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Southwest Corporate debuts image-enabled ATM service

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PLANO, Texas (7/10/09)--Southwest Corporate FCU is introducing ATM Capture, an image-enabled ATM software solution designed specifically for the credit union industry. Mazuma CU, a $396 million asset, Kansas City-based credit union, which beta tested ATM Capture, launched its first image-enabled ATM in May. Mazuma will first roll out the service with its nine image-enabled ATMs and replace its 11 older technology ATMs over time (LoneStar Leaguer July 9). Ginny Leritz, Mazuma’s director of member service support, said, “When the product is fully implemented, we expect to save $7,000 per year in ATM courier fees.” With ATM Capture, images of deposited checks are captured at the ATM, verified and transmitted in real-time directly to Southwest Corporate for processing. Decreased processing time frames enable credit unions to increase operational efficiencies, reduce costs and expedite funds availability, which reduces a credit union’s risk of loss from non-sufficient funds or fraud. “ATMs offer tremendous convenience for members, but they’re costly and take a lot of time to service from the credit union perspective,” said Brad Ganey, Southwest Corporate’s senior vice president of payment services. “With a traditional ATM, credit unions have to retrieve the deposit envelopes daily, and manually open and verify every transaction. “There are no envelopes with image-enabled ATMs,” he added. “Checks and currency are scanned as they are deposited. Credit unions can retrieve checks once a week or whenever they replenish the ATM with cash. Daily courier trips to the ATM, which represent a significant expense to credit unions, are no longer necessary.”

CU Student Choice Overture in marketing alliance

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BETHESDA, Md., and WASHINGTON (7/10/09)--Credit Union Student Choice, a credit union service organization that provides private student lending services to credit unions, and Overture Technologies have signed a marketing alliance to connect students with loan products from credit unions through Overture’s Student Loan Marketplace. Overture provides solutions to help students and their families save money by making better financial decisions. “Credit unions have historically been an untapped resource in the student lending field, and given the contraction in this space, have a tremendous opportunity to bridge the gap,” said Jon Jeffreys, Student Choice president. Overture’s Student Loan Marketplace allows students to sort and compare private student loans with detailed rates and terms, based on their credit information. Currently, Star One CU, Sunnyvale, Calif.; Addison Avenue FCU, Palo Alto, Calif.; NASA FCU, Bowie, Md.; and Mid-Atlantic FCU, Middletown, Pa., employ Student Loan Marketplace. Credit unions see private student lending as a way to reach out to local college students, the companies said in a release.