CUs Offered Their Own P2P Payments Solution
PASADENA, Calif.-Wescom Central CU said its Wescom Resources Group has signed with PayPal to offer Person-2-Person payment services to credit unions.
The offering comes as banking giants Bank of America, Wells Fargo and JP Morgan Chase unveiled their own proprietary P2P system allowing consumers to use smart phones or email to conduct their own money transfers, called clearXchange.
Wescom Resources has integrated the PayPal Send Money for Financial Institutions service into its MemberEdge Mobile Banking solution, which is available to credit unions nationwide.
With PayPal Send Money integrated into MemberEdge Mobile, end users can pay anyone, anywhere, with an email address or mobile number directly from their mobile banking application.
SECU Bars Garnishment As A Tool For Collections
RALEIGH, N.C.-State Employees' CU announced last week it is eliminating the common practice of garnishing wages to collect on delinquent loans, one of the first CUs in the nation to adopt the policy.
"In this economic environment, with the increased financial stress on members from layoffs, furloughs, and cutbacks, wage garnishment can further heighten the family crises that are now occurring to many fine, dependable SECU members," said Phil Greer, vice president of loan administration for the $22 billion credit union.
Wage garnishment, Greer said, is also highly disruptive to the employer/employee relationship for members who are continuing to work, creating additional stresses.
North Carolina is one of just four states that only allow wage garnishment in cases related to overdue taxes, child support, federally guaranteed student loans, and court-ordered fines or restitution, but the nation's second largest CU has members in all 50 states, and wage garnishment is legal in the bordering states of Georgia, Virginia, and Tennessee.
VSoft Integrates RDC With Mitek's Mobile Imaging
DULUTH, Ga.-VSoft, the provider of the popular remote deposit capture technology, announced it is partnering with Mitek Systems to provide Mitek's patented Mobile Deposit to financial institutions leveraging VSoft's Agile Mobile Capture solution.
The partnership will improve consumers' ability to deposit checks using smart phone and tablet cameras, the companies said.
Mitek said its advanced image analytics and mobile image-quality assessment tests provide real-time feedback to mobile users, ensuring quality images and high rates of completion for VSoft's financial institution clients.
SE Corp Capital Plan Is OK'd
TALLAHASSEE, Fla.-Southeast Corporate FCU said its recapitalization plan has been cleared by NCUA and it has begun soliciting members for $80 million in perpetual contributed capital.
The $4 billion corporate is the latest of half-dozen large corporates to embark on recapitalizations, including WesCorp FCU (now known as United Resources FCU), Members United Corporate FCU (now Alloya Corporate FCU), Southwest Corporate FCU (to be known as Catalyst Corporate FCU after a merger with Georgia Corporate FCU), among others.
Southeast serves 400 credit unions.
