CU Data Processor Unveils New Internet Portal

- FAIRFAX, Va. (04/23/01) - FedComp, Inc., a dataprocessor for about 2,000 credit unions, said it has introduced anew Internet portal for credit unions, offering links to 150vendors, including student lender Sallie Mae, GEICO Insurance,American Express, Walmart, and eBay. The portal, known asVirtualCu, already has 19 credit unions signed on, Bob Dix,president of FedComp, told The Credit Union Journal. Two creditunions are already online, Princeton University FCU, Princeton,N.J., and University Cooperative CU, Denver. Dix said they hope tosucceed where several recent credit union portals have failedbecause of their existing relationship with credit union customersand by limiting their involvement to that of a third-partyfacilitator, earning fees and commissions on referrals. At leastfour different companies have failed over the past year in attemptsto start credit union portals.