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Products and Services briefs (09/26/2008)

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* TALLAHASSEE, Fla. (9/29/08)--The Florida Credit Union League (FCUL) Service Group partnered with Ventelligence to offer credit unions a way to manage third-party relationships. Ventelligence is an automated system that streamlines vendor management processes and provides a Web-accessed contract database, third-party vendor risk assessments and due diligence templates, and procurement strategies. The system aims to help credit unions manage third-party contracts, perform risk assessments and due diligence, and streamline and improve their procurement strategies ... * GRAND RAPIDS, Mich. (9/29/08)--CU*Answers announced that a new tool for helping authenticate member information related to Red Flag compliance is available to its clients using CU*BASE. CU*Answers programmed an interface with Experian’s Authentication Services ne (AS1) for helping its clients meet new compliance requirements. The Fair and Accurate Credit Transactions Act requires a financial institution to authenticate a new member through verification of criteria. AS1 uses multiple data sources, including Social Security numbers, addresses and other resource data. Soon clients will be able to inquire about a variety of verifications and validations returned by Experian, CU*Answers said ... * ATLANTA (9/29/08)--LEVEL5, a consulting and facilities development firm specializing in financial institutions, announced that it named Tom McGrath as vice president of sales. It also named Fred Booker and Kathleen Stasia as directors of the Mid-Atlantic and Florida regions. LEVEL5, based in Atlanta, is CUNA Strategic Services provider. For more information, use the link ...

Expedited payment adds revenue to online bill payment

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SAN FRANCISCO (9/29/08)--Financial institutions must incorporate expedited payments now or risk losing $5 billion in fees to third-party billers, a new study finds. The Javelin Strategy and Research study indicated that 32 million consumers actively use online banking bill payment in the U.S., and the volume of expedited bill payments will reach 400 million transactions by 2013. “Most consumers currently initiate expedited bill payments directly with the biller versus their financial institution,” said James Van Dyke, Javelin president. “Financial institutions have the opportunity to directly offer expedited payment services, reaping fees and strengthening their payments franchise.” The report also indicated that 45% of existing mobile bankers use expedited payments at least once a month and certain age groups are poised to drive mobile channel growth. “While the online channel is primarily used for expedited payments, mobile could represent incremental value to banking and bill pay customers,” said Bruce Cundiff, Javelin director of payments research and consulting. Consumers are accepting higher fees associated with expediting bill payments in lieu of facing costly late payment charges, Javelin said. The price of expedited payments could double over the next five years--to $16 in 2013.

PSCU online bill pay boosts subscribers use

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ST. PETERSBURG, Fla. (9/29/08)--Credit unions enrolled in PSCU Financial Services’ Bill Pay Summer Beat the Heat sweepstakes added 24,100 subscribers and 74,000 incremental payments during the two-month promotion in June and July. There also was a 3.6% increase in subscribers making more than three payments per month. The sweepstakes offered a grand prize of $10,000, a $1,000 first prize, and an iPod NANO for five second-place winners. Each credit union was guaranteed one $100 winner. Each subscriber that made three online bill payments in a month was entered into the contest and received one entry for each payment made during the month. There were 2.3 million entries and prize winners were drawn randomly. Tami Maggio, Meriwest CU, San Jose, Calif., won the $10,000 prize. Other winners were from Stanford FCU, Palo Alto, Calif.; Red Canoe CU, Longview, Wash.; and Telhio CU, Columbus, Ohio. PSCU is a credit union service organization that serves 1,100 financial institutions nationwide.