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Products Archive

Products

Products and Services briefs (03/04/2008)

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* RANCHO CUCAMONGA, Calif. (3/5/08)--CO-OP Financial Services has named Patrick Wright as national relationship manager. He will oversee the Mid-Atlantic and Southeastern region, building partnerships with credit unions. Wright worked in the financial services industry for 10 years, including eight with a large credit union in Virginia, where he managed the self-service delivery channel. He will be based in Richmond, Va. CO-OP is a credit union service organization based in Rancho Cucamonga ... * PHILADELPHIA (3/5/08)--VINtek, a provider of automotive collateral management services for financial institutions including credit unions, recorded a record customer growth of 80% in 2007. The company also opened a second facility in Las Vegas and completed Electronic Lien Transform certification with the Departments of Motor Vehicles in George and South Carolina. VINtek’s growth can be attributed to the auto lending industry’s push for cost reductions, efficiency gains and reduced exceptions in the current credit environment, said VINtek President Larry Highbloom ... * PORTLAND, Ore. (3/5/08)--CU Business Group (CUBG) LLC representatives attended the Credit Unions for Kids Magic and Miracles auction held by the Credit Union Association of Oregon. CUBG bid on a Sony Playstation video game with a plasma monitor for $1,000. After winning the bid, the group offered the game and monitor back to Credit Unions for Kids so it could be donated to the Rogue Valley Medical Center children’s ward. Larry Middleman, president/CEO of CUBG, visited the hospital and delivered a $500 check from the Credit Union Association of Oregon to buy additional games for the children. CUBG also gave $1,000 in cash to Credit Unions for Kids. CUBG provides business lending, deposit and consulting services to credit unions nationwide, including 11 corporate credit union partners ... * WEST LAFAYETTE, Ind. (3/5/08)--CU*Answers, a credit union service organization based in Grand Rapids, Mich., has partnered with a solutions provider to offer its clients a solution to exchange information in a safe environment. Through its alliance with Passageways, CU*Answers will offer its clients the Passageways Corporate Portal Framework. The framework allows credit unions to organize and manage documents, content, websites and other knowledge bases ...

Harland Financial Solutions launches mobile banking

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LAKE MARY, Fla. (3/5/08)--Harland Financial Solutions Inc. announced Monday the launch of Cavion Mobile Banking Professional, a Web-based mobile banking solution that helps credit unions and banks offer account access and transactions to consumers via mobile devices. With the application, credit union members can perform transactions such as viewing balances and cleared-check images, make account-to-account transfers, and pay bills in real-time via a secure core system integration, said Harland Financial. The service also provides real-time, integrated-account alerts, stop payments for checks and information on the closest ATM location. Harland Financial said the product requires no application downloads, setup or special hardware. It also does not rely on ATM networks, which saves fees for the consumer.

FIS offers Web-based signature solution

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JACKSONVILLE, Fla. (3/5/08)--Fidelity National Information Services (FIS) has a new Web-based loan modification and electronic-signature solution built into its ClosingStream e-mortgage technology platform. The solution aims to help lenders cut costs by limiting adjustable-rate mortgage reset servicing costs, while reducing the loan modification and electronic signature time frame from the typical eight-to-10 days to minutes. ClosingStream’s solution is available in a service model or as a private-label application. It is applicable to most types of document presentation and signing events, including the delivery of disclosure documents, said FIS. FIS is a core processor for financial institutions, including credit unions.

PSCU Financial Services debuts Contactless cards

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ST. PETERSBURG, Fla. (3/5/08)--PSCU Financial Services announced Tuesday it has launched the Contactless cards program for credit and debit platforms. The credit union service organization's (CUSO) member owners can begin ordering new cards immediately from Visa and MasterCard. PSCU Financial says it is the first CUSO to launch the cards. The initial market for them is small transactions at time-sensitive locations such as fast food outlets, convenience stores, gas stations and movie theatres. The card activates within two to four inches of the terminal. The consumer doesn't have to position the card so the magnetic stripe can be read. A computer chip in the card securely communicates the information, using CVV, said PSCU Financial Services. MasterCard Paypass preliminary research data indicate an average 30% increase in purchases and 19% increase in transaction volumes, with 17% growth in activation rates at pilot sites where Contactless cards were offered to inactive cardholders. Several credit unions were pilot sites for the program. Insurance costs are higher than traditional cards because of the embedded chip, but that expense is offset by increased usage and higher interchange fees, said PSCU Financial. Contactless transactions are processed as signature accounts, although no signatures or receipts are required for transactions under $25.