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CUNA renews strategic alliance with Verafin

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MADISON, Wis. and ST. JOHN'S, Newfoundland (3/9/10)--Verafin, a compliance, anti-money laundering (AML) and fraud detection software provider, and CUNA Strategic Services (CSS) have extended their alliance for five years. The contract builds on a three-year strategic alliance that helped drive Verafin to the forefront of Bank Secrecy Act (BSA) solutions for credit unions. "With the regulators' intensified focus on the Bank Secrecy Act, the growing complexity of money laundering schemes and the increasing need for fraud detection, it is important that CUNA Strategic Services provide a solution for credit unions to meet these challenges," said Wes Millar, CSS senior vice president. The alliance "offers an all-in-one program that can help credit unions improve their processes and greatly reduce the overwhelming manual workload that they face in meeting regulatory requirements," Millar added. "Combating fraud and money-laundering will continue to be a key initiative for the financial services market in 2010," noted Jamie King, Verafin CEO. Verafin approaches risk analysis and detection by improving BSA/AML automation. It searches out suspicious activity with advanced artificial intelligence (AI) instead of the more common rules-based technology. AI replicates human reasoning and enables Verafin to catch suspicious activity that rules-based solutions may miss. It combines four elements:
* BSA/AML compliance--Provides automated CTR (currency transation report)and SAR (suspicious activity report) reporting as well as automated BSA record keeping; * Fraud detection--Detects fraudulent activity such as debit, check and account fraud, and reduces losses; * Fair and Accurate Credit Transaction Act (FACTA) red flags--Facilitates creation of red flags and configuration by type, assigns investigation/expiration to flagged accounts, verifies Social Security numbers, checks against internal watch lists and mines for suspicious personal ID information; and * Watch List and 314(a) checking--Checks people, vendors and businesses against the Office of Foreign Assets Control (OFAC) Specially Designated Nationals ( SDN) list, performs 314(a) searches, checks incoming and outgoing wires and flags positive matches, alerts compliance officer, accommodates fraud lists and internal watch lists, and maintains exemption lists.
Nearly 500 financial institutions employ Verafin for their compliance and anti-fraud needs. It is the exclusive provider of BSA/AML and fraud detection software for CSS and 40 credit union leagues.

Colorado CUs team up on CULoanZone.com

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SAN FRANCISCO (3/9/10)--The Credit Union Association of Colorado, Colorado credit unions and oFlows Inc. last week launched CULoanZone.com, a website that matches individuals with credit unions they are eligible to join. The site also allows them to apply online for loans through those credit unions. Four credit unions in the Denver area are on the site. Anyone in Colorado can apply for a loan. The four credit unions are: Horizons North CU, Northglenn; Red Rocks CU, Highlands Ranch; BCS Community CU, Wheat Ridge; and Denver Community CU. The credit unions also launched a six-week media campaign on TV and the Web to promote the site. The group produced and ran a television ad on 9News, an NBC affiliate in Denver. The campaign also is supported by ads on 9News.com, and targeted local efforts, including tear sheets, and takeaways posted on community bulletin boards. The group hopes the site can be expanded to include more credit unions in the Denver area, and more media outlets throughout the state. “CULoanZone.com is an excellent example of how credit unions can collaborate to support their individual goals,” said Rick Cranston, director of business and product development for the Credit Union Associations of Colorado and Wyoming. “We are excited to be a part of this innovative solution.”

Harland increases clients in mobile Internet banking

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LAKE MARY, Fla. (3/9/10)--Harland Financial Solutions announced that it signed more than 120 new Cavion Internet banking clients in 2009, surpassing its record set the year before. It was the third straight year of 100-plus sales for the solution. Harland also announced that it has surpassed 100 Cavion Mobile Banking Professional clients since the product’s release in 2008. The application provides financial institutions an alternate delivery channel to offer consumers via core system integration. It allows consumers to conduct banking transactions like account transfers and bill payment, and to view balances and cleared check images in real time from a secure interface. Financial institutions also can offer text message-based mobile banking through Cavion Mobile Banking SMS. Harland offers electronic banking services, including Internet banking, business banking, voice banking, mobile banking, website development and hosting, and Internet bill pay. One credit union that selected Cavion for its Internet banking is XCEL FCU, Secaucus, N.J. Michael Mahiya, vice president and chief information officer, said there would be no interruption in its bill pay service while Cavion is implemented. The credit union also plans to roll out Cavion Mobile Banking Professional.

Internet PIN Debit Advisory Council formed

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ATLANTA (3/9/10)--Acculynk has formed the Internet personal identification number (PIN) Debit Advisory Council with partner electronic funds transfer (EFT) networks. The council will establish the processes, procedures, rules and best practices around PaySecure for Internet PIN debit. PaySecure is a software-only service for PIN online debit payments. The council brings together leaders from partners such as ACCEL/Exchange, Alaska Option, Credit Union 24, PULSE and SHAZAM. Membership in the council is open to EFT networks that have partnered with Acculynk for PaySecure. The company is considering extending membership to e-commerce. PaySecure was introduced in March 2009 in a pilot program that included ACCEL/Exchange and several small merchants. PULSE announced a partnership with Acculynk in late March 2009 for Internet PIN debit that was followed by partnership announcements from four other EFT networks and ACCEL/Exchange’s commercial roll-out of PaySecure across the eligible base of issuers in November. Acculynk expects to announce two more EFT networks in the next two months. Acculynk is based in Atlanta.