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Corelation expands in 5 years from friends, family feel

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SAN DIEGO (8/21/14)--Corelation is celebrating the fifth anniversary of its KeyStone core processing system--one that started out with a small meeting of its founders and now has 26 signed contracts.
 
"We've come a long way since our introductory 'Friends and Family' meeting five years ago," said Corelation President Theresa Benavidez, who co-founded the company with Chair John Landis and Chief Technology Officer Jeff Dent.
 
Thirteen credit unions currently are live on the KeyStone core platform, and Corelation's client credit unions range in asset size from $100 million to $3.8 billion.
 
"This team understands the credit union industry, and the pain points of being tied to a rigid, inflexible core system," said Ron Amstutz, executive vice president, $3.8 billion-asset Desert Schools FCU, Phoenix. "KeyStone was built with today's technology for easy integration and flexibility in an ever-changing market."

CSS' Silanis inks deal with Salesforce, Microsoft Dynamics

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NEW YORK (8/20/14)--Silanis announced Tuesday it has launched a new set of e-SignLive pre-integrated e-signature solutions developed for Salesforce and Microsoft Dynamics CRM (customer relationship management) software.

Integrating e-SignLive into these CRM systems allows business users to easily prepare, manage and send documents for an e-signature within their CRM environments, according to Silanis, a CUNA Strategic Services alliance provider.

The apps also enable sales and marketing teams to make business transactions faster while at the same time improve the customer experience.

"Organizations of all sizes are looking for competitive advantages in every aspect of their business," said Michael Laurie, Silanis vice president of product strategy and co-founder. "The contracting process is a great first interaction with e-signatures--it's where a business can see that e-signatures can help close the deal quickly while also creating a great customer experience."

Customers that use the new e-SignLive apps also will be able to:
  • Deliver and manage contracts and other documents in real-time;
     
  • Easily integrate e-signatures into their existing processes; and
     
  • Securely and legally sign and store documents.
Credit unions and other financial institutions that use e-SignLive for their customer-facing processes will have access to the same e-signature solution, but now with a tightly integrated CRM tool that can be used for signing non-disclosure agreements, statements of work, agreements and contracts, Silanis said.

Fiserv: Serve 4 mobile payment audiences

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BROOKFIELD, Wis. (8/19/14)--Credit unions and other financial institutions can dive into the mobile payments world right now by offering members the four most-frequently used mobile payment services, according to a white paper from Fiserv, a Wisconsin-based financial technology solutions firm.

By building a mobile-payments strategy that focuses on "The Four Pillars of Mobile Payments," the paper's namesake, financial institutions can position themselves to attract, retain and strengthen relationships with current and prospective members and consumers who already use the mobile channel, including Gen Yers, the paper argues.

The pillars, or popular services are:
  • Paying Self: Mobile deposit and funds transfer capabilities;
     
  • Paying Other People: Person-to-person payments to individuals and groups;
     
  • Paying Billers: Payments to a biller either through a financial institution or biller; and
     
  • Paying Merchants/Retailers: Purchases via mobile proximity payments, cloud or online with apps and mobile websites.
"Due to their trusted relationship with consumers, financial institutions have a distinct advantage over non-bank competitors as the mobile banking and mobile payments user experiences converge," said Ginger Schmeltzer, Fiserv senior vice president of emerging payments.

"Banks and credit unions that offer mobile deposits and transfers, and that facilitate mobile payments to billers and individuals, will position themselves successfully as the provider of choice for mobile retail payments," Schmeltzer added.

The paper also argues that credit unions and others should invest in the mobile payments industry now, so that it can capitalize on advancements in technology in the future, especially when point-of-sale mobile payments mature.

To download the paper, use the link.

CUNA HR/TD Council paper addresses staff turnover cost

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MADISON, Wis. (8/18/14)--While the turnover rate at credit unions is at historically low levels, replacing a staff member can cost anywhere from 25% to 200% of the employee's annual salary, according to a new white paper from the CUNA HR/TD Council.

According to the "CUNA Turnover and Staffing Report 2013-2014," which summarizes the results of an online survey conducted by the Credit Union National Association between January and April 2013, the overall turnover rate among credit unions with $1 million or more in assets is 12%.

That's not to suggest that turnover at all levels of the average credit union sits at just 12%. The above-mentioned CUNA report found that turnover among management-level credit union staff, for instance, sits at 6%, while turnover in the typical credit union's lending department, which includes loan officers, processors and interviewers, tends to be about 7%.

The difference is made up in the front-line and part-time ranks, which according to CUNA statistics put 2012 turnover among the former group of employees (covering tellers, member service representatives and cashiers) at 18% and the latter group at 20%.
Among the costs associated with turnover are:
  • Termination costs: The costs related to severance packages and administrative functions related to the termination;
  • Replacement costs: These costs are associated with advertising open positions, interviewing candidates, pre-employment administrative expenses, travel/moving costs and more;
  • Vacancy costs: Overtime expenses and temporary staffers are among the components that are included in this area;
  • Learning curve costs: Also known as the costs that go along with training new hires as well as their lack of productivity for the first six to 12 months; and
  • Intangible costs: These costs cover turnover's impact on staff morale, member service disruption, burnout and absenteeism among remaining employees, and the loss of institutional knowledge.
To download the white paper, use the link.

Iowa league urges participation in security summit

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DES MOINES, Iowa (8/15/14)--The Iowa Credit Union League (ICUL) is encouraging its member credit unions and their members to attend a free, two-hour session designed to educate consumers and businesses about adding layers of security to their everyday online activities.
 
"Two Steps Ahead: Protect Your Digital Life," which  is part of a campaign hosted by the National Cyber Security Alliance, will be held at 9 a.m. Sept. 4 at the Scheman Building on Iowa State University's campus in Ames, Iowa.
 
"Credit unions are not immune to the cybersecurity threat," said Patrick Jury, ICUL president/CEO. "In fact, half of all targeted cyberattacks are aimed at businesses with fewer than 2,500 employees. Our member credit unions can benefit from understanding how to talk with their members about steps they can take to protect their financial, social and other connected accounts."
 
The "Two-Steps Ahead" campaign advocates for two-factor authentication, a security tool that uses multiple verification techniques to prove that the person attempting to log onto an account is really them.
 
U.S. Sen. Chuck Grassley (R-Iowa), Iowa Attorney General Tom Miller and ISU President Steven Leath will open the event. The morning will also feature a hands-on demonstration showing attendees how to step up their security on sites like Google, Facebook and LinkedIn.
 
Also among the participants is Karen Postma, assistant vice president of fraud operations and asset management for payments processor TMG. Postma will take part in a panel discussion that will include experts from the Federal Trade Commission, ISU and the Better Business Bureau.

CSS provider Silanis teams up with Calyx

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MONTREAL (8/14/14)--Silanis Technology, an e-signature service and CUNA Strategic Services alliance provider, announced Tuesday it will team up with Calyx Software to offer products that will allow credit unions and other financial institutions to process electronic documents faster and with more convenience.

Calyx, which configures loan origination systems for financial institutions in North America, has developed the product INK-it, an e-signature solution that works within Calyx's document management system.

Leveraging Silanis' e-SignLive e-signature service, Calyx said that INK-it, which is available to Calyx Point and PointCentral users, will provide more efficient electronic-document processing because of its seamless integration into Calyx's Document Management System.

"Building the e-SignLive e-signature service and integrating it into Calyx's mortgage offering is just one of the ways our flexible solution is able to add value for organizations looking to integrate e-signatures," said Tommy Petrogiannis, Silanis co-founder/technology CEO.

With these products integrated, Silanis said, the product functions as a document-management, e-consent and electronic-signature solution all in one. Further, it allows Calyx customers to receive, sign and process documents that only require e-consent, e-signing or both through the Calyx platform.

"We help customers streamline their paper processes, so adding electronic signatures to our platform not only makes sense, but addresses a real need for banks, credit unions, mortgage bankers and brokers," said Dennis Boggs, Calyx Software executive vice president of business development.

"We liked e-SignLive's ease of integration into INK-it, as well as the strong electronic and audit trail e-SignLive offers," Boggs said. "In addition, we track and store the date stamps within the Point and PointCentral document management system for easy user reference."

Real-time loan payment part of MoneyGram, LendUp partnership

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SAN FRANCISCO (8/13/14)--Flurish Inc., doing business as LendUp, has signed two service agreements with MoneyGram, a global money transfer and payment services company and a CUNA Strategic Services alliance provider. 
 
LendUp is dedicated to providing consumers better credit products than what are offered by traditional payday lenders. By connecting LendUp's mobile platform with MoneyGram's extensive agent network, borrowers now have another convenient option for loan repayment.
 
For the initial service rollout, LendUp will enable real-time offline payments for loans issued by LendUp using MoneyGram's ExpressPayment Service at 39,000 agent locations in the United States.
 
"Teaming up with MoneyGram is a perfect example of how we can use technology to enable convenience for our customers," said Sasha Orloff, LendUp CEO/co-founder. "Today we are presenting new payment options exactly where many of our customers prefer to do business. Our goal is to make access to money seamless and transparent. This is another huge step in that direction."
 
MoneyGram's ExpressPayment Service is the first of several new products that will be available to LendUp borrowers as a result of the collaboration.
 
Recent research published by the Center for Financial Services Innovation confirmed that among small-dollar credit consumers, rapid access to funds and store location convenience ranked among their most important product design features.
 
"The opportunity to offer our ExpressPayment Service through the agreement with LendUp further demonstrates our commitment to providing consumers with innovative and convenient payment options," said Pete Ohser, MoneyGram's executive vice president of U.S. and Canada.