Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

Products Archive

Products

Products and Services briefs (09/23/2008)

 Permanent link
* WESTBROOK, Maine (9/24/08)--Educational materials warning young credit union members about identity theft are available to Maine credit unions, Synergent announced. The pieces were originally created for Central Maine CU, Lewiston, by Synergent’s graphic design team. The $75 million-asset Central Maine distributed the materials to its 8,600 members to warn them about fraud, phishing and scams. “Members are thankful for the information provided to them with this insert because they were not aware of the dangers of child identity theft,” said Denise Oullette, vice president of marketing at Central Maine. Synergent provides technology services, card services, print and creative services, and check processing and support services to Maine credit unions ... * SAN DIEGO (9/24/08)--Mid-America Credit Union Association has endorsed Compliance Coach’s Regulatory University and CompliancePal software. “Both products specialize in mitigating compliance risk within the credit union community,” said Travis Kasten, Mid-America vice president. Regulatory University offers web-based courses to credit union professionals. CompliancePal offers a five-step system to enable compliance with the Fair and Accurate Credit Transactions Act Identity Theft Red Flags rule ...

Visa announces issuance of unembossed cards

 Permanent link
SAN FRANCISCO (9/24/08)--Visa says it will begin issuing unembossed cards for Visa consumer debit, business debit and consumer credit cards. Unembossed cards have printed personalized information, such as account number and cardholder name. They are accepted by most Visa merchants and can be used for online, mail and phone purchases (BusinessWire Sept. 23). The $552 million asset United Heritage CU, Austin, Texas, helped test the new cards. “Being able to instantly provide members with Visa cards has helped us drive activation, usage and loyalty while reducing costs,” said Michael Ver Schuur, United Heritage executive vice president. Traditional embossed cards require lengthier production times. They must be created off-site and are shipped to cardholders after enrollment. Visa has permitted unembossed prepaid cards since 2005.

FIMAC Mid-Atlantic to offer risk management solutions

 Permanent link
DENVER (9/24/08)--FIMAC Solutions, a developer of risk management and profitability software for credit unions, announced an agreement to allow Mid-Atlantic Corporate FCU to offer FIMA’s Risk Analytics Model (ALM) and Balance Sheet Manager software to its member credit unions. The ALM Model is an income simulation and net-present-value asset and liability management model. Balance Sheet Manager’s “what if” simulations provide credit unions with a measurement of the impact management decisions will have on the balance sheet and income statement. Mid-Atlantic Corporate will combine the output of the reports with consulting services and other value-added analysis. Mid-Atlantic Corporate FCU is based in Middletown, Pa.

CSCU returns 100 Visa IPO proceeds to CUs

 Permanent link
CLEARWATER, Fla. (9/24/08)--Card Services for Credit Unions (CSCU) announced that it will distribute a special mid-year Visa initial public offering (IPO) patronage dividend worth $28.9 million--100% of what CSCU received from Visa. The distribution will be made this month. CSCU will base its distributions on volume from the inception of CSCU in 1989 through December 2005. About 2,600 credit unions will be included in the distribution--an average of $11,100 per credit union. “We also are exploring options to allow member credit unions to invest their Visa IPO windfall back into the product that generated the proceeds in the first place--their card portfolio,” said Robert Hackney, CSCU president. “Some credit unions might consider converting primarily classic card portfolios to platinum, since they generate 80% more revenue per account.”