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Products Archive

Products

New solution addresses ACH fraud

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CONCORD, Mass. (2/11/08)--Memento Inc. has introduced Memento Security, which aims to cut down automated clearinghouse (ACH) fraud. Memento Security identifies fraudulent activities including: identity fraud, kiting, reverse phishing, insider fraud and counterfeiting. The ACH network recently expanded to include more participants, which can increase risk. Risks include: increased credit, reputation and transaction; risks from non-recurring transactions and the growth of third-party payment processors that give financial institutions less visibility; new transaction types; and new network participants, the company stated. “The multitude of new payment types coupled with the explosive growth of electronic payments has opened up the ACH channel to numerous risks that [financial institutions] must take control of or they will lose more than just customers and credibility,” said BC Krishna, CEO and founder of Memento. Memento, a provider of risk, fraud and compliance solutions, has offices in the U.S. and overseas.

CO-OP launches check imaging suite

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RANCHO CUCAMONGA, Calif. (2/11/08)--CO-OP Financial Services is offering digital tools so credit unions can electronically capture, proof and clear checks. The products, CO-OP ATM Check Imaging, CO-OP Fast Branch and CO-OP My Deposit are now available. CO-OP Branch Deposit and CO-OP Retail Deposit will be released later this year. “This technology also is valuable to members, so credit unions can leverage the convenience of check imaging to gain market share, especially among younger, tech-savvy audiences,” said CO-OP President/CEO Stan Hollen. Check imaging reduces fraud and transaction errors, and processing, courier, postage and back-office costs, the company said. “Image processing is the future, the near future,” Hollen said. “This is no longer simply a trend; it’s becoming a way of life, and credit unions should convert to check imaging or expect lower profits.”

Agility partners with Open Solutions on disaster recovery

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GLASTONBURY, Conn. (2/11/08)--Open Solutions and Agility Recovery Solutions have partnered to offer Open Solutions’ credit union clients access to disaster recovery resources. Agility’s ReadySuite disaster recovery solution provides credit unions with access to fully equipped workstations where personnel can conduct business operations through temporary connections. The mobile office units can be shipped to an institution within 48 hours and are wired for voice and data communications. Credit unions “must stay continuously linked to members during natural disasters to successfully operate their businesses and provide members with the best service possible,” said Michael Nicastro, Open Solutions senior vice president and chief managing officer. “And disasters strike when you least expect it.” Agility is a CUNA Strategic Service provider.

FIS Digital Insight to offer online bill pay

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JACKSONVILLE, Fla. (2/11/08)--Digital Insight will offer its member credit unions a Fidelity National Information Services (FIS) Premium Bill Pay and Presentment solution through a new partnership with FIS. Premium Bill Pay features variable recurring payments, user-driven alerts that provide bill pay activity information, payment authorizations through e-mail, multiple payment account options, secure messaging, real-time funds movement and access to bill information from a network of electronic billers. Digital Insight, acquired by Intuit last year, provides business and financial management solutions for financial institutions, including credit unions. Fidelity is a provider of core processing for financial institutions.