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CUSO Financial Services adds three investment products

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SAN DIEGO (1/17/08)--CUSO Financial Services has added three new fee-based accounts to a line of products available for its credit union member clients. The additions are part of the CUSO Asset Management (CAM) suite, and include Exchange Traded Funds, Index Plus and Unified Management Account. All products are available to credit union clients and their advisory representatives. CUSO also announced that it has expanded its advisory services staff and reported a 50% increase in fee-based assets for 2007. Fee-based asset management provides investors with alternatives to commission-based relationships with investment advisors. In fee-based relationships, investors pay annual fees based on a percentage of assets managed. Fee-based accounts are used by investors seeking access to portfolios across a broad selection of asset classes and professional money managers, according to CUSO. CUSO provides services to more than 110 credit unions nationwide.

Check image volume up 37 for SVPCO

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NEW YORK (1/17/08)--SVPCO, a paper and electronic check exchange business of The Clearing House Payments Company LLC, reported that a record 2.8 billion images, totaling more than $5 trillion, moved through the SVPCO Image Payments Network in 2007. The growth was largely due to seven new network participants, including Members United Corporate FCU in Warrenville, Ill., said Susan Long, Clearing House senior vice president (dBusiness News Jan. 15). The number of image items increased 376% from a year ago, and total dollar volume increased 167%. The number of processing dates was identical--251--in 2006 and 2007, according to SVPCO. In December, SVPCO reported a 179.3% increase in monthly items compared with the year before, and a 102.8% increase in monthly dollar value, compared with December 2006.

Kentucky Corporate Mid-Atlantic partner on e-bills

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LOUISVILLE, Ky. (1/17/08)--Kentucky Corporate FCU, Louisville, announced it has partnered with MY CU Services LLC, a wholly-owned subsidiary of Mid-Atlantic Corporate, to offer electronic bill payment to Kentucky Corporate’s member credit unions. The corporate will market the service to its member credit unions in Kentucky and in other states. Credit unions signing up for the service will use MY CU Services for back-end processing and remittance of payments. MY CU Services provides electronic bill payment services to 700 credit unions in 49 states. Kentucky Corporate serves credit unions in Kentucky, Arkansas, Illinois, Indiana, Mississippi, Missouri, Ohio, Pennsylvania, Tennessee and West Virginia.