1st Digital Image Check Truncation Program Set
PLANO, Texas-EDS reported it would join with the San Francisco-based Western Payments Alliance (WesPay) to launch the first digital image check truncation service.
The move is being made, the company said, as part of the financial services industry's drive towards more secure, technology-based check processing. The new service, designed and developed by Zions Bancorporation and licensed by EDS, moves digital images, rather than paper.
"The service allows financial institutions to save time, lower expenses, reduce fraud and eliminate delays arising from any disruption to the nation's transportation system," EDS said. Among WesPay member institutions is Western Corporate FCU (WesCorp), San Dimas, Calif., in addition to Union Bank of California. Zions Bank, First Hawaiian Bank, Nevada State Bank, California Bank & Trust, and California Federal Bank.
The new service helps financial institutions convert paper checks into digital images for processing by passing the digital image to a "substitute check" to the receiving financial institution. WesPay said the drawbacks of conventional transportation came sharply into focus in the wake of the Sept. 11th tragedy, when federal authorities shut down the nation's air transportation system.
WesPay, which has more than 1,100 members in the western U.S. and Pacific region, handled 1.8 billion checks last year in the western states. It can take up to three days to collect and transport checks at institutions in outlying parts of WesPay's large geographic service area.
To promote widespread adoption of digital image check truncation, the Federal Reserve has proposed legislation known as the Check Truncation Act to remove existing legal barriers to check truncation. The legislation would effectively allow the truncation of any check to a legal paper check by using digital imaging. Today, digital image check truncation can occur only when the owner of the check authorizes it. The Check Truncation Act would eliminate this authorization requirement and broaden the potential use of digital image checks in settlement processing.
For info: visit www.wespay.org or www.eds.com.
Three More Choose Harland
ATLANTA-Harland Financial Solutions reported that Northern Arapahoe Tribal Credit Union, Ft. Washakie, Wyo., Postal Credit Union, Beloit, Wis., and Loza Landing Credit Union, College Park, Ga. have selected the CuServ in- house data processing system to provide operational efficiencies and better service to its members. The company said more than 275 credit unions are now using the CUServ system. For info: www.harland.net.
Services Aimed At Fighting Fraud
SKOKIE, Ill.- Thomson Financial Publishing (TFP) has launched new versions of two websites, www.FraudBAN.com and www.tfp.com, aimed at helping financial institutions reduce fraud. TFP is publisher of The Credit Union Journal. Thomson Financial described FraudBAN.com as a"nationwide information clearinghouse that facilitates real-time data sharing among banks, thrifts and credit unions to thwart check fraud and other white collar crimes. Perpetrators of fraud frequently use similar phony identification and account information at multiple institutions. Through FraudBAN.com, fraud cases are aggregated, compared and used to assist law enforcement with the prosecution of criminals resulting in the reduction of future fraud-related losses."
New features to the site include: partnership links, free registration to receive e-mail updates on FraudBAN.com, and up-to-date headline briefings from Pratt's Letter Online.
The TFP corporate website has been enhanced to include features such as weekly mergers & acquisitions Activity, OFAC Corner with information, guidelines and links to comply with government regulations such as FinCEN's Suspicious Activity Report (SAR) Software, and Track the Terrorists with latest updates and information related to terrorist financing.
Dynatek Integrates GeoCoder
LIVONIA, Mich.-Dynatek, a provider of mortgage lending software solutions, said it has formed a strategic business partnership with Laguna Hills, Calif.-based QuestSoft, a mortgage software development firm. Under the terms of this agreement, Dynatek will integrate QuestSoft's Instant Geocoder(tm) program into its flagship loan origination software (LOS) solution, MORvision(tm). Instant Geocoder is a compliance-quality engine that enables lenders to "geocode" (obtain census tracts on properties) without retyping addresses or requiring the aid of the Federal Reserve's website. Installed on a lender's desktop or server, Instant Geocoder works in conjunction with MORvision with just a few mouse clicks, the company said. For info: www.dynatek.com.
ATManager Is Released
DALLAS-Morphis, Inc. said it has released ATManager, an ATM and Cash management business software system for automated teller machine networks and financial institutions. ATManager allows credit unions "in the ATM business and financial institutions to more effectively manage their ATM network," the company said.
According to the company, ATManager's key features include: managing vendor information and lease agreements, keeping ATM machine inventories, importing and manipulating transaction information, performing vault cash management, site management and preparing income/expense statements. The software is implemented to provide users "total control" of ATM/cash management business operation, resulting in significant annual savings and overall increased efficiency.
Bator Training Overhauls Website
NAPERVILLE, Ill.-Bator Training and Consulting, Inc. (BTC) has launched a new website at www.btcinc.net. Information concerning the firm such as services, training programs, and testimonials can be found on the site. The site also offers daily news updates and links to strategic business partners in the areas of advertising, information systems, accounting, and more. "I feel that the site is a clear reflection of the BTC brand," said BTC President Ken Bator.
CU Ads Available Online
MADISON, Wis.-An advertising and marketing agency here is rolling out a new service to provide multi-media advertising to credit unions. cuAds.com is an Internet-based marketing approach that delivers customized campaigns within seven working days for a credit union to use exclusively in its market, according to Zillman Advertising & Marketing, which is behind the new service. "Credit unions offer great rates and member-friendly service but don't always have the resources for unique marketing programs," said Richard Zillman, cuAds.com creative director. The company said it is offering several campaigns that credit unions can have customized for exclusive use. Each campaign includes coordinated print and radio components. Print materials include lobby posters, statement stuffers, direct mailers, newspaper ads and newsletter icons. The radio commercials are formatted for use in both 30-second and 60- second time slots. Credit unions can choose to use the entire campaign or the print-only elements.
For info: www.cuAds.com, or (608) 255-0655.
IPS-Sendero, IBS In Alliance
ATLANTA-IPS-Sendero and Intelligent Banking Solutions (IBS) reported they have formed a strategic alliance in which IPS-Sendero, which sells financial accounting solutions, will market the IBS Asset Recovery manager and Collections Management System. For more info: www.fiserv.com.
Liberty FiTECH Adds 5 Clients
ATLANTA, Ga.-Liberty FiTECH Systems announced a series of new customer agreements for core processing with credit unions. Among those partnering with Liberty FiTECH: Rich's Employees CU, Atlanta; Tonawanda Valley FCU, Batavia, N.Y.; United Financial CU, Whittier, Calif.; Spirit of St. Louis CU, Kirkwood, Mo., and Northeast Arkansas FCU, Blytheville. The five represent approximately 144,500 members.
Mortgage Builder Adds E-Mail
SOUTHFIELD, Mich.-Mortgage Builder Software, Inc. (MBSI) announced the availability of its e-mail module, which allows credit unions to send information instantaneously including electronic reports, loan applications to borrowers and closing packages to title companies. "Last month we closed 130 loans. If we had mailed these documents out to our title companies, it would have cost us $15 per loan," said Jenny Carey, closing manager at MBS Mortgage Company. "By using MBSI's e-mail module, we were able to save more than $1,950 on shipping fees alone per month; that is a significant savings for our company." For info: www.mortgagebuilder.com
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