House Unanimously Passes Truncation Act
WASHINGTON-The House unanimously approved the Check Truncation Act which will let credit unions and banks process all checks electronically. Credit union members who want to receive paper checks will still be able to request a substitute check, or paper receipt of the transaction under the bill. The bill is also expected to pass the Senate.
Georgia Central CU Selects Open Solutions
ATLANTA-The $1.6-billion Georgia Central CU said it signed with Open Solutions Inc., to implement the company's The Complete Credit Union Solution data processing system for all of its transactions and integration processes.
Postal CU Chooses Indirect Lending System
AUSTIN, Texas-Teres Solutions said Postal Credit Union, North St. Paul, Minn. will install its Software Application for Indirect Lending (SAIL) product in August. The $35-million CU produced $70 million in indirect loans in 2002. For info: www.teressolutions.com or 512-218-4200
Digital Insight Provides Live Chat Service
CALABASAS, Calif.-Digital Insight Corp. sad it has signed with LivePerson, Inc., of New York to provide the company's real-time customer service capabilities to its 1,600 credit union and bank customers.
Under the deal, DI can make LivePerson's self-service and live chat solution, Secure Chat and Secure Support, available to customers. LivePerson Sales Edition and LivePerson Service Edition are Application Service Provider solutions that eliminate the significant infrastructure investment typically associated with one-to-one customer facing solutions.
Portfolio Decisions Automated
BROOKFIELD, Wis.-Fiserv said it has signed with Monetrics Inc. of Beverly, Mass., to develop a joint interface to tie Monetrics' decision engine to the auto portfolio management software offered by Fiserv's LeMans unit. The combination will enhance LeMans' existing credit scoring capabilities to provide an integrated, comprehensive analysis of a borrower's total default risk.
The deal will allow LeMans' clients to evaluate and analyze multiple risk factors consistently in every loan application decision.
Verity CU Contracts With OSI
SEATTLE-Verity CU said it has signed with Open Solutions Inc. to implement the company's Internet banking and cash management solution, e-Commerce Banker. OSI's e-Commerce Banker is a secure and scalable Internet banking solution that provides credit unions' members with convenient access to their account information and transaction initiation around the clock.
Business banking customers can use the cash management functions to originate ACH transactions, initiate wire transfers, or manage pay files from any computer with Internet access.
Diebold To Acquire QSI Security
NORTH CANTON, Ohio-ATM maker Diebold Inc. has agreed to acquire QSI Security Inc., a Londonderry, N.H., provider of electronic security systems for financial institutions. QSI is a specialty integrator and installer of closed-circuit TV cameras, digital video and access control systems for financial service providers.
U.S Central To e-Pay System
LANEXA, Kan.-U.S. Central CU said it is moving about 53,000 active, existing electronic bill payment users from more than 50 of its Corporate Network eCom's clients to the Online Resources platform. U.S. Central's Corporate Network eCom CUSO provides e-commerce services representing more than two million member end- users. Full conversion to the Online Resources system is expected in mid-June.
APPRO Forms Lending Interface
RANCHO CUCAMONGA, Calif.- APPRO Systems, Inc., said it has interfaced its consumer loan automation system, LoanCenter for Consumers, with CU Direct Corp. lending program. This will allow credit union members to receive their credit union financing through an automated loan decision process at participating auto dealers. The interface is currently in use at Boeing Employees CU, Tukwila, Wash., and Northeast CU, Portsmouth, N.H.
BANKLINK Intro's EPB System
BROOKFIELD, Wis.-Fiserv said its BANKLINK unit has introduced an electronic bill payment system geared towards business customers for credit unions and other financial institutions. The system, known as bizLINK Bill Pay, is an integrated product that offers customers a tailor-made bill payment solution, which includes features to simplify the accounts payable process. The system, aimed at small businesses, quickly and conveniently pays any vendor.
Meadows CU Selects CashEdge
CHICAGO-Meadows CU signed with CashEdge to implement the company's Online Money Movement and Advanced Account Aggregation platform which will allow members to conduct inter-institution funds transfers, person-to-person payments, and online account opening.
The system will allow Meadows CU's 20,000 members in 49 states to transfer funds between any two accounts at 23,000 financial institutions and to send money to friends, family and businesses. Members will also be able to create new accounts over the Internet.
Payroll Debit Card Usable
HOUSTON-Financial Stored Value Payment Systems Ltd. has signed with ATM National to provide access to the company's payroll debit card to the company's new Allpoint national ATM network.
The payroll debit card is aimed towards workers collecting a regular paycheck who do not have a traditional bank or credit union account, the so- called unbanked, allowing them to tap into their wages with the card. The deal gives users of the payroll card to 23,000 surcharge-free ATMs operated by Allpoint. Fiserv will market the program to its credit union and bank customers.
AFCU Signs For ATM Driving
OGDEN, Utah-America First CU said it has contracted with S2 Systems, Inc., of Dallas, to implement the company's OpeN-2 system to drive its ATM network. Officials with the $2.6-billion credit union said they chose OpeN-2 with Linux on IBM zSeries because of its open systems technology because all other solutions vendors in the same class are either platform-dependent or not ready for major implementation.
Bethpage FCU Signs With OSI
BETHPAGE, N.Y.-Bethpage FCU said it has signed with Open Solutions Inc., to implement the company's The Complete Credit Union Solution core data processing system for retail transactions, consumer loan servicing and integration. The conversion of the $1.5-billion credit union is scheduled for completion by November.
The CU plans to use the technology to enhance its capabilities to offer on- line signature and picture verification of members, extended deposit and lending, integrated optical storage for reports and forms, and customization of products.
Eastern Financial Selects Aurum
PLANO, Texas-Aurum Technology announced that Eastern Financial Florida Credit Union has signed a multi-year agreement to expand its long-term outsourcing relationship with Aurum to include the company's ATM and debit card solutions.
With added capabilities including fraud protection and call center support, Aurum's ATM and Debit Card Solutions will help the $1.6-billion credit union deliver a higher level of service to its more than 176,000 members, the firm said.
For info: www.aurumtechnology.com.
Fiserv, Fair, Isaac In Agreement
LAKE MARY, Fla.-Fiserv Lending Solutions, a business unit of financial software leader Fiserv, Inc., has announced that it has partnered with Fair Isaac Corporation to add new functionality to its easyLENDER(r) Consumer- Commercial loan-origination software solution.
Under the terms of the agreement, Fiserv has integrated the automated credit-decisioning capabilities of Fair Isaac's innovative LiquidCredit(c) decision engine service into the consumer-lending module of easyLENDER Consumer- Commercial.
For info: www.fairisaac.com or www.fiservlendingsolutions.com.
AFTECH Adds Loan Software
MALVERN, Pa.-AFTECH has added IQ Financial Systems' LA PRO commercial lending software to its portfolio of credit union products. LA PRO automates the commercial lending process after origination, including distribution, portfolio management, loan servicing, management and control, and accounting ew York City- based IQ Financial is also the provider of LOAN IQ, RISK IQ, lending solutions.
SCC Signs Automation Pact
RANCHO CUCOMONGA, Calif.-Service Centers Corp. has signed with PRODUCT4 to provide automation technology to its 51 shared service branches. The PRODUCT4 teller system will be installed in more than 300 workstations throughout the SCC network over the next eight months. The system includes capabilities for handling financial and non-financial transactions, bond redemptions, check and money orders, sales and customer referrals, reporting and anti-fraud features. SCC is a subsidiary of The CO-OP Network.
Diebold Installs Remote Teller
NORTH CANTON, Ohio-Diebold Inc. said it completed installation of its first RemoteTeller RT-SS self-service system at Diebold Employees CU here. The new system, an upgrade of Diebold's eight-year-old RemoteTeller, gives consumers the option to select one of several transaction delivery channels, either teller- assisted or self-service, from a single lobby station.
When selecting a self-service transaction, all of the features of a full- function ATM are available. However, should assistance be required at any time, the credit union members can summon the RT-SS teller, who can assist with transactions via the same two-way audio-video connection and pneumatic tube carrier used by the RemoteTeller System.
OSUFCU Signs For ACH System
Corvallis, Ore.-OSU FCU said it has contracted with Goldleaf Technologies Inc., to provide it with its web based ACH transaction management system. The system will enable the $300 million credit union to expand its relationship with business clients by offering them the ability to do payroll ACH and other services. Goldleaf provides ACH solutions to more than 100 credit unions.