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CUTEK signs five CUs for address validation solution

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MURRIETA, Calif. (4/29/08)--CUTEK, a financial technology consulting firm and provider for credit unions using Symitar’s Episys core processing system, signed five credit unions in the first quarter to use its Correio Address Validation Server solution. The credit unions are:
* Alaska USA FCU, Anchorage, Alaska, $3.5 billion assets; * First U.S. Community CU, Sacramento, $236 million assets; * Apple FCU, Fairfax, Va., $1 billion assets; * CoVantage CU, Antigo, Wis., $599 million assets; and * Delaware State Police FCU, Georgetown, Del., $97 million assets.
The integration allows credit unions to validate and standardize addresses at the point of entry with the U.S. Postal Service. This mitigates incorrect addresses in the future. The solution accesses the post office’s address database and pushes the member address data back to Symitar’s Episys system. When the credit union’s member service representative types in an address, Correio validates it. If the address is bad, a dialog box appears onscreen alerting the representative. “This added feature saves a credit union money by providing a sharper focus for a member’s address, which saves time during a search,” CUTEK President Ron Murray said.

PSCU Financial Services gives CUs 20.5 million from Visa IPO

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ST. PETERSBURG, Fla. (4/29/08)--PSCU Financial Services will give its credit unions $20.5 million it received in proceeds from Visa’s initial public offering (IPO), the company announced yesterday. The payments will be made in mid-May. “We are under no legal obligation to return these funds, but the directors agreed that distributing these monies to the Visa-issuing credit unions under our principal umbrella will help these credit unions further invest in new products and services that can drive long-term growth,” said PSCU Board Chairman Craig Esrael, president, First South CU, Bartlett, Tenn. During the past year, PSCU has returned $64 million to its members, including more than $32 million in cash dividends, which is a record, said David J. Serlo, PSCU Financial Services president/CEO. The Visa returns are an added bonus to member-owners, who also received a $24.1 million dividend for 2007, including $5.1 million in special MasterCard dividends from MasterCard’s IPO. PSCU Financial Services is a credit union service organization based in St. Petersburg, Fla. It is owned by more than 500 member credit unions.