FARMINGTON, Mich. — LOC Federal Credit Union converted its core processing to Symitar Episys via a solution owned by Member Driven Technologies (MDT).
MDT is a CUSO based in nearby Farmington Hills, Mich. It was started by a group of Michigan credit unions in early 2003 and now serves 151 clients in 27 states. MDT says it performs processing for more than 1.8 million CU members, and credit unions with combined assets of $17.5 billion.
LOC Federal Credit Union, founded in 1950, serves more than 25,000 members via three locations in southeast Michigan. It has $173 million in assets.
Jim Dickinson, president and CEO of LOC FCU, said the core conversion went well.
"Overall, the plan execution was exceptional," Dickinson said in a statement. "The MDT and Symitar teams were professional and detail oriented. Everyone was very helpful and to the point. They made the project flow very smoothly."
Preventing Losses On Front Line
In other news from MDT, the CUSO said it has partnered with Advanced Fraud Solutions, a CUSO based in Kernersville, N.C., to provide frontline loss prevention tools to credit unions through the use of AFS' TrueChecks product.
According to Advanced Fraud Solutions, TrueChecks proactively identifies losses such as counterfeits, NSF, and closed account data before the check is accepted by an institution. The company said the product offers both real time and same-day batch solutions for identifying high-risk transactions at the frontline, including from remote, ATM, and additional channels.
Matt Baaki, MDT's SVP of strategic alliances and professional services, said MDT is "always looking to offer our credit union clients additional services that will help them to be successful, and we are particularly interested in those that integrate with other offerings such as this does. The TrueChecks product will allow our credit unions to make better decisions about the transactions they accept — thus reducing losses — which will have a very positive impact on both the credit union and its members."
"We are excited about partnering with MDT because they have a proven track record of offering credit unions not only great service but also strong security and data protection," said Lawrence Reaves, president and CEO of AFS. "We look forward to working with MDT to protect credit unions against these types of losses."
