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Products

Companies partner on bill pay card for unbanked

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SANTA CLARA, Calif. and AUSTIN, Texas (6/4/09)--Credit unions might be interested to know that Billeo and NetSpend have partnered to offer an online service that aims to help the unbanked pay their bills online. Billeo Inc. provides services for consumers to make online purchases and bill payments. NetSpend Corp. provides prepaid debit cards. With the NetSpend card, consumers can access a menu of more than 9,200 company websites where they can search for billers and instantly pay bills. Cardholders also can download a bill management toolbar to help them save their card information in a secure eWallet, save website passwords and fill out forms. Millions of Americans do not have traditional savings or checking accounts and use check-cashing services to pay their bills in person, according to the companies. “This service is designed to give these consumers more control over their money,” said Murali Subbarao, Billeo founder and CEO.

ITCUA selects FSCC for correspondent CU program

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SAN DIMAS, Calif. (6/4/09)--Financial Service Centers Cooperative Inc. (FSCC) announced that Information Technologies Credit Union Association (ITCUA) has selected FSCC to provide settlement support for credit unions that participate in its Correspondent Credit Union Program (CCUP). With the dissolution of ITCUA, its remote cash access program for credit unions will now be settled through FSCC’s CIMple Settlement product. ITCUA has provided credit unions with access to CCUP for years, but has to scale back due to the sluggish economy. The CCUP program will remain largely unchanged, but CIMple Settlement will be implemented to settle transactions generated through CCUP and to automate the process, eliminating back-office workload. “These difficult economic times require even greater cooperation among credit unions and the organizations that serve them,” said Sarah Canepa Bang, FSCC president/CEO. FSCC plans to design a website to provide information about CCUP and CIMple Settlement. The site will provide lists of 350 access points through CCUP, a list of transactions that may be performed and instructions on use. FSCC also intends to provide expanded disaster recovery and business continuity planning services to CCUP credit unions. FSCC is a credit union Shared Branching Network that provides 5,800 deposit-taking locations in the U.S. and overseas.