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Remote deposit capture focus of tech council paper

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MADISON, Wis. (8/24/10)--Remote Deposit Capture (RDC) promises to extend greater convenience to members while potentially reducing operating costs and investment in building infrastructures, according to a new white paper from the CUNA Technology Council. RDC is defined as using an optical scanning device--such as a home office scanner or a cell phone camera--to scan or "capture" images of the fronts and backs of checks for deposit; uploading the images on a computer, and using software to edit and send the images securely over the Internet to the credit union for processing and deposit. The paper, "Remote Deposit Capture: Thinking Out of the Branch to Better Serve Members," also notes that RDC is valuable for credit unions having members who:
* Reside some distance from a branch; * Frequently travel or are stationed in other countries; * Have college-age children at a location without a branch; and * Wish or need to make deposits during non-business hours.
RDC also may be useful to credit unions with a small number of branches and a large field of membership, as is the case with some select employee group-based credit unions, the paper said. The white paper covers these points related to RDC and RDC application development:
* A business rationale for offering RDC; * Eligibility criteria and deposit limits; * Hardware and software considerations, including functionality and platform expansion; * Image correction concerns; * Vendor partnership; * Fraud detection and risk-management controls, including duplicate detection; and * The importance of member education and trained back-up support.
The paper also profiles four credit unions and provides in depth case studies that show how RDC functions and its primary challenges and advantages. CUNA Council members can obtain complimentary copies of more than 200 white papers, including the RDC paper, while non-members can purchase the papers for $50 each. Use the link for more information.

CSS in alliance with new competitive intelligence provider

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MADISON, Wis. (8/24/10)--Informa Research Services will provide credit unions with rate intelligence and mystery shopping services through a new alliance with CUNA Strategic Services (CSS). Established in 1983, Informa provides competitive intelligence services to more than 6,500 financial institutions nationwide. Its daily comparisons of credit union vs. bank market rates at the national, state and local levels allow credit unions to efficiently, correctly, and quickly price their products and ensure the best rate for their members, CSS said. The Calabasas, Calif.-based Informa has an "earned reputation for extreme accuracy and enthusiastic customer service," according to Wes Millar, CSS senior vice president. Informa also performs member satisfaction studies, sales and service evaluations; compliance testing; and other mystery shopping services to the financial services industry, resulting in powerful market information, insightful analysis and targeted recommendations, said CSS. Informa's clients include more than 500 of the top credit unions.