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Southwest Corporates new system detects duplicate deposits

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FARMERS BRANCH, Texas (12/16/09)--A new detection software developed by Southwest Corporate FCU has identified and stopped more than 36,000 duplicate checks during the first 11 months of 2009. Southwest Corporate also recently upgraded the system to search for duplicates on three levels: Has the file been seen before? Have individual items been seen before? And have items dated older than 30 days been seen before? The system has detected duplicates ranging from 1,400 to 12,000 per month on average. Duplicate checks can occur as a result of a financial institution’s procedural error, a consumer error, or because an institution’s processing technology does not protect against duplicates, according to Brad Ganey, Southwest Corporate senior vice president of payment services (LoneStar Leaguer Dec. 15). If allowed to continue through the system, each duplicate item would post to a member’s account a second time, creating the potential for overdrafts. “While no system can detect every duplicate deposit item, Southwest Corporate has significantly minimized the impact these items have on credit unions and their members,” Ganey added.

CUNA Mutual named to Infoworld 100 awards

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MADISON, Wis. (12/16/09)--CUNA Mutual Group has again been named to International Data Group’s InfoWorld 100 Awards for its voice signature technology. The awards recognize companies for technology excellence and project work quality. CUNA Mutual’s technology captures a voice signature and embeds a recorded voice file into a paperless application. The technology is used with CUNA Mutual’s Life and Health Products. The voice signature project is an example of business and information technology working together to deliver a better customer experience and business results through technology, said Rick Roy, CUNA Mutual senior vice president and chief information officer. CUNA Mutual’s voice signature technology also was recognized as one of InformationWeek’s 2009 technology great ideas. This is the third time this year that CUNA Mutual has earned national recognition for its technology.