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CSS JMFA extend partnership

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MADISON, Wis. (3/10/10)--CUNA Strategic Services (CSS) Inc. has expanded its agreement with John M. Floyd & Associates (JMFA) of Baytown, Texas, which will provide credit unions with a program to enhance their bottom line by improving their contracts for processing and technology services. JMFA Contract Optimizer provides advice on areas such as pricing, service, support and conditions related to contracts for:
* ATM/debit card processing; * Core data processing; * Credit card processing; * Check vendors; * Telecommunications; * Image/item processing; and * Internet banking.
As part of the agreement, JMFA Contract Optimizer will be available to all credit unions and will be integrated into CSS's VendorTrack product. VendorTrack provides credit unions with a secure, centralized repository to manage third-party relationships and due diligence documents. “This service is a valuable addition to the products CUNA Strategic Services offers its member credit unions,” said CSS Senior Vice President Wes Millar. “With the vendor resources provided by VendorTrack and JMFA’s expertise in contract negotiations, credit unions will be able to make better-informed decisions when looking for the best service at the best price. This is especially relevant in today’s business environment.” Many credit unions dealing with economic challenges are looking to improve their bottom line without further budget cuts or additional member fees, according to John M. Floyd, chairman/CEO of JMFA. “With our knowledge of the industry and its ever-changing climate, we can help credit unions optimize savings for their products and services,” he said. Floyd explained that by analyzing the terms and costs of a credit union’s current contracts, JMFA’s experts discover areas of savings and improved service. They take that information and determine benchmarks for the existing vendors to meet to maintain a contract. The initial analysis is free, representing a savings of $1,500 to $2,500 over competing contract consultant fees. Since 2003, JMFA Contract Optimizer has had a 98% success rate, saving financial institutions more than $24 million by lowering the cost of contracts while improving the level of services received.

Gila announces charge-off recovery collection services for CUs

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AUSTIN, Texas (3/10/10)--Gila Corp., through its business unit Gila Group, announced that it has expanded its service offerings into charge-off recovery collection services. Gila Group’s contingency collection model is an alternative to selling debt, according to Jason Schmer, vice president of client development ( March 6). Some credit unions, because of the poor economy, have experienced a declining net income and net worth. The absence of a recovery post charge-off impacts credit unions’ performance, Gila said. Gila Group was founded to manage collections for credit unions and financial institutions. The company offers outsourced collections, payment processing and call center services.

EasCorp expands remote deposit for smartphones

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BURLINGTON, Mass. (3/10/10)--Eastern Corporate FCU (EasCorp) and its wholly owned subsidiary Vertifi Software announced they have expanded their remote deposit capture service for smartphones, DeposZip Mobile, by developing a downloadable software application for Google’s Android platform. The corporate previously introduced a similar application for the iPhone. Both applications were developed by Vertifi as a plug-in for a credit union’s mobile banking service. The applications use a built-in camera to acquire the images, and image pre-processing and validation takes place on the device. Checks are processed electronically end-to-end through Vertifi, and deposits are posted to members’ accounts in real time. EasCorp is based in Burlington, Mass.

myCUmortgage pays partners 2.5 million

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FAIRBORN, Ohio (3/10/10)--myCUmortgage, a division of Fairborn, Ohio-based Wright-Patt Financial Group, paid more than $2.5 million to its partners in return for purchasing mortgage loans. myCUmortgage and its credit union partners increased closed-loan products by more than 180% between 2008 and 2009. The increase is because of low market interest rates, high efficiency, credit unions’ positions as trusted lenders and the first-time home buyer tax credit, the company said. DESCO FCU, Portsmouth, Ohio, is one of myCUmortgage’s partners. The credit union made more than $60 million in mortgage loans in 2009. Wright-Patt Financial Group is a wholly owned subsidiary of Wright-Patt CU, Fairborn, Ohio.