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Products

Symitar makes changes to PowerOn Marketplace

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MONETT, Mo. (6/27/14)--Symitar has introduced the next generation of its PowerOn Marketplace, which serves credit unions automated by the Episys core system.
 
PowerOn is a collaborative environment for securely exchanging programs and applications to improve system functionality and performance. 
 
PowerOn helps Episys clients to customize programs and applications within a framework that maintains the integrity of the core system code.
 
The enhanced version of PowerOne includes the option for credit unions to sell their solutions to other marketplace users, the ability to request specific custom solutions, the ability to upload additional file types, and a utility to opt-in for monthly profiles of new and highlighted solutions.

It also provides the ability for Symitar's business partners and vendors offering third-party solutions to register and use the marketplace to distribute product-specific custom programming solutions.

Payveris, Geezeo team up on payments, PFM

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WETHERSFIELD, Conn., and TOLLAND, Conn. (6/26/14)--Payveris and Geezeo have announced a partnership to offer financial tools and services that help consumers manage their money.
 
Payveris is a digital online and mobile payment company offering online bill pay, money movement and interbank transfer solutions for financial institutions and service providers, including credit unions.
 
Geezeo offers more than 300 credit unions and banks a suite of online tools and services, including a personal financial management (PFM) solution.
 
Members and customer of financial institutions are looking for more Amazon.com-like online experience from their financial service providers, Mickey Goldwasser, vice president of marketing for Wethersfield, Conn.-based Payveris, told PaymentsSource (June 25).

To enhance their appeal of their digital presence, credit unions must improve the functionality and mobility of their personal financial management offerings, Payveris and Geezeo said.

Personal financial management goes beyond budgeting to handling any financial need through any channel, Bryan Clagett, chief marketing officer for Tolland, Conn.-based Geezeo, told PaymentsSource . For that reason, the Geezeo-Payveris PFM and bill payment partnership is like "peanut butter and jelly," he said.

CUNA conference tackles BSA changes

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MADISON, Wis. (6/26/14)--Registration is open for the Credit Union National Association Bank Secrecy Act Conference, Oct. 26-29, in Las Vegas.
 
In partnership with the National Association of State Credit Union Supervisors, the CUNA Bank Secrecy Act Conference brings together Bank Secrecy Act (BSA) compliance officers, state and federal examiners, industry experts and regulators.
 
"It's not only important to learn the essentials of the BSA, but to stay current with it on a yearly basis," said Tracy Blaske, CUNA director of compliance education. "It's been an examination focus for the last three to five years and it's not going away any time soon, so this conference is dedicated to sharpening and updating attendees' BSA knowledge each year."
 
This year state examiners and attorneys will receive updates from the Financial Crimes Enforcement Network, the National Credit Union Administration and the Office of Foreign Assets Control agencies.
 
Attendees may earn their CUNA Bank Secrecy Act Compliance Specialist designation by successfully completing an on-site exam.

Text receipts key component of Complete Data Products, Dakotas agreement

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BISMARCK, N.D. (6/25/14)--Credit Union Association of the Dakotas (CUAD) has partnered with Troy, Mich.-based Complete Data Products (CDP) to offer email encryption and CDP's E-Teller solution and its components: email receipts, text receipts and signature-pad sales to credit unions in North Dakota and South Dakota.
 
"CDP's exclusive text receipts are particularly appealing to the mobile device generation," said Corey Prince, CUAD vice president of innovation and relationships. "CDP's extensive credit union knowledge and financial institution-specific software solutions are a natural fit for members of CUAD. This partnership offers our credit unions a means to attract younger members while retaining established members who are looking for mobile credit union services."
 
CDP provides print-on-demand laser document solutions, custom thermal teller receipt printers and paperless document management software to more than 600 credit unions worldwide.

CO-OP, W.Va. league partner for ATM, electronic payment services

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RANCHO CUCAMONGA, Calif. (6/25/14)--The West Virginia League Services Corp. (WVLSC), a subsidiary of the West Virginia Credit Union League, has partnered with CO-OP Financial Services to exclusively promote CO-OP ATM services to its member credit unions.

WVLSC will also promote, on a non-exclusive basis, CO-OP electronic payment processing services. Endorsed services include personal identification number and signature debit processing, in-house or pass-through credit processing and ATM terminal driving.
CO-OP also offers full-service credit processing through its partnership with The Members Group of Des Moines, Iowa.

"We are partnering with CO-OP because we wanted to align ourselves with a proven provider that can deliver EFT services geared to West Virginia's credit unions of all asset sizes," said Ken Watts, president of both the West Virginia league and its service corporation. "This is a great opportunity for credit unions to tap in to a leading provider of a variety of EFT platform solutions."

Said Stan Hollen, president/CEO of CO-OP: "We are confident this partnership with West Virginia League Service Corp. will help bring more credit unions into the CO-OP ATM network, making it easier and more convenient for members to access their accounts. Our payment processing services will also help the state's credit unions operate more efficiently and profitably."

CO-OP ATM is a nationwide network of 30,000 ATMs, 9,000 of which accept deposits, available surcharge-free to the members of participating credit unions. It is the nation's largest credit union-only network of ATMs.

CUAnswers adds mobile banking features, re-elects board members

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GRAND RAPIDS, Mich. (6/24/14)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization, has expanded the features of its mobile Web banking product. 
 
Members can now apply for a loan view rate boards, open sub accounts, view cleared checks, update personal information and check the compatibility of their phones.
 
The added features come at no additional cost to credit unions.
 
"It's another example of increasing features without increasing costs--one of our core guidelines as a cooperative CUSO," said Scott Page, CU*Answers executive vice president.
 
Previous mobile banking features included the ability to check balances, transfer funds, pay bills and view ACH transactions.
 
Any changes made by members require zero rekeying within credit union core systems.
 
CU*Answers also announced that that two credit union CEOs had been confirmed by their peers to serve another three-year term on the CUSO's board of directors. Vickie Schmitzer, president/CEO of Frankenmuth (Mich.) CU, with $306 million in assets; and Dean Wilson, president/CEO of FOCUS CU, with $42 million in assets, Wauwatosa, Wis., both incumbents, were re-elected at the CU*Answers annual stockholders meeting last week.

LEVERAGE launches card services brand

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BIRMINGHAM, Ala. and TALLAHASSEE, Fla. (6/23/14)--LEVERAGE, an affiliate of the League of Southeastern Credit Unions (LSCU), has rebranded its transactional products and services as LEVERAGE Card Services.
 
LEVERAGE Card Services houses four card products for credit unions: debit processing and service, credit processing and service, card holder recovery services, and gift cards. It will also provide consulting for credit unions that will look at their card portfolios and help recognize opportunities to enhance and grow their portfolios.
 
"This new branding is a blend which recognizes the past and current state of the card environment while also looking toward the future," said Patrick La Pine, LSCU and LEVERAGE president/CEO. "We are also dedicating resources to grow portfolios and enter new lines of business. We recognize the value these programs bring to credit unions for their short-term and long-term success so we're dedicated to bringing in the necessary talent."
 
That talent includes Zac King who joins the LEVERAGE team as director of transactional services. Prior to coming to LEVERAGE, King worked at Redstone FCU, Huntsville, Ala., with $3.6 billion in assets, where he was the assistant vice president of card payment systems.

Ongoing Operations offers FFIEC DDoS webinar

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HAGERSTOWN, Md. (6/20/14)--Ongoing Operations, a CUNA Strategic Services provider, will offer a free webinar on the new Federal Financial Institutions Examination Council (FFIEC) distributed denial of service (DDOS) guidelines at 2 p.m. (CT) on June 25.
 
In April, the FFIEC issued guidelines on DDoS risks to U.S. banking institutions. The guidelines state that credit unions should:
  • Maintain an ongoing program to assess information security risk that identifies, prioritizes and assesses the risk to critical systems;
  • Monitor website traffic;
  • Be prepared to activate incident response plans and notify service providers;
  • Ensure sufficient staffing for the duration of a DDoS attack and consider hiring precontracted third-party servicers who can assist in managing the Internet-based traffic;
  • Consider sharing information with organizations such as the Financial Services Information Sharing and Analysis Center and law enforcement; and
  • Following the attacks, evaluate any gaps in response or in the risk assessments and adjust controls accordingly.
The Webinar will discuss the six steps the FFIEC expects every credit union to take.
 
To register, use the link.

CO-OP partners with SFS in Kansas

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RANCHO CUCAMONGA, Calif.  (6/19/14)--CO-OP Financial Services has partnered with Shared Financial Solutions, the service corporation of the Kansas Credit Union Association, to promote CO-OP ATM and CO-OP Shared Branch to its member credit unions.
 
"We are partnering with CO-OP because we wanted to provide a way for our Kansas credit unions to give their members more access points," said Marla Marsh, president/CEO of KCUA.
 
"Only about one-third of Kansas credit unions participate in CO-OP's surcharge-free ATM and shared branching networks," said Marsh. "The more credit unions participating, the more member access is opened in Kansas and nationwide, which is mandatory today to compete successfully.
 
"Many credit union members feel they need to close their account if they move away from Kansas. With CO-OP's nationwide access and large number of outlets, they don't have to!"
 
Stan Hollen, CO-OP president/CEO said: "We believe we can play a key role in helping KCUA fulfill its mission to support the credit union cooperative system and generate healthy growth strategies for credit unions in the Sunflower State."

SageLink CU, Missoula FCU choose Buzz Points

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AUSTIN, Texas (6/18/14)--SageLink CU, Durand, Mich., with $177 million in assets, and Missoula (Mont.) CU, with $397 million in assets, have selected the Buzz Points merchant-funded loyalty program for their members.
 
Buzz Points is a CUNA Strategic Services provider. The program is free and allows credit union members to earn rewards while supporting the local economy by using their debit cards for everyday shopping. 
 
The program is the only merchant-funded rewards platform that works with community financial institutions and local businesses to engage mutual customers. Credit union members can earn points by using their debit cards whenever they shop, but they earn more points for local shopping and the most points for shopping with local businesses enrolled in the program.
 
Buzz Points creates additional revenue for financial institutions and gives local businesses a turnkey marketing solution that provides the data analysis and targeted marketing technologies they need to expand their market reach, attract new business and increase the loyalty of existing customers while also helping to offset the higher interchange fees that small businesses are often burdened with.

CUNA's America's Credit Union Conference less than two weeks away

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MADISON, Wis. (6/17/14)--The Credit Union National Association's America's Credit Union Conference, to be held June 29-July 3, is less than two weeks away.
 
The keynote speaker for this year's conference is Marcus Luttrell, one of a team of four Navy SEALs ambushed by a large Taliban force in 2005, and the only one to survive the following hours of combat.
 
Luttrell, critically wounded in the attack, crawled into the mountains and was taken in by the Afghan villagers of Sabray, who nursed and protected him, despite escalating Taliban threats, until he was rescued. After recuperating, he redeployed to Iraq for a second tour. In the spring of 2007, Petty Officer 1st Class Luttrell retired. He was awarded the Navy Cross for combat heroism in 2006 by President George W. Bush.
 
Luttrell has written two books: "Lone Survivor" (2007), which recounts the harrowing trials of Operation Redwing and is now in movie theaters across the United States; and "Service: A Navy SEAL at War" (2013), in which Luttrell turns his focus to the nature of service on America's battlefields and the soldiers who give their lives to defend their nation and each other.
 
Other keynote speakers include Steve Farber and Simon Sinek. Perhaps best known for his first book, "The Radical Leap: A Personal Lesson in Extreme Leadership," Farber embraces extreme leadership as one would approach an extreme sport: "Learn to love the fear and exhilaration that naturally comes with the territory."
 
Sinek's concept of "Why" is the second-most-watched TED talk video. His books, "Leaders Eat Last: Why Some Teams Pull Together and Others Don't" and "Start with Why: How Great Leaders Inspire Everyone to Take Action," address inspirational leadership.
 
The event also includes a small credit union roundtable and breakout sessions covering topics that include:
  • Community events;
  • Mobile banking and loan growth;
  • Cloud computing;
  • Integrated marketing;
  • Executive retention;
  • Compliance;
  • Hispanic marketing; and
  • Cyber security risks.
For more information on the ACUC, use the link.

Shared branching awareness focus of PaCUSC, CO-OP campaign

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HARRISBURG, Pa. (6/16/14)--The Pennsylvania Credit Union Service Corp., a subsidiary of the Pennsylvania Credit Union Association, is partnering with credit unions in Pennsylvania and Delaware on the CO-OP Shared Branch network to tell members about one of the strengths of the credit union system: shared branching.
 
This year's awareness campaign features free marketing material, such as statement inserts, member identification cards and counter signs ( Life is a Highway June 9).
 
In addition, state directories of shared branch locations for Pennsylvania and Delaware are available for a nominal fee.

Former Fed Chair Bernanke to speak at Fiserv Forum

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BROOKFIELD, Wis. (6/13/14)--Former Federal Reserve Board Chairman Ben S. Bernanke will serve as the keynote speaker at Fiserv Forum, the technology provider's fall conference for credit union clients, to be held Sept. 8-11 in Orlando, Fla.
 
Bernanke served consecutive terms as chairman of the Board of Governors of the Federal Reserve System from 2006 to 2014. He also served as chairman of the Federal Open Market Committee, the system's principal monetary policymaking body.
 
"Ben Bernanke served as the single-most influential person on the global economy for nearly a decade, and was a key leader in helping the United States successfully navigate the global financial crisis," said Jeff Yabuki, Fiserv president/CEO. "We are certain that his experience and insights will help inform the strategies of our clients, who are constantly looking for new ways to drive innovation, efficiency and value."
 
The forum features educational and strategy sessions on areas affecting financial services and their implications for the future.

Diebold ATMs give Iowa CU members control

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NORTH CANTON, Ohio (6/12/14)--Self-service solutions from Diebold Inc. are the brains behind The Family CU's (TFCU) new "smart branch" in Davenport, Iowa.

Diebold is a CUNA Strategic Services provider.

The Diebold technology that powers the tellerless branch is supported by remote member service representatives who help members with more complex needs.
Within the branch, members of $140 million asset credit union conduct most transactions on two deposit automation-enabled Opteva ATMs--one in-branch terminal and one exterior drive-up terminal. The interior ATM also features Diebold's Concierge Video Services solution, which allows members to connect with TFCU representatives via video directly from the terminal.

"We've placed members in control of their own banking experiences, and they're embracing the opportunity," said Kris Lundquist, TFCU vice president of marketing. "Members can manage most everything themselves at the ATM, contact a remote representative for assistance right from the ATM or engage with our in-branch representatives."

The branch's two deposit automation-enabled ATMs allow members to make self-service deposits. The ATMs also support withdrawals, balance inquiries, transfers and other transactions. The interior Opteva 720 ATM enables members to initiate video calls to TFCU's member call center from the ATM.

"TFCU values the on-demand nature of our Concierge Video Services solution, as most members don't require additional assistance," said Mychal D. Kempt, Diebold vice president of North America operations. "Members choose when they want to speak with a representative via video. The rest of the time, the terminal serves its primary purpose as an advanced, full-function ATM."

Promoting a smooth transition to the smart branch model, Diebold's advisory services team held interactive training sessions with TFCU's branch and call center staff. The sessions placed TFCU representatives in the role of members, helping them better understand the consumer experience.

Greylock FCU launches technology CUSO

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PITTSFIELD, Mass. (6/11/14)--Greylock FCU, Pittsfield, Mass., with $1.1 billion in assets, has launched a credit union service organization that will provide custom programming, training and DNAapp development for financial institutions that use the Fiserv DNA core processing platform.
 
Greylock Technology Group will create and sell DNAapps to other institutions that use the Fiserv DNA core system through the DNAappstore.
 
"Greylock FCU's information technology department is very proficient at creating custom programming solutions for Greylock," said Kevin Zimmer, GTG president. "GTG is a way to share that knowledge with the community banking industry and generate revenue for Greylock FCU. The applications GTG creates can be used knowing that the application being attached to the critical core system has been tried and tested."
 
GTG currently has nine DNAapps for sale in the DNAappstore and more than 100 custom DNA reports available for direct licensing. One of the apps GTG has created helps loan officers assemble data and produce criticized assets reports automatically. Previously, producing such a report could take up to 2 1/2 hours per relationship. Since its launch last year, Greylock's business banking department estimates the app has saved the credit union more than 1,000 employee hours.
 
Three of the most popular apps developed by GTG include:
 
Criticized Assets Report: Assists in the monitoring of an institution's criticized assets. It collects the information needed by lenders, credit departments, loan review and risk management departments to allow for quick analysis without wading through several screens of information.
 
Loan Change Review Report: Provides data changes for loan accounts over a specified date range. The application has 10 optional sections that can be displayed, as well as a parameter that can be used to not report changes made by automated processes.
       
Loan Credit Analysis: Provides information useful for overall loan quality analysis. Data ranging from credit scores for all borrowers on the account to detailed property and appraisal information is shown.

CUNA training provider named to Top 20 for content development

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MADISON, Wis. (6/10/14)--A Credit Union National Association CPDOnline course provider, Skillsoft, has been recognized in trainingindustry.com's Top 20 Content Development Companies list for 2014.
 
Based on research, interactions and analysis, the list is intended to simplify organizations' search for the right training partner.
 
Skillsoft provides cloud-based learning solutions. Its selection for the Top 20 list was based on the following criteria:
  • Industry visibility, innovation and impact;
  • Capability to develop and deliver multiple types of content;
  • Company size and growth potential;
  • Depth and breadth of subject matter expertise;
  • Quality of clients; and
  • Geographic reach.
 
The 300 Skillsoft courses available through CUNA CPDOnline allow members to integrate credit union-specific training with computer and leadership skills. They are delivered via a learning management system to provide credit union professionals with self-study coursework and personal assistance whenever it's needed.

Alaska USA FCU to sell trust company

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ANCHORAGE, Alaska (6/9/14)--Alaska Trust Company (ATC) is acquiring the trust division of Alaska USA Trust Co. (AUTC), a subsidiary of $5.5 billion, Anchorage-based Alaska USA FCU.
 
ATC will acquire all the outstanding stock of AUTC. The transaction is subject to the negotiation of a stock purchase agreement, and approval from the Alaska Division of Banking and Securities and the boards of both companies ( Securities Lending Times June 6). The deal is expected to be completed by the end of July.
 
ATC is an independent trust company offering administration and wealth management services throughout the United States.
 
The company administers more than $5 billion of assets and has been operating in Anchorage for more than 17 years. AUTC is a provider of investment custody and securities lending services to institutional investors.
 
 "The combined resources of these two experienced Alaska-based trust companies, with similar commitments to local service and value, will provide even greater benefits to individual clients in the future," said Glenn Cipriano, AUTC president. "The commitment to individual trust clients and excellent service are values both companies share."
 
Alaska USA FCU said it will set up a new subsidiary, CU Trust Co., so that it can continue to provide institutional trust services to its clients.

CSS provider Verafin receives $60M in financing

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ST. JOHN'S, Newfoundland (6/6/14)--Verafin, a CUNA Strategic Services alliance provider, has received $60 million in financing from Spectrum Equity, a private equity firm based in Boston and Silicon Valley.

The investment gives Spectrum a substantial minority stake in Verafin, which was founded in 2003.

"Financial institutions are facing ever-increasing fraud threats and compliance mandates from regulators, and Verafin is committed to providing our customers with the best software solutions to allow them to effectively fight financial crime," said Jamie King, CEO of Verafin. "Spectrum brings a wealth of experience working with other high-growth technology businesses of a similar profile to Verafin."

The company plans to add to its 210 employees, most of them in St. John's, with others in Alabama and Toronto ( The Financial Post June 2).

Verafin's behavior-based software helps credit unions comply with the Bank Secrecy Act, USA PATRIOT Act and FACTA regulations, while also helping to protect against fraud. Its software-as-a-service platform is continually updated for the latest regulatory requirements.

CUNA training adds IRA option through Ascensus

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MADISON, Wis. (6/5/14)--Through a partnership with Ascensus, CUNA CPDOnline has added five new IRA courses to its selection of Web-based training courses, the Credit Union National Association announced Wednesday.
 
The courses are now available to CUNA CPDOnline members and for individual purchase.
 
As the largest independent retirement and college savings services provider in the United States, Ascensus offers IRA training courses that cater to credit union professionals of all experience levels.
 
"Ascensus' solutions further round out CUNA CPDOnline's comprehensive selection of training options," said Marlo Foltz, CUNA's vice president of blended learning. "With the addition of the IRA course content, our members can confidently advance through the basics of IRA transfers and contributions and on to more involved topics like establishment and distribution."
Newly added Ascensus course topics include:
  • Establishing an IRA;
  • IRA contributions;
  • IRA-to-IRA transfers and rollovers;
  • IRA distributions; and
  • Traditional IRA required minimum distribution.
Each course also includes an exam.
 
"CUNA CPDOnline draws upon more than 40 years of credit union training," Foltz said. "It includes everything a credit union needs to manage their training program. Consisting of more than 350 professionally designed courses and exams, it combines the ease of an on-demand learning management system with expertly designed, self-study credit union courses and personal assistance."
 
For more information or to order the courses, use the resource link.

LSCU's compliance tool available for Ala., Fla. CUs

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BIRMINGHAM, Ala., and TALLAHASSEE, Fla. (6/4/14)--The League of Southeastern Credit Unions (LSCU) is now offering ComplySight, a fee-based customizable, web-based compliance solution will help credit unions deal with ever-increasing regulatory demands.

Using ComplySight, credit unions can match specific products and services to track the regulations for each one. Regulatory alerts are tailored to a credit union's needs so the credit union is ensured that it remains in compliance, even with new and amended regulations.

ComplySight also offers a grading tool to ensure a credit union's compliance level is the highest possible.

"Easing the compliance and regulatory burden is always a top priority for credit unions," said  Patrick La Pine, LSCU president/CEO. "By utilizing ComplySight, credit unions will stay up-to-date on regulations and significantly cut down on the time spent on compliance."

ComplySight is integrated with League InfoSight, an online compliance resource owned by several credit union leagues, and PolicyPro, an online policy manual that contains a suite of more than 200 model policies developed for credit unions by regulatory experts.

Once a credit union begins working with ComplySight, it can set up action steps to improve its compliance levels, set up program parameters and print out regulatory and compliance reports. This also helps to ease the examination process.

"Once credit unions begin using ComplySight, they will see that is it literally a universal compliance management tool. Many credit unions don't have the staff to concentrate solely on compliance and regulations, so ComplySight can become that employee," said La Pine.

Mid-Atlantic Corporate CUSO partners with insurance brokerage

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MIDDLETOWN, Pa. (6/3/14)--Sollievo, a credit union service organization of Mid-Atlantic Corporate FCU, has announced a partnership with Lockton, a privately owned insurance brokerage firm and one of the largest independent insurance brokers in the credit union system.
 
Through Sollievo's referral program, Lockton will provide credit unions with free, comprehensive insurance reviews and will recommend cost-effective improvements.
 
Working with Sollievo, credit unions can engage Lockton for guidance on individual insurance coverage needs. Lockton will provide an analysis of each credit union's risk situation and the steps a credit union must take to comply with regulations and fulfill its fiduciary duty to members.
 
"There are so many risks and uncertainties in today's financial services environment, having the right bond and insurance coverage is critical to credit unions," said Lori Gall, Sollievo president/CEO. "Each credit union has unique insurance needs, and Lockton understands this."
 
Lockton's group-buying ability allows for competitive pricing and objective advice. The company links institutions with a broad selection of insurance coverage and risk-management solutions, such as fidelity bond, directors and officers, cyber liability, plastic card, commercial auto, property, workers compensation, real-estate owned and employment practices liability policies.

Dwolla offers next-day transfers for small businesses

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DES MOINES, Iowa (6/2/14)--Dwolla, a person-to-person payments provider, is launching next-day transfers for small businesses.
 
The new service aims to help small businesses replace paper checks, mitigating the estimated $13 billion spent annually on paper check operations. The next-day transfer service will reduce bank transfers in and out of the Dwolla network to as little as two business days.
 
Among the benefits the service will offer member businesses:
  • More control in scheduling payments;
  • Quicker payouts to vendors;
  • More control of cash flow; and
  • Reduced billing cycles.
Qualifying business, nonprofit and government accounts can receive transfers from a bank account to their Dwolla account three times faster than a typical ACH transfer.
 
For all users, transfers from a Dwolla account to their financial institution may be transacted as soon as the next day.
 
Dwolla-to-Dwolla transfers are still instantaneous.
 
To facilitate the conversion to digital money transfers, the Iowa-based payments startup is also providing a business payments toolkit to help companies switch from paper checks.