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CUNA Mutual's TruStage protecting 15M members

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MADISON, Wis. (9/16/14)--CUNA Mutual Group announced that its TruStage Insurance Program now protects more than 15 million members. 
 
Click to view larger image Members of the TruStage team in CUNA Mutual Group's Madison, Wis., office gather with CEO Robert Trunzo to recognize TruStage reaching 15 million members insured. From left, Naheed Bleecker; Sarah Farino; Susan Sachatello, senior vice president of TruStage; Trunzo; Nick Mason; and Krischelle Howl. (CUNA Mutual Group Photo)
More than 1 million credit union members have been added to the TruStage program in the last year--a rate of 2,700 newly insured members each day, CUNA Mutual said.
 
"We are committed to helping consumers learn about insurance and confidently choose coverage in a way that is accessible and empowering. In the years ahead, we look forward to welcoming even more consumers to TruStage," said Robert N. Trunzo, CUNA Mutual Group president/CEO.
 
The 15 millionth member belongs to $5 billion-asset CEFCU, Peoria, Ill. The member purchased a TruStage accidental death and dismemberment insurance policy using TruStage's FastApply AD&D online application process. Introduced in 2013, FastApply AD&D is an option for members who prefer to research, apply and buy entirely online--usually in three minutes or less. 
 
CEFCU uses TruStage online advertising on its website, promoting insurance products designed for members and leading them to TruStage.com.
 
In the past year, TruStage has offered members more digital options that include learning and engagement opportunities on Facebook and a streamlined mobile experience. Similarly, credit unions have incorporated TruStage digital assets on their websites to educate members about the brand's protection products.

8 CUs sign with CU Direct for loan origination

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ONTARIO, Calif. (9/15/14)--CU Direct, a provider of lending, automotive and strategic solutions to credit unions, has announced new partnership agreements with eight credit unions.
 
As a result of the new agreements, the credit unions will be implementing CU Direct's Lending 360 Loan Origination System to improve the processes associated with originating, underwriting and funding consumer loan applications.
 
Credit unions that will be employing the Lending 360 system include:
  • Patelco CU, Pleasanton, Calif., with $4.1 billion in assets;
  • Premier America CU, Chatsworth, Calif., with $1.58 billion in assets;
  • USC CU, Los Angeles, with $397 million in assets;
  • Kauai Community FCU, Lihue, Hawaii, with $368.8 million in assets;
  • AEA FCU, Yuma, Ariz., with $233.8 million in assets;
  • Mutual First FCU, Omaha, Neb., with $109.7 million in assets;
  • Chaffey FCU, Upland, Calif., with $104 million in assets; and
  • Rancho FCU, Downey, Calif., with $84.7 million in assets.
Lending 360 offers a configurable workflow engine that will provide the credit unions with a single lending platform designed to support loan application processing activity across all consumer lending channels, and is fully backed by CU Direct's implementation and support groups.

CUProdigy, Payveris partner for digital payments

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WETHERSFIELD, Conn. (9/12/14)--Mobile digital payments and core processing are coming together with the partnership of Payveris and credit union service organization CUProdigy.
 
The partnership will use Payveris' modular, API-driven digital payments platform with CUProdigy's browser-based core banking system.
 
"In deciding to partner with Payveris, we were impressed not only by the payments technology that Payveris brings to the table, but by the team at Payveris and their dedication to helping credit unions to succeed," said Craig Peterson, CUProdigy director of client services.
 
Payveris' cloud-based platform provides a full range of bill payment, money movement and interbank transfer services. CUProdigy is introducing the Payveris team at its annual meeting this week in Orlando, Fla.

FIS acquires Clear2Pay

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JACKSONVILLE, Fla. (9/11/14)--Payments provider FIS will acquire Brussels-based Clear2Pay, a payments processing firm.

"The payments domain is one of the fastest-growing segments within the financial services industry and is a strategic growth and investment area for FIS," said Gary Norcross, FIS president/chief operating officer. The acquisition will enable its clients, especially large and global institutions, to realize a modern payments environment that encompasses all customer channels, simplifies payment operations, reduces costs and provides a better customer experience, he added.

The addition of Clear2Pay will bolster FIS' global payments capabilities worldwide and enhance its abilities to deliver differentiated enterprise payments solutions.

The transaction is subject to regulatory approvals and contractual closing conditions and is expected to close during the fourth quarter.

MoneyGram enhances money transfer kiosks with Nexxo

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DALLAS (9/10/14)--MoneyGram, a global money transfer and payment services company, has acquired the assets of Nexxo Financial Corp., a supplier of alternative financial services technology.
 
MoneyGram is a CUNA Strategic Services alliance provider.
 
MoneyGram will use Nexxo's technology to expand its money transfer kiosk platform and broaden its service offerings for credit unions and banks. Nexxo's multichannel platform enables financial institutions to deploy and manage alternative financial services, such as check cashing, prepaid cards, money transfer and bill payments.
 
"MoneyGram's strong brand, leading products and global reach provides market leverage for the talented Nexxo team," says Pete Ohser, MoneyGram's executive vice president of the United States and Canada. "Together, we will deploy innovative products to provide consumers with greater access to critical financial services."
 
MoneyGram already provides access to financial services for consumers who are not fully served by traditional institutions. The company said this acquisition is an important step toward achieving an overall strategy of offering consumers more choices and new channels to access its services.

FIs prepare for Apple Pay combo of NFC, Passbook app

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CUPERTINO, Calif. (9/10/14)--On Tuesday, Apple announced Apple Pay, a system that will combine near-field communication with its Passbook app, taking plastic cards out of the point-of-sale environment.
 
Apple Pay allows consumers to add their card on file for their iTunes account or upload their credit cards to their Apple Passbook by taking a photo of the card, said Apple vice president Eddy Cue ( Payments Source Sept. 9). Apple confirms through the issuing bank that the card belongs to the consumer.
 
Apple Pay supports credit and debit cards from the three major payment networks--American Express, MasterCard and Visa--that are issued by banks such as Bank of America, Capital One Bank, Chase, Citi and Wells Fargo, which represent 83% of credit card purchase volume in the United States, Apple said.
 
The Credit Union National Association continues to work with the payment networks and others on the latest payments developments, including providing more information for credit unions interested in Apple Pay.
 
To become part of Apple Pay, credit unions and other financial institutions will need to enable tokenization with their payment networks.
 
"When you're using Apple Pay in a store, restaurant or other merchant, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud," Cue said during the product announcement. Point-of-sale transactions are authorized with a one-time unique number and Apple's Touch ID fingerprint technology.
 
Apple Pay will work with the new iPhone 6, iPhone 6 Plus and the newly announced Apple Watch.
 
"The question for Apple is if they can take the complexity out of paying with a smartphone, to make it as easy as using a credit card is today," said Kevin Talbot, managing partner with Relay Ventures ( The Wall Street Journal Sept. 9).

Nebraska league partners with Vero on security

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OMAHA, Neb., and SCOTTSDALE, Ariz. (9/9/14)--The Nebraska Credit Union League (NCUL) has entered  into a strategic partnership with Vero, a provider of identity theft and data breach protection and recovery services. 
 
"We at the league are committed to helping Nebraska credit unions and their members combat the growing threat of identity fraud, and this partnership with Vero makes great sense with the tidal wave of data breaches happening throughout the country," said NCUL Vice President Dan Collins. "Vero has unique expertise with both their identity recovery services and their focus on credit union industry solutions, making them a great fit with our member credit unions."
 
Vero has provided identity fraud solutions to credit unions  since 2004 and was acquired as a subsidiary of CU Direct in 2007. The organization's flagship solution, IDProSelect, is a an identity theft recovery service that protects credit unions from data breaches and helps them comply with data-breach regulations. IDProSelect also protects credit union members from any form of identity theft or fraud events, including medical, financial, tax, credit card and Social Security fraud.
 
"Working with the league, and having their endorsement, allows us to reach more Nebraska credit unions and their members at a time when it is critical to have top quality ID theft and fraud recovery services," said Jim McCabe, Vero's senior vice present of identification theft services.