Paper Offers Due-Diligence Tips
DES MOINES, Iowa-To address the NCUA's promises to enhance examination of due-diligence practices, PolicyWorks and sister company TMG (The Members Group) have issued a white paper on the topic. According to the paper's co-author, PolicyWorks Regulatory Counsel Andrea Stritzke, no other vendor relationship is more critical for a CU than that with its card processor. "Not only do card processors drive a vital revenue-generating activity for credit unions, they also house and secure member data-a hot commodity on the ever-intensifying identity black market," writes Stritzke. Stritzke and coauthor Brian Scott of TMG outline a seven-step due diligence process credit unions should use in the selection of a card processor. The white paper, "Do Your Homework; Pass the Exam - Satisfying the NCUA with Vendor Selection Due Diligence," is available for download at www.themembersgroup.com/the_tmg_difference/white_papers
MasterCard Advisors Upgrades
PURCHASE, N.Y.-MasterCard Advisors, the professional services arm of MasterCard Worldwide, announced an upgrade of its PortfolioAnalytics product, a business intelligence tool the company says enables financial institutions to better understand their customers. MasterCard said the new tool provides broader and deeper views into portfolio performance, allowing issuers to investigate high-level summaries or drill down to custom-defined card sets and to filter by parameters such as cross border, point of interaction, and account ranges.
For info: www.mastercardadvisors.com
Text Message Alerts Added
DES MOINES, Iowa-TMG (The Members Group) has added Short Message Service (SMS) text message alerts to its ATIRAreload card product, a reloadable prepaid card offering available to TMG's clients. Cardholders can elect to receive a SMS text message alert based on specific event triggers, such as low balance, value load and purchase transactions. They also can send a text message requesting information, such as account balance.
Separately, Coopera Consulting and TMG , both affiliates of the Iowa Credit Union League, have partnered to provide Des Moines-based Affinity Credit Union prepaid reloadable cards to serve the Hispanic market in a pilot program.
Affinity was awarded nearly $40,000 through an Innovation Grant from the National CU Foundation to launch the program with the assistance of Coopera and TMG. Research determined repackaging a reloadable card program specifically for Hispanics would be a financial solution well suited for this market.
For info: www.CooperaConsulting.com or www.TheMembersGroup.com
