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New service connects loan buyers sellers online

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CHATSWORTH, Calif. (1/18/11)--Credit union-owned and operated Business Partners LLC (BPLLC), a provider of member business lending services for financial institutions nationwide, has launched BP Connect, an online marketplace that connects financial institutions looking to purchase loans with those who sell loans. BPLLC's loan participation platform enables buyers and sellers to interact directly in an online marketplace. Sellers can post loans they have available for viewing by potential buyers, who can view loan bundles and receive daily alerts with newly posted loans. BPLLC's existing standards and platform also allow participating institutions to complete due diligence quickly and easily, said the credit union service organization. For financial institutions seeking to remix their balance sheets, BP Connect provides a way to purchase or sell residential real estate, auto loans, credit cards and other consumer loans. "With this new participation marketplace, it's easier than ever for financial institutions to manage liquidity, reduce their concentration risk, and diversify their portfolios," said Jean Faenza, president/CEO. "We've removed the middleman and created an environment where buyers and sellers can easily find each other and conduct business using our advanced loan participation platform and tools." The Chatsworth, Calif.-based BPLLC's member business lending services include origination, underwriting, documentation, servicing, and risk management and reporting. It has more than $1.5 billion in business loans under asset management.

Verafin passes 600th customer milestone

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ST. JOHN’S, Newfoundland (1/18/11)--Verafin, Inc., a Canadian provider of compliance, anti-money laundering (AML) and fraud detection software, has surpassed 600 customers in North America. Through 2010, Verafin, a CUNA Strategic Services provider, had more than 630 bank and credit union customers, marking the strongest quarter in the company’s history with a triple digit year-over-year customer growth. “When you consider that we signed our 500th customer in May 2010, this continuing growth proves that financial institutions see the value in bringing together fraud and AML [FRAML] processes,” said Jamie King, co-founder and CEO of Verafin. “As we rapidly deploy to more banks and credit unions, with a single fraud and AML solution that drives higher customer satisfaction and increased efficiency, the industry is recognizing how a combined solution lowers the risk of financial and reputational loss.”

CU 24 adds 28 CUs in 2010

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TALLAHASSEE, Fla. (1/18/11)--Twenty-eight credit unions joined ATM and point-of-sale network Credit Union 24 during 2010, representing nearly $1.2 billion in assets and 185,000 members. A total of 65 credit unions also renewed long-term contracts with the network during the year, representing more than $7.1 billion in assets and more than 955,000 members. The 65 renewing credit unions have relationships with Credit Union 24 that extend as far back as 1982 and route more than 17 million transactions annually through the Credit Union 24 network. Eight credit unions joined the credit union-owned network in the fourth quarter, representing $476 million in assets with more than 69,000 members. Also in the quarter, 26 credit unions renewed long-term contracts with Credit Union 24, representing more than $3.3 billion in assets with more than 390,000 members.