Fed: Cash Still King In Payments

Smart Financial Goes MobileHOUSTON-Smart Financial Credit Union has launched mobile banking services for its 78,000 members. Since rollout at the beginning of May, Smart Financial said it has seen more than 3,100 members sign up to use mobile banking in the first month. Approximately 44% of those have been categorized as 'Power Users'-using the service more than 10 times a month.Mobile Pay On The RiseHAMPSHIRE, U.K.-A new report by Juniper Research forecasts that the number of mobile phone users making payments for digital goods will reach 2.5 billion worldwide by 2015, up from 1.8-billion forecast for 2011. That represents a growth of 40%.Mobile tickets for transport and entertainment were found to be two of the key sectors influencing growth although new service and application adoption will also be very important, Juniper Research said.Much of the growth forecast in the Mobile Payments for Digital & Physical Goods report will come outside the U.S.WCU Adds Android AppFITCHBURG, Mass.-Following the successful launch of its iPhone app last year, Workers' Credit Union reported it has added an Android app that also allows members to do business via their smart phones. "The iPhone app has been a big success, and we anticipate the Android will be even more popular," said WCU CEO Doug Petersen.Members without an iPhone or Android device but who do have a web-enabled media device, such as a cell phone or PDA, can also access their accounts through a special website, mobile.wcu.com. TX CUL Launches Facebook PageFARMERS BRANCH, Texas-With funding from a grant from the Texas Credit Union Foundation (TCUF), the Texas CU League plans to create an interactive Facebook game that will seek to educate consumers about personal finance. The league has partnered with AES Connect, a San Francisco-based company that specializes in Facebook applications, to create the game. According to the league, the game will feature multiple levels of play on topics such as budgeting, savings and investing. When players have mastered one level, they will not move on to the next level until reading a pop-up factoid about credit unions.FFIEC Urges Greater SecurityWASHINGTON-The Federal Financial Institutions Examination Council (FFIEC) is urging financial institutions to update certain practices related to online security, stressing that criminals continue to evolve and improve their own efforts. The FFIEC is particularly concerned with insufficient log-in procedures.For more info: www.ffiec.gov.

LAS VEGAS-Nevada FCU discovered days before VISA and its card processor that about 800 members were vulnerable to fraud after shopping at Michaels Stores this spring.

DALLAS-Advancial Credit Union employees have every reason to feel isolated from one another. The workforce of 150 is spread across four states, from here to Alaska.

ATLANTA-Delta Community Credit Union here has cut in half its consumer loan delinquencies since October, 2010, when collectors began using a debt-recovery solution that places the most collectible accounts at the top of their queue.

CU Taps Connect Financial

SDCCU Goes With ZashPaySAN DIEGO-San Diego County Credit Union is now offering same day payments capability via mobile devices following an agreement with ZashPay, which will allow members to set up recurring payments or to schedule payments as needed. The solution is part of Fiserv's CheckFree RXP platform.mFoundry Surpasses 400 ClientsSAN FRANCISCO-mFoundry, a provider of SaaS-based mobile banking and payment solutions, reported that more than 400 U.S. financial institutions have now selected mBanking, its flagship mobile banking and payments solution.For info: www.mfoundry.com.Ensenta, Mitek Team UpREDWOOD SHORES, Calif.-Ensenta, a provider of self-service remote deposit capture and risk management, said it has joined forces with Mitek Systems, Inc., a provider of mobile-imaging applications, to provide a wide-ranging mobile remote deposit solution.For info: www.ensenta.com or www.miteksystems.com.CoreLogic Intro's VOMSSANTA ANA, Calif.-CoreLogic. a provider of information, analytics and business services, has introduced Verification of Military Status (VOMS), a compliance and loan portfolio due-diligence solution as part of its Verification Services suite for verifying borrower data. VOMS allows mortgage servicers to quickly and accurately identify borrowers protected under the Service-members Civil Relief Act of 2003, the company said.For info: www.corelogic.com/voms.Granite Goes With FLEXSANDY, Utah-Computer Marketing Corp. reported its latest client, the $330-million Granite Credit Union in Utah, has gone live on its FLEX solution. This signing follows nearly 20 new client agreements throughout the nation over the past year, the company said of the system that is engineered in JAVA and serves the core processing needs of both on-line and in-house CUs. CMC now serves nearly 275 clients.Jwaala Signs KEMBAAUSTIN, Texas-Jwaala, an online banking provider, said that the $600-million KEMBA Financial CU, Columbus, Ohio, has gone live with its Better Online Banking (BOB) platform. For info: www.jwaala.comEllie Mae Slates ReleasesPLEASANTON, Calif-Ellie Mae, a provider of software and automation solutions, has announced the first of two annual releases scheduled for Encompass360. This release includes compliance upgrades, increased eFolder capabilities, new tools to help maximize trade management, multiple persona pipeline views, new zip code database configurations and other tools designed to help users better fulfill their daily operations. For info: www.elliemae.com.

DANVILLE, Penn.-Service 1st FCU here is selling 45% more in loan and deposit accounts over 2010 because of software that tracks sales in real-time.

NEWARK, Del.-Few would deny that the credit union movement has struggled to truly harness the power of social media, but Candace Vogelsong hopes to change that.

SEATTLE — Saving money? Yeah, there's an app for that — or at least there's a blueprint for one.

TEXAS CITY, Texas-Internet malware can't touch AMOCO FCU here, thanks in part to real-time virus detection that responds to new threats in seconds.

BREA, Calif.-Americans still are waiting for a practical way to use mobile devices to pay for things, mainly because of the tangle of technology and stakeholders.

SAN FRANCISCO-The fixed compensation model for servicing loans is "broken" in today's economic landscape, because it requires delinquencies to be stable in the 5% to 10% range.

In Wisconsin, as well as many other states, CU leaders appear to be well versed at playing defense but rarely take the offense...against banks or anyone else.

Few have found much in the way of good news in the economic downturn, the Kansas-flat lending numbers, or especially the penalty-even-if-you-never-committed-a-foul assessments. But one group has: those selling a Promised Land just over the charter horizon.

I believe many credit unions will find they have more to lose — and little to gain — if they walk away from a corporate that has served them well for many years.

Although I had already read online reporter Ray Birch's extensive article entitled, "One Failure, 1,000 Questions," about the St. Paul Croatian Federal Credit Union mess, it wasn't until my hard copy of the June 27th Credit Union Journal arrived via snail mail that I fully appreciated this extraordinary investigative journalism.

ATLANTA – CRIF Lending Solutions announced this morning it has integrated its popular indirect lending software with Integrated Media Management’s TotaleAtlas, creating a paperless loan origination and document signing process using custom, generic or compliant documents from any provider.

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