU*Answers is a credit union service organization in Grand Rapids that offers online banking products, member check processing and direct-deposit processing services.

Diebold rolls out beefed-up deposit automation

 Permanent link
ORLANDO, Fla. (11/25/08)--ATM manufacturer Diebold announced an automated deposit option with rapid processing designed to expedite bulky note and check deposits at any time to improve security and convenience at ATMs. Rapid processing is executed in one transaction that features the simultaneous operation of two modules at the ATM. One module facilitates single or bulk note deposits and the other enables single or bulk check deposits. Diebold can accept stacks of mixed-denomination currency without an envelope or deposit slip. The module verifies and itemizes the deposit note-by-note, which allows for instant credit. Diebold’s Intelligent Depository Module also accepts a single check or stacks of checks up to 30. The check images are captured and displayed on the ATM screen for verification. “Rapid processing is one more tool to help financial institutions better serve customers through improved availability,” said Charles E. Ducey, Diebold senior vice president of global development and services. “And because both notes and checks can be immediately inserted, it provides another layer of security at the ATM and reduces wait time.”

Products and Services briefs (11/24/2008)

 Permanent link
* PORTLAND, Ore. (11/25/08)--CU Business Group (CUBG) recently added its first credit union in Michigan, which extends the credit union service organization’s reach to 35 states. CUBG reported a record-breaking second quarter and 34 new member credit unions this year. Its underwriters also reviewed $450 million in business loans, a $190 million increase compared with the previous year. CUBG provides business lending, deposit and consulting to credit unions ... * ORLANDO, Fla. (11/25/08)--Digital Dialogue, a PSCU Financial Service company and provider of call center operations and software solutions to credit unions, added 137 new staff members in the past three months and plans to hire 120 employees over the next year. It also signed 24 credit unions with average assets of $672.4 million since January, with 960,000 members serviced ... * SAN DIMAS, Calif., and ST. PETERSBURG, Fla. (11/25/08)--Financial Service Centers Cooperative (FSCC) and PSCU Financial Services announced they will host a free webinar for credit unions on mobile banking services. The webinar is scheduled for Dec. 10 at 1:30 p.m. EST. During the webinar, PSCU mobile financial services manager Doug Lokrantz will discuss PSCU’s mobile banking service. Mobile banking use has grown dramatically, with more than 85% of the population owning a cell phone and more than 47 million banking online, according to research FSCC and PSCU cited ... * CLEARWATER, Fla. (11/25/08)--Card Services for Credit Unions (CSCU) announced it has appointed Henry Wirz, president/CEO of the $1.311 billion asset SAFE CU based in North Highlands, Calif., to its board of directors. Wirz has been with the credit union for nearly 30 years and has served as president/CEO since 1984. He also has served as chairman of the Credit Union National Association's Due Diligence Task Force Committee; as former chairman/treasurer and board member of CO-OP Financial Services; and as past member of the board of directors of the Filene Research Institute. He also is a past recipient of the Distinguished Service Award from the California Credit Union League ... * SAN DIEGO (11/25/08)--CUSO Financial Services (CFS), a broker dealer and registered investment adviser to credit unions, announced that Sandra deChastain has been hired as program manager for the Western region. She will assist credit unions in developing and growing their investments programs, oversee the performance of CFS-registered representatives and will help start-up investment programs get off the ground. Initially she will work with four programs, including USC CU, Los Angeles; Priority One CU, South Pasadena, Calif.; L.A. Financial CU, Pasadena, Calif.; and Credit Union of Southern California, Whittier, Calif. ...

CUDL Manheim roll out MAFS Advantage program

 Permanent link
RANCHO CUCAMONGA, Calif. (11/24/08)--CUDL, which provides a point-of-sale and indirect lending network for credit unions, announced that it has partnered with Manheim Automotive Financial Services (MAFS) to offer the MAFS Advantage program. The program, developed specifically for credit unions, connects them with 15,000 independent dealers that MAFS serves nationwide. It provides real-time access to dealers’ financial performance at vehicle auctions and offers services such as inventory financing, wholesalers and rental dealers, insurance services and a receivables funding program. MAFS Advantage already has been rolled out in California, North Carolina, Utah, Washington and Oregon. CUDL plans to expand the program through 2009. Manheim is a provider of vehicle remarketing services.

IMMs secure document service now available

 Permanent link
ORLANDO, Fla. (11/21/08)--Integrated Media Management (IMM) announced at a banking conference this week that TotaleAtlasWeb Universal Document Presentment (UDP) is available. “Now credit unions are able to have their members sign documents remotely via the Web 24/7, reaching outside of their branch infrastructure,” said Chuck Klein, IMM CEO. UDP is a standalone product and is available to any financial institution, IMM said. TotaleAtlasWeb UPD also appeals to the Generation Y and X customer bases who value their time as much as money, Klein added. IMM, headquartered in Linden, N.J., specializes in document output management and automation technology.

GMT On-Demand workforce suite launched

 Permanent link
NORCROSS, Ga. and ORLANDO, Fla. (11/21/08)--GMT Corp. announced the launch of GMT On-Demand, a managed-services work force optimization (WFO) suite. On-Demand provides capacity modeling, forecasting, scheduling, and performance management. It is available in a Software as a Service option, where clients retain control of the application, and as a Business Process Optimization option, where GMT manages the application. In the Business Process Optimization option, credit unions can edit and view schedules within the branch, GMT added. Because WFO software is costly and requires lengthy development cycles, many credit unions have been reluctant to use it, GMT said. On-Demand is geared toward smaller and specialized institutions to help them benefit from WFO technologies. “We’re excited to offer this product to a previously underserved segment of the market that traditionally has not been able to realize the benefits of such a solution,” said GMT CEO Simon Angove. GMT provides work force management and performance solutions to financial institutions, including credit unions.

Fiserv unveils Online Advantage

 Permanent link
BROOKFIELD, Wis. (11/20/08)--Fiserv Tuesday launched Online Advantage, an online banking solution that integrates account information--electronic bills and payments, balances, transfers and money management tools--onto a single screen. Traditionally, members navigated through screens and links within their credit union’s website to view account information. Online Advantage allows members to access more than 90% of online banking activities on a single page. The solution leverages aspects of Corillian’s online banking and CheckFree’s bill payment services. It also leverages Microsoft Silverlight Rich Internet Application technology and Web 2.0 functionality to simplify the user experience, Fiserv said. Consumers also will have access to personal money management tools, remote deposit capture and family banking. Fiserv provides information management and electronic commerce systems to financial institutions, including credit unions.

Diebold adds security to outsourcing solution

 Permanent link
ORLANDO, Fla. (11/20/08)--ATM manufacturer Diebold has added security and consulting to its outsourcing solution, the company announced Tuesday at a retail banking conference. “In an outsourcing agreement, Diebold’s industry experts work with the financial institution to develop a comprehensive outsourcing solution that includes software, hardware and services,” said Dennis M. Moriarty, Diebold senior vice president, global security. A full-service outsourcing arrangement with Diebold offers a single point-of-contact, helping financial institutions avoid large capital outlays, the company said. It also allows financial institutions to provide advanced security. Outsourcing of security can help lower instances of false alarms through interactive remote monitoring. Adding a digital video recorder and a two-way audio system interconnected to the site alarm panel, along with video monitoring services, can help financial institutions significantly reduce false alarm fees, Diebold said. Diebold is headquartered in North Canton, Ohio.

NYCE Verient offer online payment solution

 Permanent link
SECAUCUS, N.J. (11/20/08)--NYCE announced Tuesday that it will partner with Verient to pilot NYCE’s SafeDebit, an e-commerce payment solution that allows consumers to make purchases on the Internet without sharing their personal identification number or account information on the merchant’s website. NYCE plans to pilot SafeDebit early next year. Consumers can choose NYCE SafeDebit on the merchant’s website during checkout. The system then redirects consumers to log on to their financial institution’s site where it generates virtual debit card information for one-time use. The consumer’s actual debit card number is never disclosed to the merchant, and a PIN is not required for the transactions. “Consumers find shopping online convenient, but many choose to avoid it because of security concerns,” said Steve Rathgaber, NYCE president and chief operating officer. Verient develops technologies and products that allow financial institutions, including credit unions, to customize payment choices. NYCE, a Metavante company, provides consumers with secure access to funds through ATM locations and point-of-sale locations nationwide.

FIS Obopay join in P2P mobile payments

 Permanent link
JACKSONVILLE, Fla. and REDWOOD City, Calif. (11/20/08)--Fidelity National Information Services Inc. (FIS) and Obopay announced a person-to-person mobile money transfer service for financial institutions using FIS’ core processing services. Financial institutions, including credit unions, can quickly introduce branded mobile payments to their members, who can send and receive money from friends and family anytime. The service initially will be offered with checking accounts or prepaid cards. To use the service, members link their checking account or payment card to their mobile phone. The service can attract and retain consumers and reach the unbanked, the companies said. FIS is a provider of core processing, card issuance and transaction processing. Obopay is a service provider for payments using mobile phones.

New CSS alliance offers ID theft solution

 Permanent link
MADISON, Wis. (11/19/08)--Credit unions now have a new consumer identity theft solution with varying levels of protection to offer their members and staff through the CUNA Strategic Services and Intersections Inc. alliance. Intersections, a provider of consumer and corporate identity risk management services, is partnering with the Identity Theft Assistance Center (ITAC), a nonprofit supported by financial services companies, to jointly offer ITAC Sentinel. The proactive identity theft protection is the only product that includes ITAC victim assistance, which has helped thousands of consumers and law enforcement fight identity theft. ITAC Sentinel continuously monitors personal credit and data with credit reporting agencies and throughout the Internet to quickly spot changes that could indicate identity theft or unauthorized use. Consumers are promptly alerted if changes are detected, so they can review and take immediate action if necessary. In the event of identity theft, ITAC Sentinel provides victim assistance and resources that are necessary for recovery. “During our search for a comprehensive identity theft solution, we were impressed not only by the product, but also by the work done on the back end to catch and convict identity thieves,” said Wes Millar, senior vice president of CUNA Strategic Services. For more information, use the resource link.

LEVEL5 announces market analysis system

 Permanent link
ORLANDO, Fla. (11/19/08)--Level5 announced that its Financial Institution Tool (FIT), a marketing diagnostic tool for financial institutions, is available. FIT compiles and analyzes market data and provides trend analysis and forecasting to help financial institutions make strategic decisions about geographic expansion and which business lines to offer new markets. “FIT equips financial institutions with an unbiased, comprehensive comparison of real estate opportunities,” said Brian Abner, LEVEL5 director of market strategies. FIT analyzes hundreds of data points from national sources that are updated semi-annually. The data and analysis FIT provides include:
* Market comparison at the Metropolitan Statistical Area (MSA) level to identify areas in which business opportunities are rising, plateauing or declining; * Identification of key sectors of opportunity within each MSA, classifying market sectors and business lines that offer expanding opportunity, have stagnant or flattening performance, or are in decline; * Risk mitigation to help focus on strong opportunities and to divest in weakening sectors; and * Support for regulatory exams.
LEVEL5 is a consulting and facilities development firm that serves financial institutions, including credit unions, nationwide.

Strong demand for unembossed cards says DCS

 Permanent link
ENGLEWOOD, Colo. (11/18/08)--There is strong demand for unembossed, “flat” card instant issuance among financial institutions, said Dynamic Card Solutions (DCS). DCS already has received orders for roughly 1,300 new card printers. About 98% of all global transactions are processed electronically, which eliminates the need for embossed characters, DCS said. DCS’ card printer, the FCP 20/20, is coupled with DCS’ CardWizard software, which allows credit unions to customize debit, credit and prepaid cards.

Intuit products ease payroll issues

 Permanent link
MOUNTAIN VIEW, Calif. (11/18/08)--Intuit’s Billing Manager--an online billing tool-- is now supported by the Safari web browser, the iPhone and electronic checks, the company announced last week. Billing Manager provides free unlimited invoicing and credit-card processing for an extra fee. Billing Manager also lets users create and send invoices with their business logo, track paid bills and send reminders, and ensures that small business owners are paid quickly. About 22 million small businesses are waiting for $1,500 in overdue payments each month, creating a $33 billion strain on their cash flow, an Intuit survey indicated. Survey respondents also indicated that 33% of business owners are chasing more overdue payments than last year. Intuit provides business and financial management solutions for financial institutions, including credit unions.

CU Tax Services now CUTS Performance Marketing

 Permanent link
HOUSTON (11/17/08)--Credit Union Tax Services announced it has re-branded itself as CUTS Performance Marketing. “We’ve expanded our offerings beyond tax preparation products to deliver additional value-added offers from best-in-class merchants to credit union members via our credit union partners,” said CUTS President Jeff Plumer. CUTS’ business model is based on performance marketing, which allows each credit union or credit union member to benefit without paying upfront fees or making investments. CUTS will enable credit unions to provide members with savings on products such as small business services, personal finance management, education and entertainment, auto insurance, and tax preparation.

CUNA updates Managing CU Finance book

 Permanent link
MADISON, Wis. (11/17/08)--Credit union professionals can gain a sound understanding of financial management principles through a revised book from the Credit Union National Association. “Managing Credit Union Finance” explains financial statements and the financial management process in layman’s terms, using credit union examples whenever possible. The updated text contains revised data, statistics, and trends in credit union finance, and new information concerning credit union service organizations, U.S. Central, and the corporate credit union network. The text also covers capitalization, interest-rate risk and investments, managing liquidity, lending considerations, asset-liability management, internal controls, pricing member services, and annual business plans. For more information, use the link.

Jack Henry launches leased remote deposit scanners

 Permanent link
MONETT, Mo. (11/17/08)--Jack Henry and Associates, a provider of technology solutions and data processing services for financial institutions, announced an equipment leasing program to provide credit unions with check scanners for $15 a month. The program includes various scanner makes and models that are compatible with diverse check volumes, and scanners shipped directly to merchants on behalf of participating financial institutions. Jack Henry’s remote deposit-capture supports any commercial entity that accepts checks as a form of payment with a Web-based electronic payment processing system that converts paper-based checks into electronic transactions. It then processes them through the automated clearinghouse or Check 21 image networks. The solution also automates returned check re-presentment, generates real-time reporting and supports proactive risk management.

De La Rue cash systems now Talaris

 Permanent link
BASINGSTOKE, U.K. (11/14/08)--Talaris, formerly De La Rue Cash Systems Division, announced its new identity after being acquired by The Carlyle Group, a global private equity firm. Talaris was acquired by Carlyle Europe Partners II--the group’s third European buyout fund. Talaris is headquartered in Basingstoke, England, with offices worldwide. Talaris is a CUNA Strategic Services provider.

CUTEK offers new fee-management console for CUs

 Permanent link
MURRIETA, Calif. (11/13/08)--CUTEK, a financial technology firm that serves credit unions using Symitar’s Episys core processing system, announced the Fee Management Console solution to help credit unions track and manage fees. The console displays all fees charged to a member’s account, and:
* Tracks fees already reversed; * Notifies staff members if they’re not allowed to reverse a fee; * Provides a checkbox option to reverse all fees or individual fees; * Allows for automatic reversal comment for each fee; * Can be customized to disallow reversals based on fee type, number or dollar amount; and * Generates a batch report of fees reversed by a user or branch within a user-specified period so staff can monitor reversal activity.
Technology CU, San Jose, Calif., is testing the console this month. “Our goal for this product was to enhance the consistency and accountability in our fee reporting and reversal capabilities,” said Debra L. Carey, Technology CU associate vice president for information technology project management. It’s good to know when a fee is charged or when it should be reversed, she added.

Diebold re-elects board members

 Permanent link
NORTH CANTON, Ohio (11/14/08)--ATM manufacturer Diebold announced that it has re-elected its board of directors. Board members include:
* Louis V. Bockius III, retired chairman, Bocko Inc., North Canton, Ohio; * Phillip R. Cox, president/CEO, Cox Financial Corp., Cincinnati; * Richard L. Crandall, managing partner, Aspen Partners LLC, Aspen, Colo.; * Gale S. Fitzgerald, director, TranSpend Inc., Bernardsville, N.J.; * Phillip B. Lassiter, retired chairman of the board and CEO, Ambac Financial Group Inc., New York City; * John N. Lauer, non-executive chairman of the board, Diebold Inc., Canton, Ohio; * Eric J. Roorda, former chairman, Procomp Amazonia Industria Eletronica, S.A., Sao Paulo, Brazil; * Thomas W. Swidarski, president/CEO, Diebold Inc., Canton, Ohio; * Henry D.G. Wallace, former group vice president and chief financial officer, Ford Motor Co., Detroit, Mich.; and *Alan J. Weber, CEO, Weber Group LLC, Greenwich, Conn.
Diebold is a CUNA Strategic Service provider.

Two services team up on crisis communication

 Permanent link
HERNDON, Va., and HAGERSTOWN, Md. (11/13/08)--DigitalMailer and Ongoing Operations are partnering to offer DigitalMailer’s Crisis Management Notification System (CMNS). “We believe our two credit union service organizations offering our solutions together makes sense and makes credit unions’ decision-making processes easier,” said Kirk Drake, Ongoing Operations president/CEO. CMNS allows credit unions to send text and e-mail messages to employees during crises. “With hurricanes and other emergencies, there are a million things a disaster team needs to worry about and always unexpected issues to deal with,” said Ron Daly, DigitalMailer president/CEO. “In an emergency, traditional communication methods may not be accessible or reliable. But with e-mail and text messages, employees can access messages on their laptops or mobile phones and respond appropriately no matter where they are.” DigitalMailer is a digital communication credit union service organization. Ongoing Operations is a backup office that credit unions can use during interruption, evacuation, or construction.

Products and Services briefs (11/12/2008)

 Permanent link
* ATLANTA (11/13/08)--IBT Holdings, a provider of design, building and consulting services for credit unions, was recognized as one of the top 10 fastest growing companies in Atlanta by Atlanta Business Magazine. IBT Holdings comprises IBT Enterprises, Design Build Concepts and International Banking Technologies. IBT Enterprises is a CUNA Strategic Services provider ... * HAGERSTOWN, Md., ST. PETERSBURG, Fla., and SAN DIMAS, Calif. (11/13/08)--Financial Services Centers Cooperative, PSCU Financial Services and Ongoing Operations announced that Terry Jones, founder and former CEO of Travelocity, will give the keynote address at the 2009 Credit Union Retail Delivery Convention in Las Vegas June 10-12. Jones will discuss the future of the credit union industry and ways credit unions can target Gen Y. “By 2011, young consumers will account for 51% of online bankers,” he said ... * GLASTONBURY, Conn. and NEW LONDON, N.H. (11/13/08)--Open Solutions and Intelligent Banking Solutions (IBS) announced that they have expanded their agreement to allow Open Solutions’ credit union clients to access IBS’ recovery solutions. In April, both companies announced tighter integration between Open Solutions’ core systems and IBS’ Real Time module. The integration between Open Solutions’ The Complete Banking Solution: DNA, The Complete Credit Union Solution: DNA, and TotalPlus with IBS’ Real Time module supplement the batch feed with live payment, account status and expanded debtor and account information ... * RANCHO CUCAMONGA, Calif. (11/13/08)--Registration is open for CO-OP Financial Services’ THINK09 conference April 5-8 in Lost Pines, Texas. The conference is themed, “Change Your Mind.” The conference’s early bird special is $599 per credit union through March 2 ... * HIGHTSTOWN, N.J. (11/13/08)--Dynamic Marketing Systems and the New Jersey Credit Union League announced a strategic alliance. The league endorses Dynamic Marketing System’s Micro Merchant to provide marketing support to credit union marketing programs. Micro Merchant allows league members to execute their marketing plans’ design, product and print processes. “Having an online, automated marketing resource management solution helps credit unions bring their products to market faster while keeping a cohesive branding message,” said Paul Gentile, New Jersey league president/CEO ...

Datatrac explores biz growth strategies

 Permanent link
MADISON, Wis. (11/13/08)--Credit unions can learn how to use their competitive rates and a new awards product to differentiate themselves by reading a complimentary white paper from CUNA Strategic Services and alliance provider Datatrac, a market research and information technology company. “Differentiate Your Credit Union With Award-Based Marketing: Seven promotional strategies that turn competitive rates into gold” describes the new Datatrac Great Rate Awards and how to license and use the awards for promotional marketing. The award product was designed to differentiate credit unions, grow deposits and loans for less, and decrease rate shopping. Datatrac compiles and analyzes deposit and lending interest rates for more than 90,000 U.S. financial institutions at the end of each quarter and year to find products that beat the market. Financial institutions with winning products receive award certificates. The award, along with the research behind the award, can then be licensed and certified for use in marketing campaigns to help credit unions differentiate themselves by showcasing products that consistently outperform the market. The white paper also includes credit union case studies from two early adopters of the awards, along with a variety of general information on award-based marketing. One of the early adopters, Anheuser-Busch Employees CU in St. Louis, used the rate-award promotion to double its business and saved $40,500 on interest expense. Awards-based marketing can differentiate credit unions, build trust and simplify purchasing decisions for members. The marketing also has the potential to improve the location where credit unions compete for business, improve the shelf-life of promotion, and improve staff morale and confidence, Datatrac said. For more information, use the link.

CO-OP rolls out TNSLink for ATMs

 Permanent link
RESTON, Va. (11/12/08)--More than 1,000 CO-OP-branded credit unions in North America have signed up to use Transaction Network Services (TNS) TNSLink solution for ATMs. CO-OP Financial Services provides more than 28,000 surcharge-free ATMs to credit union members on the CO-OP Network. TNSLink allows processors and ATM owners to use telecommunication technologies for high-speed data delivery without replacing existing equipment. TNS tested, created and implemented configurations of TNSLink service including secured wireless and wired broadband solution, to be compatible with credit unions. Once all of CO-OP’s credit unions are connected to the network, “upgrading to new technologies will be quick and painless,” said Alan Schwartz, TNS executive vice president of North America sales. TNSLink also offers check imaging, kiosk transaction processing and remote graphics distribution. Network and help desk services with live, real-time support are also available. TNS is an international data communications company that designs and implements multiple data networks for the transport of transaction-oriented data.

CUDL to represent CUs at NADA convention

 Permanent link
RANCHO CUCAMONGA, Calif. (11/12/08)--CUDL, which administers a point-of-sale and indirect auto lending network for credit unions, announced that it will represent more than 670 credit unions for the sixth consecutive year at the National Automobile Dealers Association (NADA) Convention Jan. 24-27 in New Orleans, La. The NADA convention draws more than 25,000 attendees on average each year. More than 1,100 attendees visited CUDL’s booths last year. “CUDL’s representation of its credit unions at the convention further underlines the importance of relationships between credit unions and dealers, and emphasizes the value credit unions see in partnering with dealers for their mutual success,” said CUDL President/CEO Tony Boutelle. Credit unions have grown their market share in auto lending by more than 4% this year, reaching 20% in September, CUDL said.

Intuit offers online payroll service discount

 Permanent link
MOUNTAIN VIEW, Calif. (11/11/08)--Intuit Inc. is offering its online payroll service for $9.95 a month, plus a free 90-day trial, for a limited time to new users. Intuit is a business and financial management solutions provider for financial institutions including credit unions. Intuit Online Payroll also offers a payroll video tutorial, a business owner’s guide, and Intuit Quickbooks Payroll Year-End Center. There is no penalty for cancelling the service, Intuit said.

VINtek approaches 700-client milestone

 Permanent link
PHILADELPHIA (11/10/08)--VINtek, a provider of automotive collateral management services for credit unions, announced that it has increased its client base to 664 members--an increase of 199%. Revenue growth for October, compared with last October, was 95%. “As we face the worst times to probably hit the automotive industry since the Great Depression of the 1930s, auto lenders are looking for better collateral management processes to mitigate their lending risks,” said VINtek President Larry Highbloom.

Best practices report on meeting boomer needs

 Permanent link
MADISON, Wis. (11/7/08)--Credit unions’ successful strategies and offerings for meeting the needs of their baby boom members are featured in a new best practices report from the Credit Union National Association (CUNA). The baby boomer group--those born between 1946 and 1964--represents roughly 25% of the U.S. population. “Credit Union Magazine Best Practices: The Rewards of Baby Boomer Partnerships” outlines the successes of eight credit unions in reaching out to this group and helping ensure boomers’ financial futures. The credit unions--ranging from $251 million in assets and 12,000 baby boomer members to $6.2 billion in assets and 141,000 baby boomer members--have tailored their efforts to meet the needs of this group. The credit unions discovered that there are few true baby boomer products and it is critical to offer a breadth of investment and retirement services. These credit unions also recommend marketing to life stage rather than age. Finally, they all learned that members of every age are tech savvy and expect their credit unions to make it possible to handle most transactions online. Also available from CUNA are best practices reports on succession planning, serving members of modest means, growing youth membership, business services providers, consumer lending, credit counseling, disaster recovery, risk-based lending and more. For more information, use the link.

Products and Services briefs (11/06/2008)

 Permanent link
* PHILADELPHIA (11/7/08)--VINtek, a provider of automotive collateral management services and direct auto finance solutions for credit unions, announced that it opened a back-up facility at the SunGard Availability Services location in Wood Dale, Ill. The center will serve as a fully redundant back up center for the information technology operations of VINtek in its Philadelphia and Las Vegas locations. VINtek manages more than $100 billion in automotive assets ... * SAN FRANCISCO (11/7/08)--Mark Berkowitz has been named senior vice president and general manager of CMG Mortgage Insurance Co. He was formerly vice president of underwriting and operations. He replaces Kathy Schroeder, who is retiring. CMG Mortgage Insurance Co. is a joint venture between PMI Mortgage Insurance and CUNA Mutual Investment Corp. Berkowitz joined CMG Mortgage Insurance in 2004. He previously was with PMI Mortgage Insurance Company, where he served as vice president for corporate real estate, administration and rating-agency relations. (Photos provided by CMG Mortgage Insurance Co.) ... * ST. PETERSBURG, Fla. (11/7/08)--PSCU Financial Services has been named the Credit Union Executives Society (CUES) Supplier of the Year. Applicants are judged on their contributions to the credit union industry, their achievements, the benefits of their products and services to the credit union movement, and their role in the community. David J. Serlo, PSCU president/CEO, accepted the award Monday at CUES CEO Network meeting in Las Vegas. PSCU Financial Services is a credit union service organization that serves more than 1,100 financial institutions nationwide ...

Surcharge-free CU HERE ATMs save members 20 million

 Permanent link
TALLAHASSEE, Fla. (11/6/08)--Credit Union 24 announced that its surcharge-free ATM program, CU HERE, saved credit union members more than $20 million in ATM surcharges this year. The program combines surcharge-free ATMs from credit union issuers and regional and national networks to provide members with more than 50,000 surcharge-free ATMs nationwide. Average ATM surcharges assessed to non-account holders rose 13% from last year, averaging $3.43 per transaction in 2008, according to Bankrate.com. Credit Union 24 is an ATM and point-of-service network that serves credit unions nationwide.

CUNA Brokerage Give Back Fund is for tough times

 Permanent link
CEDAR FALLS, Iowa (11/6/08)--CUNA Brokerage Services has created the “Give Back Fund” to help families in need. The fund originally was established to help families who experienced hardship as a result of natural disasters, such as the floods and tornadoes that ravaged the Midwest this year. The Give Back account is held at the Cedar Falls (Iowa) Community CU and has already received 15 pledges exceeding $4,100. CUNA Brokerage Services Inc.’s Senior Advisor Leadership Team includes 36 of the organization’s top performing advisors. The team has been instrumental in directing the momentum and resources of the broker dealer operation dedicated solely to servicing credit unions. CUNA Brokerage Services provides broker dealer services to nearly 400 credit unions nationwide.

CO-OP Financial Services launches debit card analysis

 Permanent link
RANCHO CUCAMONGA, Calif. (11/6/08)--A new tool from CO-OP Financial Services, “CO-OP Revelation,” will allow credit unions to analyze cardholders’ usage behavior. The analysis can be narrowed, based on merchant type, network and type of transaction. “Knowing which merchants are popular with members will allow credit unions to be more creative with reward and incentive programs,” said Stan Hollen, CO-OP Financial Services president/CEO. With CO-OP Revelation, Addison Avenue FCU, Palo Alto, Calif., identified heavy ATM usage by its cardholders at a competing bank with CO-OP Revelation. “Based on this information, we were able to pinpoint the exact location where an ATM would best serve our members,” said Linda Manning, Addison Avenue FCU fraud analyst. CO-OP Financial Services licensed Saylent Technologies’ Y-Debit card portfolio optimization solution as the platform for CO-OP Revelation. CO-OP Financial Services is a credit union service organization based in Rancho Cucamonga, Calif.

Fiserv acquires The Data Center from bank

 Permanent link
BROOKFIELD, Wis. (11/5/08)--Fiserv announced that it has acquired The Data Center (TDC) from Compass Bank. Details of the sale were undisclosed. Fiserv will acquire TDC’s assets, contracts, and employees. TDC was a licensee and reseller of the Fiserv ITI Premier core banking system and offers products and associated consulting services for banking functions. “This acquisition allows Fiserv to extend its core footprint and increase its ITI Outsourcing presence in the Texas marketplace through new expansion in the Dallas and Rio Grande Valley areas,” said Mike Young, Fiserv Bank and Thrift Division president. Compass Bank is based in Grapevine, Texas. Fiserv provides information management and electronic commerce-systems services to financial institutions, including credit unions.

CU 24 partners with Cardtronics in ATM branding

 Permanent link
TALLAHASSEE, Fla. (11/5/08)--Credit Union 24, an ATM and point-of-sale network for credit unions, is working with ATM operator Cardtronics on an ATM branding program to expand credit unions’ market presence. The program will allow credit unions to brand ATMs by placing their logos, signage and transaction-screen messages on them. “ATM branding is a cost-effective tool for reinforcing the credit union message to prospective members while reminding current members that they’ve made the right choice,” said CU24 President/CEO Jim Park. CU 24 has more than 100,000 ATM terminals nationwide. Cardtronics has 33,000 ATMs in the U.S., with 2,500 ATMs in the United Kingdom and 1,800 ATMs in Mexico.

CashEdge launches EFT for FIs small biz customers

 Permanent link
NEW YORK (11/4/08)--CashEdge has launched an online funds transfer product--Small Business Me-to-Me Transfers, which aims to meet the needs of small business clients of financial institutions. The product is part of the TransferNow Small Business Product Suite. Small business customers will be able to transfer money among accounts held at 23,000 financial institutions, including credit unions. The product was unveiled at the 13th Annual Small Business Banking Conference in San Diego last week. CashEdge provides Intelligent Money Movement services to financial institutions.