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CUAnswers integrates eDoc into CUBASE

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GRAND RAPIDS, Mich. (3/25/08)--CU*Answers has integrated eDOC Innovations’ (EDI) eDocuments into the CU*BASE system. CU*Answers and EDI recently partnered to offer credit unions affordable access in e-document technology, the companies announced at its annual leadership event. The EDI tools capture electronic receipts with signatures, archive them for approval and scan driver’s licenses for later identification of members. Data is then housed at a CU*Answers data center and organized so credit union employees can access the information easily, CU*Answers said in a press release. About 78 credit union branches with 1,010 terminals use the EDI tools thus far. CU*Answers is a credit union service organization that offers online banking products such as It’s Me 247.

FSCC network hits 50 million transactions

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SAN DIMAS, Calif. (3/25/08)--Financial Service Centers Cooperative Inc. (FSCC), a credit union shared branch network, Monday announced it had topped 50 million transactions by year end 2007, representing a 10% increase over transaction volume posted in 2006. The 50 million transactions reported are based on the volume generated through FSCC’s multiple delivery channels, such as traditional shared branches, shared branch self-service kiosks, 7-Eleven shared branch services and its 24/7 call center outlet. The transactions were consistent with past experience, showing the majority of dollars that pass through FSCC shared branches and kiosks are deposits. The average amount in an outlet was $1,200 for deposits, $560 for payments, nearly $1,000 for advances and almost $600 for withdrawals. The average amount processed for a transfer was close to $1,000. Transaction volume reported on the shared branch kiosks increased nearly 70% over 2006. Those transactions included new access points at 7-Eleven’s Vcom Units, which were deployed last September at more than 2,000 stores. Since implementation, the network has seen an increase of usage at these locations, said FSCC. In less than four months and with limited promotion by credit unions, Vcom transactions had exceeded projections by more than 30% in 2007, said FSCC. The average deposit at a Vcom unit is $660, while the average loan payment is $513, FSCC reported. Services include check depositing, withdrawals, loan advances and payments, transfers, balance and transaction history. The network also reported adding nearly 200 traditional shared branch locations in 2007. FSCC’s 24/7 call center outlet and custom call center services, operated by Digital Dialogue, generated over 1.8 million transactions by year-end, a 50% increase over 2006 totals.

Akcelerant buys FORUM Solutions lending software

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INDIANAPOLIS and MALVERN, Pa. (3/25/08)--Akcelerant Software LLC has purchased the TAPS lending software developed by FORUM Solutions, a wholly owned subsidiary of FORUM CU. The purchase includes all licenses, rights and support for TAPS customers, the companies said in an announcement Monday. The sale is effective April 1. Transition of sales, support and implementation of the software to Akcelerant will begin immediately. FORUM Solutions developed the first version of TAPS in 1999 to help Indianapolis-based FORUM CU improve its consumer lending processes. Today the product runs on Microsoft's SQL Server using .NET technology. It also has a business process engine built on InterSystems Ensemble. According to Doug True, FORUM Solutions co-founder and senior vice president of technovation at FORUM CU, while TAPS is still a leading lending software platform, continued investment is needed to advance the product to keep ahead of the competition. Akcelerant has the resources and commitment to do so, he said. Akcelerant Software provides Akcelerant Framework software for collections, service, sales and marketing to more than 200 credit unions and banks, including 25 of the nation's largest 100 credit unions. CEO Jay Mossman said the company would integrate TAPS into the Akcelerant Framework and enhance the TAPS business lending and account opening functionality. The company will propose a "no license fee" solution to TAPS and Akcelerant customers for a combined Akcelerant Framework lending and collection solution. FORUM CU has $1 billion in assets. FORUM Solutions will continue operation and will maintain a focus on developing new innovations. "We have a patent-pending new product involving how members interact with the credit union and are excited to turn our full attention to this product's completion and launch," said True.