EDS Digitizes Debit, ATM Network Balancing; Cites Big Time Savings
EDS has unveiled a new product it says has "digitized" the process of balancing debit card and
The product, known as EFT automated network balancing, allows EDS to host point-of-sale (POS) and ATM
Kendall Workman, director of EFT services in the credit union industry group at EDS, said the automation process
"We've taken a manual process-reconciliation of debit card and ATM transactions, comparing electronic data from
"Plus, automation eliminates a lot of chances for human error you see in hand reconciliation," Workman added.
14 CUs In Beta-Test
Last year, 14 CUs volunteered to beta-test the EFT automated network balancing product. Lafayette Schools FCU in
Bob Blacklock, controller for Olin Community Credit Union, a 42,000-member CU with $275 million in assets
"I've seen other attempts at doing automated reconciliation by in-house programmers, so I knew what it would mean
Olin has 14,600 ATM and debit card holders and five ATMs, he said. The CU averages about 115,000 to 120,000
"Reconciliation was time consuming, and it was something that was growing as we added more ATMs. There are
Suzie Hill, systems analyst for 34,000 member, $145-million Tucoemas FCU in Visalia, Calif., also was enthusiastic
According to Hill, Tucoemas had developed several Excel programs for manual balancing before the CU began
"EDS did the installation on its server, and tested us for a week to make sure everything was working," recalled Hill.
"For us, reconciliation was a three-tiered balancing process," she continued. "We had to put the data into Excel
Hill said in January Tucoemas Credit Union had 116,000 transactions on nine ATMs by its 10,000 ATM/debit
EDS' Workman said there are other reconciliation products on the market, but he believes the company is the first to
EDS charges a set-up fee, which covers installation and training, plus a tiered monthly fee based on the number of
Hill said Tucoemas FCU paid about $500 for set up, and $300 per month.