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PSCU Financial campaign nets debit growth for CU

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ST. PETERSBURG, Fla. (6/2/08)--Y-12 FCU, Oak Ridge, Tenn., boosted its active accounts and average transactions after participating in a PSCU Financial Services activation campaign. The credit union’s active accounts increased to 74% in March 2008, from 60% in March 27. The average number of debit transactions also increased to 24.4 from 22.9 during the same time period. “We had more than 450 accounts go from completely inactive to an average of 24 transactions at month,” said John Stegner, vice president and chief financial officer, Y-12. Y-12 had 566,000 debit transactions in March 2008, compared with the December 2007 transaction total of 554,000, Stegner added. PSCU’s fall campaign offered CURewards points or cash to qualified cardholders who made 10 debit purchase transactions during the tracking period. Y-12 also is participating in a spring debit promotion that targets accounts that post less than 10 transactions a month. Cardholders with at least 15 transactions receive a $10 prepaid gas card. PSCU noted that as a whole, it topped 500 million transactions in 2007--a 117% growth over 2003 transaction volume, the company said. “Credit unions need to remain actively engaged in marketing their debit card portfolios to participate fully in the expansion of debit card use,” said Gina Pask, PSCU manager of debit program management and development. PSCU is a credit union service organization based in St. Petersburg.

Products and Services briefs (05/30/2008)

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* ENGLEWOOD, Colo. (6/2/08)--Dynamic Card Solutions, developer of CardWizard and other software services for financial institutions including credit unions, announced that it has released CardWizard 4.0. It offers complete chip personalization, which means the system can instantly issue cards with contactless chips and magnetic stripes. It also will allow for a fully personalized, thermally printed and unembossed card for cardholders. Other features include expanded camera support for photo capture, expanded key injection security, a rewritten Bach Input component and improved font capabilities. CardWizard 4.0 has been in beta testing since March ... * GLASTONBURY, Conn. (6/2/08)--Open Solutions continues to expand its international presence by partnering with Senior Solution, a Brazilian software and services provider. Through the agreement, Senior Solution will offer all Open Solutions’ products and services, including The Complete Banking Solution: DNA/The Complete Credit Union Solution. The platform integrates with Senior Solution’s wholesale banking system for treasury, brokerage and insurance markets, the company said in a release. “Our goal is to partner with organizations throughout the world,” said Louis Hernandez Jr., Open Solutions chairman and CEO ... * MEMPHIS, Tenn. (6/2/08)--uMonitor, a financial solution services provider for banking customer acquisition and retention, received one of the Memphis Business Journal’s 28th Annual Small Business Awards. The company competed with 19 other finalists in four categories selected from more than 100 nominations that recognized the achievements of businesses and executives throughout the Mid-South. uMonitor closed 2007 with a 60% increase in revenue, said Dinesh Sheth, uMonitor CEO. uMonitor provides provides products such as uOpen and uFund, an online account opening and funding service, and uTransfer, an online money management system. Its products are deployed with core platforms from providers such as Open Solutions, Fidelity National Information Systems, Fiserv and Symitar ...

Call centers not going away--Digital Dialogue

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AUBURN HILLS, Mich. (5/30/08)--Call centers are not going away, according to Digital Dialogue, responding to an article News Now published recently about an online banking study that said Americans are more pleased with online banking operations than call centers. "While I agree that online banking options are becoming an increasing necessity for financial institutions and preferred channel for some members, I disagree with the implication that call centers are moving to the wayside," wrote Howard Hoemann, chief sales officer at Digital Dialogue, in a letter to the editor. The study referred to is the 2008 ForeSee Results/Forbes.com Online Financial Services Study, which noted that highly satisfied customers are 38% less likely to use the …call center than the dissatisfied group. "That leaves 62% or a majority of members still in need of call center services," said Hoemann. "If online banking is the point of first contact for many members today, call centers function as a secondary point of contact with a help desk and live chat support. "In this day and age, credit unions simply must offer 365/24/7 total member service. While this includes online access, it also includes a cohesive and customized call center," he wrote. In concluding, he noted: "What it boils down to, however, is that credit unions must be running on all cylinders, offering constant access and relevant products and services. It is not just enough for credit unions to have a local branch or a website or an after-hours number. They must have all three truly provide total member service to secure both satisfaction and loyalty." Use the resource links for the full text of Hoemann's letter, as well as the article, published on May 19, that prompted it. Digital Dialogue is a PSCU Financial Services company and provider of 24/7 call center operations and software solutions.

Card Services for CUs to pay Visa IPO dividend

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CLEARWATER, Fla. (5/29/08)--Card Services for Credit Unions (CSCU) will pay $28.9 million in a dividend to 2,600 member credit unions--an average of about $11,100 each. The amount is 100% of what CSCU received from Visa’s initial public offering (IPO), said CSCU President Robert Hackney. CSCU will base its distributions on volume from the inception of CSCU in 1989 through December 2005. The patronage dividend will be paid in August or September, the company said in a statement. “We also are exploring options to allow member credit unions to invest their Visa IPO back into the product that generated the proceeds in the first place--their card portfolio. For example, some credit unions might consider converting primarily classic card portfolios to platinum, since they generate 80% more revenue per account,” Hackney added.

Shared-branch kiosk for CUs launched by Pendum

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DENVER (5/29/08)--Pendum is launching a self-service kiosk designed specifically for credit unions through the CO-OP Shared Branching and Financial Service Centers Cooperative Inc. (FSCC). The NCR 3800 Shared Branch kiosk allows credit unions to serve members and guest shared-branching members. The machine is powered by a web-based engine from Ensenta. Credit unions can install kiosks in locations that are most convenient to members. The kiosk aims to reduce processing costs by 50%, reduce float time and eliminate up-front expenses in purchasing an image consolidation solution. “This system lets us view shared-branching transactions made by our members and non-members at all Ensenta and 7-Eleven Vcom units,” said Kelly Valencia, EFT Services manager of First Tech CU, Portland, Ore. Pendum provides cash automation solutions to financial institutions in 42 states.

Synergent launches CUTRAC database management program

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WESTBROOK, Maine (5/29/08)--Synergent, a subsidiary of the Maine Credit Union League, announced last week the launch of its Web-based database management program, CUTRAC (Credit Union Ticketing, Resolution and Change). The database aims to change the ticketing processes for Synergent’s 50 credit unions, said Nick Chasse, Synergent new account relationship manager. “CUTRAC allows credit unions to prioritize their incidents, so we know what is most important to them,” he said Communication between Synergent and credit unions will be sent primarily through e-mail. “This allows us to work as a team on issues, rather than one individual working on an incident from start to finish. It also allows staff to learn about all the incidents worked through the portal, including all steps toward resolution,” Chasse said.

Products and Services briefs (05/27/2008)

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* NAPERVILLE, Ill. (5/28/08)--The Illinois Credit Union League Service Corp.has saved credit unions more than $240,000 through a series of webinars in the first quarter of this year, the league said last week. The webinars, dubbed “SOS” (Solutions, Opportunities, Success), address prepaid card and debit card markets. SOS is offered to credit union in 42 states, and more than 400 credit unions have participated. Credit unions can use the information from SOS to implement strategies to generate interchange and deposit income, the league said. The second quarter SOS series will continue through July 31 ... * RANCHO CUCAMONGA, Calif. (5/28/08)--The California and Nevada Credit Union Leagues have partnered with EPL, a credit union-owned company, and MeridianLink, a software provider. The partnership allows credit unions to use an automated process to qualify potential members for membership and members for loans and other products. Services and programs provided under the partnership include: Xpress Membership Application; Payday Lending Application; and Credit Analyzer. EPL, a CUNA Strategic Services provider, is based in Birmingham, Ala., and Meridian is based out of Costa Mesa, Calif. ... * BIRMINGHAM, Ala. (5/28/08)--Mid-America Credit Union Association has endorsed EPL’s i-Power, EPL said in a statement last week. The association chose i-Power because it runs on “modern technology and supports an open business model providing credit unions choices,” said Travis Kasten, Mid-America vice president of credit union development. EPL is a CUNA Strategic Services provider. EPL is a credit union-owned technology solutions provider ... * RANCHO CUCAMONGA, Calif. (5/28/08)--CO-OP Financial Services announced that it has appointed veteran managers to fill two new positions, effective May 5. Annette Bowlick is vice president of customer care. She is responsible for client service and customer care initiatives. She will oversee the company’s efforts to enhance customer satisfaction. Caroline Lane is vice president of business development and strategic planning. She is responsible for the company’s relationship management and support teams and will guide the strategic planning process. Bowlick has been with CO-OP 11 years and served as vice president of business development. Lane began her career with CO-OP in 2006 as vice president of corporate development ... * MIDDLETON, Wis. (5/28/08)--Greystone Residential Funding, a provider of lending services for credit unions, announced that its new owner is a group of private investors focused on businesses that serve community banks and credit unions. Greystone also will transition to a new name, QR Lending, over the next few months. Credit unions working with Greystone include DOCO Regional FCU, Albany, Ga. ...

White papers tackle strategic plans small HR departments

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MADISON, Wis. (5/27/08)--Tips for effective strategic planning in the current marketplace and managing a one-person human resources department are provided in two new white papers from the CUNA Councils. Sponsored by the CUNA Chief Financial Officer (CFO) Council, “Strategic Planning: The Finance Department’s Role in Striving for Relevance and Execution” provides a forum for planning consultants and credit union executives to discuss issues involved in effective strategic planning in the current marketplace. The white paper examines common obstacles in the planning process and recommends ways to overcome them as well as the role the finance department should play in preparing, guiding and monitoring the process. Recent guidance from the National Credit Union Administration on the planning process also is included. The second paper, “Working Solo: The challenges of leading a one-person human resources department,” addresses the challenges of managing a single-person human resources department. It discusses how to balance managing the daily workload and contributing to a well-rounded organization by helping address strategic goals. In the CUNA HR/TD Council sponsored paper, eight human resource professionals in one-person departments share their experiences and offer technology, tools and personal tips they use to help balance their workloads. The paper also includes strategies for getting help from co-workers and other departments, and maintaining perspective. The papers are complimentary for CUNA Council members and available for purchase from non-members. For more information, use the resource links.

Products and Services briefs (05/21/2008)

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* RANCHO CUCAMONGA, Calif. (5/22/08)--C-U First, a credit union-owned and operated workers’ compensation insurance company, reported that an overage of more than 30% has been distributed from the program’s first year of operation. About 17% more is available for future returns. C-U First returned about $700,000 to its policyholders with an estimated $375,000 in future distributions to be declared from the 2004 policy year alone. Premiums also have decreased 45%, which represents more than $1 million from 2004 to 2008 for members. AltaOne FCU, Ridgecrest, Calif.; American First CU, La Habra, Calif.; Burbank (Calif.) City FCU; Christian Community CU, San Dimas, Calif.; CoastHills FCU, Lompoc, Calif.; First Financial CU, West Covina, Calif.; Fresno County FCU, Fresno, Calif.; LBS CU, Long Beach, Calif.; Orange County’s CU, Santa Ana, Calif.; and Pacific Marine CU, Camp Pendleton, Calif., along with the California and Nevada Credit Union Leagues, are participating in the program ... * PORTLAND, Ore. (5/22/08)--CU Business Group recently signed Houston (Texas) FCU as its 250th credit union and has reviewed more than $1 billion in member business loans. “Credit unions are receiving more and more business loan requests as credit markets tighten,” said CU Business Group President/CEO Larry Middleman. “This presents increased opportunities for credit unions, which bodes extremely well for their potential growth and profitability. Credit unions are seeing a wide variety of loan requests, including commercial real estate, equipment loans, lines of credit and business credit cards.” Houston FCU has more than $300 million in assets ... * GLASTONBURY, Conn. (5/22/08)--Open Solutions Inc. was awarded “Best in Category” for 2008 during the Prepaid Card and CDHC Conference in Las Vegas. The company’s asset retention solutions (ARS) debit card program was recognized in the Best Claim Card Program category. The awards were presented by Paybefore, a provider of information to the prepaid card industry. Open Solutions is a core data processor serving financial institutions including credit unions ...

Enterprise Car Sales offers 500 more on trade-ins

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ST. LOUIS (5/22/08)--Enterprise Car Sales is offering Kelley Blue Book trade-in value plus $500 for members’ and employees’ current vehicles during the month of July. Enterprise specializes in working with credit unions of all sizes to increase auto loan volume. The special incentive is designed to expand opportunities for credit unions to make auto loans by stimulating interest in used-car purchases. In addition to the extra $500 trade-in value, Enterprise has late-model used vehicles priced below Kelley Blue Book, a consumer pricing book for used vehicles. “This program could make a significant difference for individuals with credit challenges by helping to put more equity into the deal,” said Brooke Gilchrist, national marketing manager for Enterprise. Credit unions are guaranteed 100% of used-car loans when they refer a member to Enterprise. Various print promotional materials are available to any credit union from Enterprise, Gilchrist added. Enterprise ensures every vehicle undergoes a 109-point inspection by a certified technician and offers a seven-day repurchase policy if members change their minds about the purchase.

Online Resources announces expedited payment service

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CHANTILLY, Va. (5/21/08)--Online Resources Corp., a provider of Web-based financial services, Monday announced the launch of its integrated expedited payments service. The service, first piloted in 2007, is now fully available through more than 500 bank and credit union clients. The service enables consumer and small business end-users to make guaranteed same day payments, in return for a service fee paid to their bank or credit union. Expedited payments are processed through the company’s end-to-end payments network, which links its proprietary financial institution gateway with its extensive biller network. The service is integrated into the financial institution’s banking and bill-pay application. With the integrated service, consumers log on to their financial institution’s website to make a payment in the same manner they do today. Within the bill-pay application, consumers will see speed of delivery options for payments to eligible payees.

FIS to launch advanced mobile banking bill pay

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JACKSONVILLE, Fla. (5/21/08)--Fidelity National Information Service Inc. (FIS) Tuesday announced the launch of its new comprehensive two-way mobile banking and bill pay product suite, FIS Mobile Banking and Bill Pay. The product offering encompasses the three modes of mobile banking--Short Message Service/text, mobile Web and downloadable application solutions. The new suite will address the varied needs of all clients and allow financial institutions to target different segments of their customers/members base with the most appropriate mobile banking solutions. To provide advanced mobile banking and payments offering in the market, FIS teamed with two mobile banking and payment providers, ClairMail, Inc. and mFoundry. "In conjunction with mFoundry, ClairMail's complete mobile banking and payments offering and two-way alerting Event Engine now gives FIS customers the solution they need to appeal to the broad banking consumer base and drive adoption," said Joseph Salesky, CEO of ClairMail.

Digital Dialogue launches automated member enrollment

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AUBURN HILLS, Mich. (5/21/08)--Digital Dialogue, which provides 24/7 call center operations and software solutions to credit unions, is offering an automated membership enrollment service so prospective credit union members can complete an online account application at any time. "Credit unions must be available to current and prospective members 24/7, or they risk losing an account to competition," said Peter Schmitt, president of Digital Dialogue. "Online member services, such as new enrollment, are not only convenient but also reduce application abandonment that is common with return mail applications and decrease operating costs by converting a cumbersome paper-based method to an efficient electronic format," he said. The service integrates online member applications with account opening and funding activities in real-time. The applications are customized to match the product description and fund requirements of each credit union. The enrollment service includes identity verification, such as Office of Foreign Assets Control (OFAC) checks, and other fraud prevention techniques so the credit union avoids risk or loss. Switch kit capabilities ensure a smooth transition for new members moving existing accounts to credit unions. The service also present cross-sell opportunities via the branch, call center or website. Digital Dialogue is a PSCU Financial Services Company.

FSCC partner to provide foreign currency exchange program

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SAN DIMAS, Calif., and LONGVIEW, Texas (5/21/08)--Shared-branch network Financial Service Centers Cooperative Inc. (FSCC) is teaming with eZforex.com, an online foreign exchange company, to further automate the foreign currency exchange process for credit union members nationwide. FSCC and eZforex are the first financial services companies to introduce the service in the credit union industry, they said in a joint press release. EZforex provides a turn-key system so credit unions can offer international payments and foreign currency purchases. It will provide a mechanism for consumers and members to purchase foreign currency through a safe, secure and seamless method. eZforex system will be connected to FSCC's shared-branching interface that connects online foreign currency transaction data to the FSCC Network. Credit union members may purchase foreign currency in more than 100 currencies and pay by FSCC electronic debiting a checking, savings or line of credit account. The currency can be delivered to the member's home or office within 24 to 48 hours. According to eZforex, the average person buys $200 U.S. worth of currency for each day spent overseas. The average traveler spends at least eight days overseas. The alliance also represents both companies' advocacy work with the Children's Miracle Network, supporting Credit Unions for Kids programs nationwide.

Southeast Corporate image capture pilot a success

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TALLAHASSEE, Fla. (5/20/08)--Southeast Corporate FCU's Virtual Deposit Merchant Capture, which lets businesses make deposits remotely into a credit union account, has undergone a successful pilot with Florida Telco CU, Jacksonville, the corporate announced Monday. The $450 million asset Florida Telco and one of its business members, a carpet cleaning company, are piloting the product and are live with Merchant Capture. "We installed a check scanner at the carpet cleaning company's headquarters," said David Marovich, business account officer at the credit union. "Our member was making a 20-mile round trip to make daily deposits at the nearest Florida Telco branch. The owner drives a Ford Expedition, and she is excited about how much she is saving on gas, let alone time," Marovich added. Business members can scan their checks for deposit at their place of business with scanners. The check images are then transmitted through Southeast's secure Web-based product. The deposits go into a separate account. Then the credit union retrieves, reviews and posts them to the member's account, Marovich said. "So far things have gone smoothly and our member loves it." He has a waiting list of businesses interested in the service. One, a medical supply company run by three women, is located in a questionable neighborhood, he said. They won't have to leave the office to make deposits. Marovich noted that the remote deposits also cost the credit union less to process.

New certification ready for security fraud prevention pros

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MADISON, Wis. (5/20/08)--Security and fraud prevention professionals can verfiy their ability to secure the safety of their credit unions through the new CUNA Security Certification School, Sept. 21-26 in Seattle. General sessions, presented by the Credit Union National Association, will overview security and compliance issues, information technology and facility security, electronic fraud, and current fraud trends and future threats. There are two tracks of breakout sessions--one for security and fraud experts, and the other for security technology experts--to explore topics critical to the learners’ areas of expertise. Two certification options are available for attendees wanting to pursue the credentials:
* Credit Union Security and Fraud Expert Certification (SFE)--designed for staff responsible for credit union facility security and fraud issues; and * Credit Union Security Technology Expert Certification (STE)--created for those accountable for the development and implementation of security procedures and practices that guard credit unions from intrusions and threats.
On-site testing will be provided for attendees who wish to obtain either certification. For more information, use the link.

Products and Services briefs (05/19/2008)

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* BROOKFIELD, Wis. (5/20/08)--NetEconomy, a business unit of Fiserv, announced that it has been ranked as a top-selling provider of global anti-money laundering (AML) solutions by IBS Publishing. The top-selling solution in 2007, NetEconomy’s AML Compliance Manager, combines transaction monitoring, list checking, risk scoring, case management and automated reporting. IBS’ list demonstrates which systems and markets are most popular ... * BROOKFIELD, Wis. (5/20/08)--Fiserv announced the CheckFree FraudNet automated fraud detection and case management system blocked more than 21,000 attempted fraudulent bill payment transactions totaling $287.9 million since the service went live in November 2005. FraudNet provides protection for 462 financial institutions, and PSCU Financial Services, a credit union service organization. FraudNet saved PSCU $203,000 in attempted fraudulent online bill payments. Fiserv provides information management and electronic commerce systems for financial institutions including credit unions ... * SAN DIEGO (5/20/08)--Compliance Coach Inc., a provider of automated regulatory compliance solutions, announced that it has identified 23 new identity theft red flags and has updated its software, CompliancePal. Federal regulation imposes new responsibilities on businesses to prevent identity theft, impacting financial institutions such as credit unions, the company said in a release. The compliance deadline is Nov. 1. Failure to comply can lead to civil money penalty for each violation. Compliance Pal is Web-based and provides users with a risk assessment, red flags map, a written program, training materials and a compliance status report ...

De LaRue launches cash-processing solution

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BASINGSTROKE, England (5/19/08)--De La Rue, a bulk cash handling solutions provider, announced it will launch the latest edition to its Enterprise Cash Management suite of software cash-processing products, ECM ISA Essence. The solution aims to save 75% of the time it takes to complete manual cash deposits and reconciliation by credit union staff. “Cash handling for credit unions is a very time-consuming process,” said Suresh Raina, De La Rue managing director for cash-processing solutions. “The margin for error is huge and the discrepancies have to be reconciled by the end of the day, which can add hours to the workload of the staff.” ECM ISA Essence’s goal is to improve accuracy, productivity, provide real-time information and mitigate risk, the company said in a release Thursday.

Strohl Systems to be acquired by SunGard

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WAYNE, Pa. (5/19/08)--Strohl Systems, a business continuity solutions provider for credit unions, will be acquired by SunGard. Strohl Systems will become a part of SunGard Availability Services. The transaction is not expected to have a material impact on SunGard’s financial results, the company said in a release Thursday. Strohl is a CUNA Strategic Service provider. “We are excited to work with Strohl Systems through this transition time as we jointly strive to improve products and services to credit unions,” said Wes Millar, senior vice president of CUNA Strategic Services. Strohl provides solutions such as LDRPS, continuity planning software; BIA Professional, a business impact and risk assessment tool; NotiFind, a notification solution; Incident Manager, a virtual emergency operations center tool; and PLANet, a disaster recovery tool. SunGard provides information availability solutions in North America and Europe.

Cogent Road product advises how to improve credit score

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SAN DIEGO (5/19/08)--Cogent Road, a provider of Internet-based applications for the mortgage industry, is testing an automated educational program that would help borrowers improve their credit scores so they could qualify for better rates and terms. The automated program, called AVAIL, is in beta status with select clients of Cogent Road’s Funding Suite and will be available to mortgage clients using the Funding Suite by third quarter at no additional cost. The consumer-focused program incorporates Funding Suite’s automated credit proofreading tools to identify and resolve potential data errors that may work against customers’ credit scores. It also provides customized, step-by-step credit usage suggestions for consumers that improve their overall credit health. Throughout the yearlong process, it modifies credit usage strategies based on the consumer’s previous actions. AVAIL detects when positive steps have been made and provides encouragement when needed. Consumers enroll in the AVAIL program through a professional mortgage originator who serves as a credit coaching advisor. The AVAIL program is branded with the originator’s logo, photo, name and contact information to further strengthen interaction with the mortgage originator. The advisor can view the consumer’s AVAIL account to provide guidance if questions arise. The mortgage originator is also automatically notified when a consumer achieves predefined credit scoring targets. “We wanted to give mortgage originators a tool that could teach their potential borrowers how to properly use credit in order to strengthen their credit profiles,” said William DiPaolo, managing partner for Cogent Road.

Jack Henry nCipher to provide storage encryption for CUs

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MILPITAS, Calif. (5/16/08)--nCipher and Jack Henry and Associates Inc. have partnered so that Jack Henry’s subsidiary, Symitar, can resell nCipher’s CryptoStor product as a part of its solution offering. Symitar supplies credit unions with software systems and has already deployed CryptoStor at a number of credit unions. CryptoStor is a high-speed tape security appliance that compresses, encrypts and digitally signs data as it goes to tape media or virtual tape, without disrupting the backup processes. It intercepts backup communications between hosts and tape libraries, centrally managing and off-loading tape media security functions. Security regulations and compliance mandates require organizations in financial services markets to encrypt sensitive information throughout the data lifecycle, including storage, back-up and recovery, nCipher said in a release. nCipher provides security solutions for financial institutions, including credit unions. Jack Henry is a provider of computer systems and ATM/debit card and automatic clearinghouse transactions.

Fiserv integrates Mortgagebot in loan origination software

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MEQUON, Wis., and BROOKFIELD, Wis. (5/16/08)--Fiserv Inc. has integrated its easyLENDER and UniFi PRO loan origination software (LOS) solutions with Mortgagebot PowerSite Pro, a point-of-sale software solution, to help loan officers at credit unions or other financial applications take mortgage applications. More than 150 financial institutions use a Fiserv loan origination solution in conjunction with Mortgagebot PowerSite, the companies said in a press release Tuesday. “Deploying our PowerSite product suite enables lenders to benefit from an enterprise-wide point-of-sale solution that borrowers, call center staff, branch personnel and loan officers can use to generate error-free mortgage applications,” said Dan Welbaum, Mortgagebot chief marketing officer. Fiserv and Mortgagebot also have created advanced data-integration options for lenders to directly transfer borrower information and application data captured by PowerSite Pro into easyLENDER or UniFi PRO. Mortgagebot provides loan-application technology solutions to mortgage lenders. Fiserv provides information management and electronic commerce systems and services to financial institutions, including credit unions.

Mortgage CUSO in Kansas hits 1 billion mark

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LENEXA, Kan. (5/16/08)--TruHome Solutions LLC, a full-service mortgage credit union service organization (CUSO) based in Lenexa, Kan., has reached the $1 billion mark in mortgage servicing, the company announced. The CUSO offers mortgage origination, underwriting and servicing services to credit unions. Keeping the servicing function on members' mortgages is "an important relationship tool for credit unions, said Keith Varney, chief operating officers of TruHome Solutions. By retaining the servicing rights, a credit union "has the opportunity to be involved in one of the largest investments members make," he said. "When a credit union sells its rights to service (the mortgage), it can lose the connection between the product and the person," Varney said. Servicing mortgages also helps credit unions earn non-interest income, "a relatively simple way to increase earnings without burdening members," he added. The growth is a result of an active campaign aimed at gaining advantages associated with economies of scale, Varney said.

IntelliCAT now interoperative with Ultradata software

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CARSON, Calif. (5/16/08)--MagTek, a provider of electronic payments technology, announced that its IntelliCAT card issuance and personal identification number selection (PIN) system is now interoperable with Harland Financial Solutions’ Ultradata processing software. Ultradata is used by credit unions nationwide. The integration of Ultradata and IntelliCAT allows card production information to be exchanged between the two systems. IntelliCAT helps credit unions comply with security requirements from MasterCard and Visa for instant card issuance. It also offers credit unions secure remote PIN selection for members that are out of state and unable to come to a branch, said Andy Deignan, vice president/business unit manager for financial products.

PSCU Financial Services board elected

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ST. PETERSBURG, Fla. (5/15/08)--PSCU Financial Services, a credit union service organization, issued the results of its board of directors election. The following board members were elected officers:
* Chairman: Craig Esrael, president, First South FCU, Bartlett, Tenn.; * Vice chairman: Michael Valentine, president, Baxter CU, Vernon Hills, Ill.; * Treasurer: Jane Watkins, president, Virginia CU, Richmond, Va.; and * Secretary: Susan Adams, president, Entrust FCU, Richmond,Va.
The table officers will serve a one-year term, effective immediately. Also, Gene Foley, president, Harvard University Employees CU, Cambridge, Mass., and Jeff March, president, Citadel FCU, Thorndale, Pa., were appointed as associate directors. Also serving on the board are:
* Kyle Markland, president of Affinity Plus FCU, St. Paul, Minn; * Ariel Chun, president of University of Hawaii FCU, Honolulu; * Ed Gallagly, president of Florida Central CU, Tampa, Fla.; * Shannon Riley, president of U.S. First CU, San Mateo, Calif.; * John Walling, president of Christian Community CU, San Dimas, Calif.; * Terry West, president of VyStar CU, Jacksonville, Fla.; and * Darren Williams, president of Wescom CU, Pasadena, Calif.
The election of officers was held in conjunction with the company’s Member Forum, which had record attendance of more than 575 credit union executives. Presentation topics included: being successful in the current economy, promise of mobile banking, continued growth in plastics, and expanded services offered by PSCU Financial Services Contact Centers. Tactical breakout sessions focused on credit, debit, fraud prevention, online banking and a new credit union service organization that equips credit unions to offer student loans and build long-term relationships with members of Generation Y and their parents. Plans are underway for the 2009 Member Forum April 8-10 in Orlando, Fla.

CU Resources OnBalance offers strategic planning

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FARMERS BRANCH, Texas (5/15/08)--Credit Union Resources announced the availability of OnBalance, a strategic planning solution for credit unions. OnBalance can function as a scorecard for users to monitor or review, or as a traditional program that lays out the steps of a credit union’s strategic plan. The scorecard traces a credit union’s business performances and goals in the financial, member, internal process and employee knowledge, and learning and growth categories. The scorecard can be tailored for each credit union’s needs, has five steps and can be revisited as many times as needed. OnBalance’s traditional strategic planning program lays out basic questions credit unions need to answer about their strategic plan and provides them with a blueprint to use. The “Pyramid of Purpose” builds a pyramid off of credit unions’ answers to “who?” and “why?” questions and helps credit unions see the reasoning behind their decisions. Credit Union Resources is a subsidiary of the Texas Credit Union League.

CashEdge Ensim team up on active directory servers

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SANTA CLARA, Calif. (5/15/08)--CashEdge deployed Ensim’s Unify Enterprise Edition to secure and automate its active directory (AD) servers. Unify also can reduce calls to the help desk by 40%, the company said. Unify will help CashEdge’s 400 employees, who are located worldwide, by alleviating security challenges caused by password reset requests and AD maintenance. “By giving access to Ensim Unify’s web portal, we can enable users to change their passwords and manage their own distribution lists without having to rely on information technology,” said Davis Truong, CashEdge’s senior systems engineer. Unify is available as a suite of modules or individual tools that can be added or removed as needed. Modules include Microsoft AD Manager, Microsoft Exchange Manager, Mobile Manager, Self-Service and User Manager, Password Manager and Migration Manager. CashEdge provides online financial applications to financial institutions including credit unions. Ensim is a provider of management software for Unified Communications and Collaboration infrastructure.

Future of network biz design a topic at NACUSO meeting

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NEWPORT BEACH, Calif. (5/14/08)--Industry experts discussed ways that credit unions can use network business design in a panel session at the National Association of Credit Union Service Organizations (NACUSO) 2008 Annual Conference in Las Vegas April 30. Credit unions can use network business designs to re-engineer their operations, said Randy Karnes, CEO of CU*Answers. Karnes’ presentation, “Will Network Business Design Capture the Imagination of Future Credit Union Leaders?” focused on networking through models like Google or Facebook, and how credit unions and credit union service organizations (CUSOs) could eventually start their own network. “We think there is more to this than simply marketing to consumers,” he said. “We believe it can work for every CUSO, and we believe it can work for every CUSO’s business plan. It will set an example for the entire credit union industry.” CUSOs could be at the “hub” of the network wheel, with the central hub surrounded by credit union satellites. The advantage would be that all credit unions and CUSOs in the network could see one another and transact together, Karnes added. Credit unions and CUSOs must collaborate with less talk and more implementation of solutions for credit unions and their members, said a panel of experts including Dave Serlo, president/CEO, PSCU Financial Services; Stan Hollen, president/CEO, CO-OP Financial Services, and Thomas Davis, NACUSO president. Leaders must define an industry model, and CUSOs must create their own business plans, including contracts and prices, to reduce collaborative barriers, the panel said. CUSOs proving their value through actions, sharing and ownership is a realistic way to reduce barriers ad challenge credit union leaders to collaborate more, said the panel.

Yodlee Postilion partner on online banking solutions

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REDWOOD CITY, Calif. and NORCROSS, Ga. (5/14/08)--Yodlee Inc. and Postilion, a software solutions provider for more than 1,250 credit unions, announced a partnership to deliver online banking solutions and develop new revenue-generating opportunity through online bill payment. Under terms of the agreement, Yodlee PersonalFinance and Yodlee DirectPay will be integrated into Postilion’s Retail and Business Internet Banking solutions. PersonalFinance helps credit union members manage spending, set budgets, monitor transactions, review cash flow trends and predictions, and protect against fraud. Members manage accounts online through their primary financial institution. DirectPay billers represent more than 40% of major U.S. billers by volume. They allow members to pay roughly half of their bills with a credit card. They also can earn rewards and same-day payment credit. DirectPay also can benefit credit unions as a source of interchange revenue. Postilion’s solutions, including Retail and Business Internet Banking, Voice Banking, ATM Driving, Card Management and Mobile, are packaged and developed to run on a single platform. They are managed on a single portal to meet the needs of credit unions.

Products and Services briefs (05/13/2008)

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* NEWPORT BEACH, Calif. (5/14/08)--Mountain America CU and TruHome Solutions LLC each donated $5,000 for the recently launched “BUY CUSO” advertising campaign during the National Association of Credit Union Service Organizations Annual Conference in Las Vegas April 29. The BUY CUSO advertisements started April 28 on trade publication websites and will continue in trade publications and online. Don Clark, president of the West Jordan, Utah-based Mountain America presented the donation. Keith Varney, chief operating office of TruHome, located in Lenexa, Kan., presented TruHome’s donation ... * NEWPORT BEACH, Calif. (5/14/08)--CU*Answers, a credit union service organization based in Grand Rapids, Mich., received the 2008 National Credit Union Service Organizations (NACUSO) Collaboration and Innovation Award at NACUSO’s annual conference in Las Vegas April 28. Ongoing Operations LLC, a business continuity and disaster recovery systems credit union service organization, received an honorable mention ...

CUSN honors CUs with shared-branching excellence

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LAKEWOOD, Colo. (5/13/08)--Credit Union Service Network (CUSN) announced its list of honorees for its first annual Shared Branching Excellence (SBE) awards. The awards were presented during the CUSN 2008 Annual Meeting May 8 to:
* Community Choice CU, Commerce City, Colo., for the greatest issuer transaction growth. Commerce City grew 60%. It has $28.9 million in assets; * Spirit of America FCU, Lincoln, Neb., for the greatest acquirer of transaction growth. Spirit of America grew 124%. It has $25.7 million in assets; * White Crown FCU, Denver, for the largest ratio of annual issuer transactions to total members. White Crown had a ratio of 6.3. It has $46.5 million in assets; and * St. Vrain Valley CU, Longmont, Colo., for the best marketing campaign. St. Vrain has $71 million in assets.
Tom Evers, president/CEO of Premier Members FCU, Boulder, Colo., was presented with a Vision award for his commitment to the shared branching movement. He helped develop CUSN in 1991 and was chairman from 1995 to 2002.

SVPCO reports 128 uptick in check images

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NEW YORK (5/13/08)--SVPCO reported a 128% increase for April in check images compared with the same time last year. SVPCO, the paper and electronic check exchange business of The Clearing House Payments Company LLC, reported 443.7 million check images in April. The average daily volume was 20.1 million item--an increase of 118.4%, over the same time period last year. The network also reported $715.5 billion in dollar value, an 86.5% increase from April 2007. On April 7, a record 31.2 million items valued at $46 billion were handled by the network. “Check images grew strongly in April due to greater volume from existing institutions and the addition of new ones,” said Susan Long, The Clearing Housing senior vice president. A participating institution in the SVPCO Payments Network includes Members United Corporate FCU, Warrenville, Ill.

Products and Services briefs (05/09/2008)

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* COLUMBUS, Ohio (5/12/08)--Credit unions interested in learning more about managing risks can attend a workshop on vendor risk management at Corporate One FCU’s second-annual Enterprise Wide Risk Management (EWRM) Conference, June 24-25 in Chicago. Managing vendor risk is relevant to credit unions, and “it’s important to have a formalized risk management model that covers every process a credit union performs,” said Joseph Ghammashi, Corporate One’s chief risk officer. Rodney Hood, National Credit Union Administration vice chairman, also is scheduled to speak at the conference on the agency’s evaluations of credit unions’ vendor relationships. Earlier this month, NCUA published a letter to credit unions referencing three elements of a risk management program: risk assessment and planning, effective due diligence, and risk measurement, monitoring and control ... * KING OF PRUSSIA, Pa. (5/12/08)--SEDONA Corp.’s Intarsia customers will be able to access CU ink Inc.’s marketing services after the two recently signed an extended partnership agreement. CU ink offers a web-to-print solution, Marketing on Demand, which combines member and prospective member data from Intarsia to provide demographic-based marketing collateral. CU ink provides printing, marketing consulting and statement processing for credit unions in the U.S. and overseas. SEDONA is a software application and services provider ... * BOSTON (5/12/08)--Equifax, a credit information provider for financial institutions including credit unions, announced that it will release Equifax Mortgage Market Risk Insight, a tool for investors to analyze mortgage loan performance. The tool provides updated credit information on mortgage borrowers by zip code, and then narrows the information to reflect a borrower’s credit health and credit capacity. The tool is the latest addition to Equifax’s suite of mortgage services ... * SAN FRANCISCO (5/12/08)--Zopa, a peer-to-peer lending company, has grown its community to more than 10,000 members--with some borrowers achieving a negative effective rate on their loans. Zopa borrowers receive a loan from one of six partnering credit unions with an initial interest rate based on their credit profile. The effective rate is reduced every time someone invests in a Zopa certificate of deposit (CD) linked to that loan. Zopa provides borrowers with tools to create profiles and encourages people in their social networks to invest in Zopa CDs, which are insured up to $100,000 ... * WAITE PARK, Minn. (5/12/08)--Gary Hess and Bruce Hagbeg, two financial services industry veterans, have formed RTE Financial Services LLC to provide web-based applications and consulting services to financial institutions including credit unions. RTE will focus on web-based account opening and lending software. Hagberg previously was director for the credit union business unit at Wolters Kluwer Financial Services. Hess held positions as vice president of software development and support, and product development attorney at Wolters Kluwer ...

Verisign reports 19 million in losses for first quarter

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MOUNTAIN VIEW, Calif. (5/12/08)--Verisign announced a net loss of $19 million in the first quarter of 2008, according to a statement released Thursday. The company reported revenue of $354 million for the first quarter of this year. Generally accepted accounting practices (GAAP) results indicated a $25.5 million loss on assets for sale, and a loss of $26.5 million for continuing and discontinued operations in a restructuring. Non-GAAP results indicated a net income of $44 million for the first quarter of 2008. Revenue for Versign core businesses was $223 million, up 5% from the fourth quarter of 2007. During first quarter 2008, VeriSign also announced that more than 100 credit unions have gone live on its Encrypted and Extended Validation SSL certificates (EV SSL). Verisign provides infrastructure services for voice, video and data networks at financial institutions, including credit unions.

EPL renegotiates collections system contract for smaller CUs

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BIRMINGHAM, Ala. (5/9/08)--TopNotch, a web-based overdue-account collection system that helps credit unions manage delinquent and charged-off accounts, will be more affordable for small- and medium-sized credit unions. EPL Inc. and Guthrie Phillips Group Inc. of Vancouver, B.C., extended their contract for five years to make the system available. Under terms of the agreement, TopNotch will be available as a hosted service through EPL for all U.S. credit unions. EPL is a Birmingham, Ala.-based credit union-owned integrated technology solutions provider. Guthrie Phillips Group is a software developer and supplier.

ACH contactless payments topics of CUNA Mutual webinar

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MADISON, Wis. (5/9/08)--Futurists predict that momentum is building toward a cashless society, and CUNA Mutual is offering a webinar for credit union staff to learn about contactless payments. The webinar will be held May 14 at 11 a.m., and May 28 at 3 p.m. (EDT). Ann Davidson, CUNA Mutual credit union protection risk manager and payment systems industry expert, will discuss:
* The need for credit unions to focus on the security of payment options to protect members’ money and information; * Packaging payment options based on the level of risk, due diligence and vendor management; and * Best practices to improve security, reduce fraud and manage payment risk.

Handling robberies is first topic of on-demand training series

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MADISON, Wis. (5/9/08)--Recent violent robberies at credit unions brings home the need for credit union staff to be trained to handle any robbery situation--no matter how frightening. Credit union staff can prepare themselves for robberies with the first release in a series of on-demand trainings by the Credit Union National Association. The Robbery: Actions, Reactions, and Coping Skills Training on Demand advises staff on the steps to take before, during and after a robbery to cope with the experience and to avoid action that could endanger members or staff. Training on demand includes a downloadable package with a 30-45 minute video training presentation, workbooks and five online exams. The presentations can be saved to a computer, DVD or USB drive. For more this and other on-demand training topics, use the link.

CUNA offers new on-demand training topics

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MADISON, Wis. (5/9/08)--The Credit Union National Association (CUNA) announced that it is expanding the topics for its training on-demand series. CUNA’s offerings are geared toward credit union staff and volunteers. Each offering includes a downloadable package with 30- to 45-minute video, printable workbooks and five online exams. The presentations can be downloaded to a computer, DVD or USB drive. Topics for 2008 include:
* Bank Secrecy Act (BSA) for Front-Line Staff--Familiarizes staff with BSA requirements by providing an overview of BSA, including specific actions and documentations that front-line staff must complete to comply with regulations; * CU Sales: Inquiring and Listening--Encourages using communication to build a relationship with members to better understand their situation and their financial needs and goals. Participants are taught strong listening skills and how to ask the right kinds of questions to better serve members by recommending the right products and services to meet their needs; * Regulation CC--Helps credit unions achieve annual staff training requirements for Regulation CC and provides information and advice to determine the timing of fund availability, as stipulated in the regulation. Participants will recognize the difference between local and non-local checks and what is considered a business day under Regulation CC; * Subject-Matter Expert to Trainer: Training Basics--Outlines the basics of training staff efficiently and effectively to prepare subject-matter experts to teach credit union professionals and encourage development in themselves and others; * Sexual Harassment--Shows staff what constitutes harassment, how it negatively affects morale and the credit union's image, and what can be done to prevent and correct it; * Money and Negotiable Instruments--Details methods for detecting counterfeit money and recognizing bad checks to help prevent fraud. It also improves efficiency and accuracy through understanding the methods for handling cash, share drafts, and traveler’s checks, as well as accepting deposits; and * Office of Foreign Assets Control--Presents up-to-date information regarding the Office of Foreign Assets Control to ensure requirements have been met prior to an examination.
The titles will be added to this current list of volunteer offerings during 2008:
* Assessing the CEO--Walks volunteers through their responsibilities in the CEO performance-management process and provides tips to develop or enhance the process at their credit unions; * The Directors' Role When Complaints are Filed Against Senior Management--Provides a step-by-step process when a complaint is filed against management and how to prepare for this possibility before there are problems; * Credit Union Growth Strategies--Details different growth strategies that credit unions have implemented for growing assets, loans, and members and offers tips to ensure everyone is working toward the same goal; * So, You Have a Community Charter ... Now What?--Explores the fundamental steps to staying focused on new charter objectives, including communicating to various audiences, marketing, sponsorships, and other necessary resources; * The Basics of Internal Controls--Uncovers the complexities of the supervisory committee's roles and responsibilities for an effective internal control environment that covers all areas of operations; * Local Involvement: Marketing Strategy and Community Benefit--Helps develop credit union growth strategies that combine historically successful local involvement techniques with modern marketing strategies; * Understanding the Audit Report--Helps the supervisory committee to better understand and evaluate the audit report, financial statements, and the auditor’s findings and recommendations to increase the report’s overall value; * Overseeing the Outside Audit--Helps the supervisory committee to select an auditor and get the most benefit from the audit and auditor; and * The Robbery: Actions, Reactions and Coping Skills--Advises staff on the steps to take before, during and after a robbery.
For more information on the new webinars or for a complete list of CUNA Training on Demand offerings, use the links.

Products and Services briefs (05/07/2008)

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* ALBANY, N.Y. (5/8/08)--Universal Sharing Network (UsNet) announced an incentive plan to help defray the upfront costs related to becoming a network participant. Under the plan, any new participating credit union can receive combined incentives equal to the up-front costs of purchasing their data processor’s shared branching interface. The total incentive package may be worth up to $25,000. The offer is available to credit unions entering a contract with UsNet through Dec. 31. “We recognize that the initial investment necessary to acquire the shared branching interface from data processors can be significant,” said Jim Doig, UsNet board chairman and president/CEO of Sidney FCU. “UsNet is excited to be in a position to help credit unions with this incentive plan.” ... * BOCA RATON, Fla. (5/8/08)--Multi-Media Products announced that Card Services for Credit Unions (CSCU) was featured on 21st Century Business Sunday. CSCU was founded in 1989 when 455 credit unions united to establish a card processing association dedicated to helping credit unions. Today, CSCU has more than 3,200 member credit unions with more than 12 million Visa and MasterCard accounts ... * ST. PETERSBURG, Fla. (5/8/08)--PSCU Financial Services announced that it supports VMAlliance, a risk management resource vendor sponsored by the Credit Union Information Security Professionals Association (CUISPA). The consortium, www.vmalliance.org, will go live during the second quarter of 2008. VMA provides resources and online tools to help credit unions manage requirements for vendor due diligence, risk assessment, monitoring and regulatory compliance ... * GRAND RAPIDS, Mich. (5/8/08)--CU*Answers, a credit union service organization (CUSO) in Michigan, has been chosen by the National Association of Credit Union Services Organizations (NACUSO) to receive the CUSO Collaboration and Innovation Award. The award is given to CUSOs that exhibit excellence in innovation in using the collaborative model to bring new solutions to the credit union industry. CU*Answers was judged on though leadership and critical thinking, collaboration, innovation in organization design, implementation and execution, and results ...

Diebold ranked among worlds top outsource providers

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NORTH CANTON, Ohio (5/7/08)--ATM manufacturer Diebold has been named a top outsourcing service provider for the second year in a row by the International Association of Outsourcing Professionals (IAOP). IAOP released its 2008 Global Outsourcing Top 100 award standings. Diebold was ranked 47th. Companies earning the distinction are judged on company size and growth, customer satisfaction, depth of competence and management capabilities. Diebold also was named one of the:
* Best 10 companies with the most country presence; * Best 20 companies by industry focus; and * Best 20 companies by services offered.
Diebold provides financial self-service delivery to financial institutions, including credit unions.

Three IT security solutions added to CUNATrace alliance

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MADISON, Wis. (5/7/08)--Credit unions can perform in-house risk assessments, prepare for technology audits and find out how and why a security breach occurs, by using three products recently added to the CUNA Strategic Services/Trace Security alliance agreement. The three solutions are: TraceSecurity Risk Manager, Information (IT) Technology Security Audit Manager (TS-ITSAM) and Computer Forensics Investigation. Risk Manager examines safeguards, vulnerabilities, threats, asset information and loss expectancies, allowing credit unions to assess focus areas to determine overall risk. Credit unions can determine which controls to implement on specific assets based on members’ use and risk. Risk Manager also automates the assessment process and provides continuous updates with new threat and expanded safeguards. TS-ITSAM compiles and evaluates data related to governance, policies and procedures. It analyzes business and regulatory standards against organizational standards and regulatory controls. The solution aligns with Federal Financial Institutions Examination Council audits and simplifies the process by placing audit domains into manageable segments to speed up the audit process. The results are condensed into an executive summary or traditional reporting format. Computer Forensics Investigation conducts a forensic analysis of a credit union’s computers, firewall, electronic data and other components of its IT infrastructure to identify evidence of how a breach occurred. A detailed report of the findings can help support legal proceedings, determine computer misuse, assist internal investigations and provide other electronic discovery. For more information, use the link.

Great contact experience impacts business says study

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CUPERTINO, Calif. (5/6/08)--More than 74% of respondents to a recent TuVox survey said a great contact center can have a large impact on their business. TuVox is a provider of OnDemand speech applications used by credit unions, such as American Airlines FCU, Dallas. Though customer service is the biggest influence on loyalty, many institutions use technology only to deflect calls and contain costs, which frustrates consumers, TuVox said. The company recently released more than 50 on-demand application modules for the Intelligent Customer Front Door (ICDF) solution, which allows companies to discern the identity and intent of a caller, gather relevant information, determine how to treat callers--based on business rules--and match the customer with the most relevant and available resource.

CU program launches student loan product

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LANSING, Mich. (5/6/08)--Credit Union Student Choice, a collaborative credit union service organization (CUSO), is now offering a new student loan product to help defray the costs of college. The product, Credit Union Student Choice, aims to fill the gap between federal student aid and rising tuition, fees and other student-related expenses. Credit unions founding the project are:
* Affinity Plus FCU, St. Paul, Minn.; * Digital FCU, Marlborough, Mass.; * NASA FCU, Bowie, Md.; * NuUnion CU, Lansing, Mich.; * San Antonio (Texas) FCU; * Star One CU, Sunnyvale, Calif.; and * Wright-Patt CU, Fairborn, Ohio.
Affinity Plus, NuUnion and Wright-Patt have gone live with the solution. “Many families have been forced to seek higher cost loans to pay for education,” said Teresa Mayer, NuUnion vice president of lending. She noted that the product has no origination fees, flexible repayment terms, lower interest rates and deferment of principle and interest while students are enrolled. Students enrolled at least half-time in a degree-granting program are eligible. Approved students can borrow from $1,000 up to the total cost of attendance, less other financial aid. The maximum borrowing amount is $75,000. About 1,700 colleges and universities participate in the program. Business partners for the CUSO include PSCU Financial Services, Digital Dialogue, Credit Union Direct Lending and CU*Answers.

CO-OP Financial Services seats officers new director

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RANCHO CUCAMONGA, Calif. (5/5/08)--CO-OP Financial Services has seated officers and elected a new director to its board. J. David Osborn, president/CEO, Anheuser-Busch Employees CU, St. Louis, Mo., was elected chairman of the board. He replaces David Maus, president/CEO of Public Service CU, Denver. Maus’ term expired, but he will remain on the board. Osborn has worked in the credit union industry for 32 years. He has been president/CEO of Anheuser-Busch Employees CU since 1992. Gary Oakland, president/CEO, BECU, Seattle, was elected to the board. He succeeds Tom Sargent, president/CEO, First Tech CU, Beaverton, Ore. Sargent’s term expired. Oakland has been president/CEO of BECU since 1986. Other officers include vice chairman Doug Allman, president/CEO, NASA FCU, Upper Marlboro, Md. And treasurer Terry Laudki, president/CEO, New Mexico Educators’ FCU, Albuquerque, N.M. Diane Addington, president/CEO, T and C FCU, Pontiac, Mich., will continue as board secretary and Bucky Sebastian, president/CEO, GTE FCU, Tampa Bay, Fla., will serve a three-year term. CO-OP Financial Services is a credit union service organization that provides ATM network access, ATM processing, debit/credit card services and shared branching. It also has more than 25,000 surcharge-free ATMs for credit union members.

U.S. Central Fiserv announce DP contract with new CUSO

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BROOKFIELD, Wis. (5/5/08)--Fiserv and U.S. Central FCU have announced a new core processing agreement between Fiserv and Core Network Processing (CNP), a credit union service organization. The agreement runs through December 2011. Fiserv will provide core processing for:
* Corporate America CU, Irondale, Ala.; * FirstCorp CU, Phoenix; * Kentucky Corporate FCU, Louisville, Ky.; * Louisiana Corporate CU, Metairie, La.; * Missouri Corporate CU, St. Louis, Mo.; * Tricorp FCU, Portland, Maine; * U.S. Central FCU, Lenexa, Kan.; and * West Virginia Corporate CU, Parkersburg, W.Va.
U.S. Central provides processing for member credit unions through the Corporate Credit Union Network System, a three-tiered Fiserv solution for corporate credit unions. A previous contract ran through May 2009. When U.S. Central announced its decision to exit core processing, the contract was transferred to CNP and was extended for two-and-a-half years. Fiserv is a core processor for credit unions headquartered in Brookfield, Wis.

CUSO providing free data processing to start-up CUs

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GRAND RAPIDS, Mich. (5/5/08)--CU*Answers, a credit union service organization, announced that it will help start-up credit unions by providing them free data processing for two years. The credit union is responsible only for any third party pass-through fees, the company said Thursday. CU*Answers also will meet with the credit union’s management team to adjust processing fees accordingly. “It may work out to being a ‘step ladder’ approach to gradually increasing fees during the next three-year period to assist a credit union’s early growth efforts,” the company said. Credit unions are required to sign an initial five-year processing agreement with CU*Answers to launch the program. No early termination fees apply.

Products and Services briefs (05/01/2008)

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* ALBANY, N.Y. (5/8/08)--Universal Sharing Network (UsNet) announced an incentive plan to help defray the upfront costs related to becoming a network participant. Under the plan, any new participating credit union can receive combined incentives equal to the up-front costs of purchasing their data processor’s shared branching interface. The total incentive package may be worth up to $25,000. The offer is available to credit unions entering a contract with UsNet through Dec. 31. “We recognize that the initial investment necessary to acquire the shared branching interface from data processors can be significant,” said Jim Doig, UsNet board chairman and president/CEO of Sidney FCU. “UsNet is excited to be in a position to help credit unions with this incentive plan.” ... * BOCA RATON, Fla. (5/8/08)--Multi-Media Products announced that Card Services for Credit Unions (CSCU) was featured on 21st Century Business Sunday. CSCU was founded in 1989 when 455 credit unions united to establish a card processing association dedicated to helping credit unions. Today, CSCU has more than 3,200 member credit unions with more than 12 million Visa and MasterCard accounts ... * ST. PETERSBURG, Fla. (5/8/08)--PSCU Financial Services announced that it supports VMAlliance, a risk management resource vendor sponsored by the Credit Union Information Security Professionals Association (CUISPA). The consortium, www.vmalliance.org, will go live during the second quarter of 2008. VMA provides resources and online tools to help credit unions manage requirements for vendor due diligence, risk assessment, monitoring and regulatory compliance ... * GRAND RAPIDS, Mich. (5/8/08)--CU*Answers, a credit union service organization (CUSO) in Michigan, has been chosen by the National Association of Credit Union Services Organizations (NACUSO) to receive the CUSO Collaboration and Innovation Award. The award is given to CUSOs that exhibit excellence in innovation in using the collaborative model to bring new solutions to the credit union industry. CU*Answers was judged on though leadership and critical thinking, collaboration, innovation in organization design, implementation and execution, and results ...