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Ohio League Partners With PolicyWorks On Compliance

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DES MOINES, Iowa and COLUMBUS, Ohio (6/10/13)--The Ohio Credit Union League has partnered with credit union compliance firm PolicyWorks, Des Moines, Iowa.

Through the partnership, OCUL members will receive preferred pricing on ComplyRight, a solution for credit union compliance needs. ComplyRight is a customizable bundle of compliance services, allowing a credit union to choose from lower levels of support to a full-service solution. Services range from review of marketing materials and Web sites to compliance risk assessments and on-site program reviews.

"Coupled with the league's existing compliance services, we are well-positioned to support our Ohio credit unions as they face daily compliance and regulatory challenges," said Paul Mercer, OCUL president.

OCUL credit unions also will have access to PolicyWorks' suite of compliance services, including:

  • Lending compliance services;
  • Bank Secrecy Act and Secure and Fair Enforcement Act for Mortgage Licensing Act of 2008 independent testing;
  • Website compliance reviews;
  • Full-scale compliance reviews;
  • Marketing/communications reviews; and
  • Compliance training.

Corporate Central: Picture Pay Surpassing Mobile Bill Pay

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MUSKEGO, Wis. (6/10/13)--Paying bills by snapping a photo is on the rise, surpassing even mobile bill pay in some institutions, according to a partner of Muskego, Wis.-based Corporate Central CU.

Corporate Central's Mobile SmartApps partner, Malauzai Software Inc.,  is processing more Picture Pay transactions than mobile bill pay, said Robb Gaynor, Malauzai chief product officer. He noted that 5% of its active end-users give Picture Pay a try within 90 days of a financial institution's launch of the service.

The corporate's Mobile SmartApps has features that allow members to easily check balances, review transaction history, make internal transfers, pay bills, turn on/off debit cards, and deposit checks remotely by photographing the front and back of checks with their mobile devices.

Malauzai  conducted a survey of mobile banking application usage in April at 94 financial institutions with more than 1.1 million logins for 85,000 registered mobile banking users. Its findings:

  • End-users are making 1.57 Picture Pay payments a month;
  • The average payment size is increasing 50% month to month;
  • About 12% of payments are "pay-again," where the user does not take a new picture but pays an existing biller;
  • iPad end-users are outperforming iOS and Android end-users with all metrics increased by more than 50%; and
  • Image acceptance rate was 67% for Picture Pay transactions, compared with 52%  for another remote capture product.