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CEB TowerGroup ranks Fiserv's LoanServ best in class

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BROOKFIELD, Wis. (3/27/15)--A recent report from CEB TowerGroup tapped Fiserv Inc.'s LoanServ platform as best of class in three of four categories.
LoanServ was recognized in the areas of core servicing functions, shared systems and enterprise support.
The Loan Servicing Systems Technology Analysis report cited LoanServ as one of the most comprehensive enterprise loan servicing systems available for small, medium and large loan servicers.
LoanServ provides self-service options for borrowers to access and update their information online in real-time, make payments, request payoffs and print payment histories. It also has been enhanced to help borrowers avoid delinquency and default and to help loan servicers meet regulatory requirements.
Further, LoanServ allows customer service scripting guidance to be embedded in the loan servicing process, facilitating problem resolution and improving customer satisfaction.
Over the past 10 years, Fiserv expanded LoanServ from a mortgage-only system into a comprehensive enterprise loan servicing system that can manage consumer, auto and equity loans.

CU Direct, Carlypso put car buyers behind the keyboard

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SAN CARLOS, Calif. (3/26/15)--Online automotive marketplace Carlypso has announced a partnership with CU Direct, a provider of lending solutions to the credit union market.
Currently available in California, Carlypso offers auto sellers and buyers a new method of purchasing used cars. Carlypso generates a fair market price for vehicles based on millions of vehicle transactions each month and coordinates all of the logistics for the seller, including finding buyers, coordinating test drives and delivering the vehicle.
"Now, in a few easy steps we can give an instant loan approval to our consumers at a very attractive rate," said Nicholas Hinrichsen, co-founder of Carlypso. "This paired with the great deal they are getting by buying a car online with Carlypso Deals makes purchasing a car a very affordable option for the savvy car shopper."
CU Direct's Matt Brown added: "Carlypso has quickly become a go-to destination for people looking for a quick way to find the best deals on cars online. By partnering with Carlypso we can help smart car shoppers get their loans approved quickly and easily online so they get first mover advantage on those great car deals."

Equifax, Zoot streamline mobile account opening

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ORLANDO, Fla. (3/25/15)--Equifax and Zoot Enterprises have announced the release of Mobility Plus, a new solution for mobile account opening.
With Mobility Plus, consumers can capture a photo of their ID with their smartphone or tablet to help complete some portions of the account application.
It performs a search-match analysis to authenticate the applicant's identity and to determine if any fraudulent activity is associated with the device.
Mobility Plus also offers instant prescreening capability by pulling Equifax data and payment information. This gives financial institutions more insight into the consumer's financial history, opening the door to cross-sell more credit products.

Kasasa part of new MnCUN, BancVue partnership

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ST. PAUL, Minn. (3/24/15)--The Minnesota Credit Union Network (MnCUN) and BancVue have announced a partnership to offer new services, including Kasasa's free, reward-checking account program, to the state's credit unions.
"BancVue has a solution that aligns well with the collaborative nature of our member credit unions," said John Ferstl, MnCUN's vice president of Network Service Corp. "I also believe our members can benefit from BancVue's consumer research-based solution set to help them compete."
BancVue has a well-established track record of bringing credit unions together--a philosophy called "co-opetition"--an ideal fit for the network, according to MnCUN's release.
MnCUN and BancVue will work together to help credit unions acquire new members and compete in today's retail banking market.

ProfitStars, PayNearMe address challenge of cash payments

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MONETT, Mo. (3/23/15)--ProfitStars, a division of Jack Henry and Associates, has partnered with the electronic cash provider PayNearMe.
Integrated with ProfitStars' EPS product suite, PayNearMe frees businesses from the encumbrances of accepting cash as payment while enabling consumers to visit local retailers to pay for online purchases, rent, utilities and other transactions using cash.
PayNearMe enables businesses to print a barcode on any customer's invoice or bill. A small business such as a landlord can send a bar code directly to a consumer's mobile phone. The code can then be printed or accessed for the consumer to take into one of 17,000 retail locations nationwide. The cashier at the selected store scans the payment code and accepts cash from the consumer, who receives a receipt as proof of payment.

PayNearMe immediately notifies the merchant of payment and transfers 100% good funds to its account via ACH. Merchants can then track the life of their transactions within the ProfitStars EPS system.
"This partnership enables financial institutions to offer these businesses a one-stop-shop payment platform that includes cash," said Danny Shader, PayNearMe founder/CEO. "Cash-preferring consumers need a convenient way to pay for rent, utilities, loans and more using cash. Businesses who serve these consumers are able to tap into a massive market that their cash-rejecting competitors cannot."
PayNearMe's solution virtually eliminates the risk of fraud or chargebacks. The fee is typically less costly than traditional money transfer services, and the merchant can choose whether to absorb the fee or pass the cost on to the consumer, who benefits from the convenience of paying at local retail locations. Adding PayNearMe gives financial institutions another way to add value to their business offerings, creating customer loyalty and generating new revenue streams.

Ohio, Calif., Nev. leagues purchase minority equity in PolicyWorks

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DES MOINES, Iowa (3/20/15)--The Ohio Credit Union League and the California and Nevada Credit Union Leagues have purchased minority equity stakes in PolicyWorks, a compliance consulting firm owned by the Iowa Credit Union League (ICUL).

Member credit unions of the Ohio and California/Nevada leagues will have access to a network of experts to answer their regulatory compliance questions when the transition is completed this summer. Also, a broad-based menu of fee-based compliance services will be available.

"Throughout the past 10 years, PolicyWorks has been committed to providing best-in-class compliance services to credit unions not only in Iowa, but across the country," said Pat Jury, ICUL president/CEO. "We have assembled an excellent team of attorneys, former examiners and operational professionals who are well-versed in the ever-evolving world of compliance. This new collaboration with the Ohio and California/Nevada leagues positions PolicyWorks to continue as a national leader of compliance solutions."
Officials from both the Ohio and California/Nevada leagues believe this investment is a win for everyone--the leagues, credit unions and their members.
"Compliance is among the most pressing and exhausting burdens consuming credit unions' bandwidth today, making it the duty of the Ohio Credit Union League to help them manage and lighten that load so they can instead focus more on serving members," said Paul Mercer, Ohio league president/CEO. "By investing in PolicyWorks, we're best positioned to continue providing credit unions with deep and robust compliance assistance that will evolve and keep pace in this ever-changing environment."
"The opportunity for us to collaborate with PolicyWorks was one that made sense for our members," said Diana Dykstra, California and Nevada leagues president/CEO. "Together with the Iowa and Ohio leagues, we believe this partnership will create momentum behind PolicyWorks' efforts to help credit unions and be a partner in industry efforts to tackle the compliance challenges to come."

CUNA Tech Council names Daon as GAC Best in Show

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MADISON, Wis. (3/19/15)--The CUNA Technology Council awarded the Best in Show Award to Daon for its IdentityX mobile authentication platform during CUNA's Governmental Affairs Conference (GAC), held March 8-12 in Washington.
"IdentityX is a phenomenal asset to the credit union industry," said Belinda Caillouet, chief operations and information officer at Spokane Teachers CU, Liberty Lake, Wash., and chair of the CUNA Technology Council. "Using this technology, credit unions can make huge leaps forward in their member protection initiatives."
IdentityX uses fingerprinting, facial recognition, speech biometrics, global-positioning system location and device recognition to confirm a user's identity. The platform can accommodate older mobile phones as well as the newest models.
"Every credit union CEO is worried about two things: their member's online user experience and security," said Daon CEO Tom Grissen. "Daon is proud to have been recognized by CUNA for bringing a solution to their members that addresses these concerns in an elegant and simple way."
Since 2001, the CUNA Technology Council has presented the Best of Show award to the exhibitor that best demonstrates the commitment to delivering technology that furthers product and service growth in the credit union industry. Vendors' products are evaluated according to affordability, potential benefit to credit unions and their members, commitment to open standards, usage by credit unions and company health.