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Fynanz hits 180-client milestone

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NEW YORK (3/21/12--Fynanz Inc., a financial technology provider of student loan marketing, education, origination and repayment solutions for credit unions and other lenders, has passed the 180 lending partners milestone.

Fynanz, a CUNA Strategic Services alliance provider, said  five credit unions have become Fynanz private student lending services  clients.  They are:

  • Linn Area CU, $285 million assets, Cedar Rapids, Iowa;
  • City County CU, $300 million assets, Fort Lauderdale, Fla.;
  • Hanscom FCU, $900 million assets, Hanscom Air Force Base, Mass.;
  • Cornerstone Community FCU, $300 million assets, Lockport, N.Y.; and
  • Sooper CU, $250 million assets, Denver.
Linn Area CU, Hanscom FCU and Cornerstone Community FCU are the most recent clients to build customized programs on the Fynanz platform, with its solutions tailored to the product and credit requirements of each credit union and its members.

City County CU and Sooper CU joined  the cuStudentLoans program, which is managed by Student Lending LLC, a credit union service organization that designed the program using common underwriting and pricing. The solution also includes loan participation to mitigate risk.

MoneyGram Fiserv expand P2P payment capabilities

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DALLAS (3/21/12)--MoneyGram International, a global money transfer company, and Fiserv Inc., a global provider of financial services technology solutions, announced an agreement Monday to expand person-to-person (P2P) capabilities.

Money Gram is a CUNA Strategic Services provider. The agreement will add MoneyGram's money transfer services to the menu of money movement options available to financial institutions and consumers through Popmoney from Fiserv's P2P payments product (BusinessWire March 19).

Upon integration, the 1,400 financial institutions in the Popmoney network can offer member/customers the ability to send money through MoneyGram's network, which spans more than 267,000 locations in 192 countries and territories. Consumers receiving funds through Popmoney also can opt to receive cash payments in person at any MoneyGram agent location.

"This relationship provides MoneyGram with access to a wide number of financial institutions that have existing relationships with Fiserv, expanding our reach in an easily scalable way," said Tim Summers, MoneyGram global head of strategic partnerships.

"With Popmoney, financial institutions can provide their customers with a faster, easier and more secure way to send and receive money from their bank or credit union accounts," said Neil Platt, senior vice president and general manager of payments, CashEdge Division, Fiserv. "Working with MoneyGram will allow Fiserv to enhance the Popmoney service with cross-border and cash payment options, and expand consumer choices for managing their money."

Popmoney allows bank customers and credit union members to request, send and receive electronic payments using their existing financial institution account. Consumers only need the recipient's e-mail address, mobile phone number or bank account information to send money.

CUNA Mutual enhances cybersecurity insurance

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MADISON, Wis. (3/21/12)--CUNA Mutual Group has enhanced its Cyber & Security Incident (CSI) insurance package by adding a new online resource. It provides policyholders with front-end education and awareness of cyber liability and data breach risks, and access to a "Breach Coach" and other remediation tools should a breach occur.

CyberRisk Hub will go live April 2, but credit unions got a sneak peek at it this week during the Credit Union National Association (CUNA) Governmental Affairs Conference in Washington, D.C.

The website is available at no additional cost and offers policyholders resources to identify, measure and manage cyber liability and data breach exposures, said Brad Mundine, CUNA Mutual senior manager of risk management.

"CyberRisk Hub offers the latest cyber-related news, articles, best practices, white papers, blogs, and various risk management and compliance tools," he said.

It also offers loss mitigation information in the event of a data breach, and a Breach Coach and Incident Roadmap.

The Breach Coach feature will provide users with information needed to notify CUNA Mutual of a potential data breach, along with contact information at Kroll Fraud Solutions to help assess the breach.

The Incident Roadmap provides a high-level overview of services offered in Kroll's Professional Service Agreement, which is made available to all CSI policyholders.

Credit unions can access CyberRisk Hub from CUNA Mutual Group's online Protection Resource Center, with no additional login required.

The CSI Package, introduced in October 2010, pairs a broad insurance policy with two levels of critical data breach services to protect credit unions and their members in an internal data breach that compromises sensitive member data. CSI now protects roughly 300 credit unions, CUNA Mutual said.

"The evolution of the cyber world and virtual servicing are creating an emerging set of new risk exposures that can damage a credit union's reputation, shake members' trust, and cost tens of thousands of dollars to repair," Mundine said.

CyberRisk Hub adds online tools and resources to help credit unions develop a proactive approach to managing and responding to cyber risk.