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November 2, 2009 - November 6, 2009
General News
* Panhandle Credit Union Selects Sharetec Online
* American Heritage FCU Selects uMonitor’s Account Opening Solution
* Syphr Rolls Out SaveOnYourLoans.com
* Fort Financial CU Signs with Auto Financial Group
* PSCU Financial Services’ Reports 40% Increase in Member Servicing-Related Call Volume
After a yearlong review of data processing options, Hereford Texas Federal Credit Union chose Sharetec Online as its data processing partner. The credit union went live on October 1, 2009. With over 8,500 members and $40 million in assets, Hereford FCU has two locations in West Texas. In addition to the standard features, the credit union also selected Member Documents, E-documents, Audio Response and Home Banking.
uMonitor, a financial solution services provider for operational excellence with member acquisition and retention, announced that Pennsylvania-based American Heritage Federal Credit Union, with more than $855 million in assets and 100,000 members, has selected its account opening and funding solution with a fully automated switch kit, uOpen & uFund - TS. This deployment for deposit and loan accounts includes full integration into American Heritage FCU’s internal and external systems for identity authentication, compliance, cross-selling and up-selling, loan decisioning, check ordering, funding and credit card processing.
Technology provider Syphr, LLC has created a new consumer-facing, loan evaluation website called SaveOnYourLoans.com. This new website works by eliminating the consumer’s time-consuming burden of gathering their billing statements and comparison shopping for reduced loan payments – doing it all for them. SaveOnYourLoans.com is also the entry point for its complementary RateMatch service – Syphr’s patent-pending, online platform for consumers to secure cost saving deals on refinancing with a local credit union.
Auto Financial Group (AFG), an online provider of residual-based financing products for credit unions, announced that it has signed an agreement with Fort Financial Credit Union (FFCU). Under the agreement, FFCU will offer AFG’s DrivingSense as both a direct and an indirect lending option.
More than 1,300 financial institutions use PSCU Financial Services Contact Centers for product-related support which is offered via its Total Member Care solution. PSCU is seeing tremendous growth in their comprehensive Total Member Care program, as evidenced by the fact that in the last 60 days, call volumes related to issues other than traditional product support are up by 40%.
Hardware News
Juniper Networks unveiled an armada of new gear, software, and chips, including processors that offer “3D Scaling.” In a nutshell, 3D Scaling is expected to allow for more subscribers, services, and bandwidth to be squeezed into the network. Juniper introduced new edge routers based on its software and new processors. Juniper claims that the systems, dubbed MX 3D, can provide up to 2.6 terabits per second with less power consumption. The MX 3D introductions include new line cards and two new routers.
Criticom Monitoring Services announced a new line of wireless video cameras. The Videofied product consists of a small, battery-operated camera and features GPRS technology, making video security available almost any location. Integrating cameras, illumination and motion sensors in a single, wireless device, the camera can send video clips of activity that causes an alarm directly to the CMS monitoring station as well as to a customer's cell phone or PDA. If an alarm is triggered, the wide angle camera records a 10-second video, and the video footage is simultaneously sent to the monitoring station and/or customer.
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Hardware Section Sponsored by
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Software Updates
The AnswerMine Group has unveiled the Mortgage Analytics Service, an analytics-based solution for targeted mortgage restructuring, mortgage portfolio valuation and risk management. The new solution aims to help lenders and mortgage servicers target loans that are likely to default for restructuring or modification, based on the predictive value of granular credit data instead of generic credit scores.
VMware has added support for Windows 7 and expanded the ability to handle virtual processors in Workstation 7, the new version of its platform for running multiple OSes simultaneously on a PC. The new version of Workstation supports the 32-bit and 64-bit versions of Windows 7. VMware Workstation 7 also works with features in the Windows 7 interface - Flip 3D and Aero Peek - to show live thumbnail pictures of a user's virtual machines. Installing Microsoft's new OS on a virtual machine is easier than on a physical PC, according to VMware. They also claim that for Windows 7 users who want to keep using Windows XP, Workstation outperforms Windows 7's own Windows XP mode.
Windows 7 is now available which means administrators running Windows XP (and to a lesser extent, Windows Vista) have some interesting decisions to make. The recession may make the decision to hold off easy for many credit unions, but at some point IT Departments must consider Windows 7. We will cover some things you need to know about Windows 7 in the December issue of Credit Union tech-talk - subscribe today.
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Software Updates Sponsored by
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ATMs/Kiosks
The Star Network announced a new prepaid card reload service for ATMs and point-of-sale locations. Star, which is owned by First Data, claims its load and reload service is the first one by an electronic funds transfer network and has a business-process patent pending on the system. The platform enables prepaid card issuers to offer their cardholders the ability to reload existing prepaid cards through a variety of options such as cash, check, or even funds transfers from demand deposit accounts.
Credit Union 24, the country’s largest credit union-owned ATM and point-of-sale (POS) network, announced that 23 credit unions, representing more than $2.4 billion in assets with more than 339,000 members, have renewed contracts with the network during Q3 2009. A total of 52 credit unions have renewed to date in 2009, with 37 new credit unions joining the network during that same time period.
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Biometric Digest Highlights - WWW.BIODIGEST.COM
Sagem Sécurité made headlines at Biometrics 2009, the leading European trade show and exhibition dedicated to biometrics, by unveiling its new “Finger on the Fly” technology that reads fingerprints on a moving hand - “on the fly”. For the first time, the company claims that a contactless biometric recognition technology can capture and process the fingerprints from four fingers on a hand in movement, in just a few seconds.
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Wireless World
Monitise Americas announced that over 50 financial institutions have now signed up for its full service solution, which consists of real-time balance inquiries, mini-statements, account transfers, bill payments, same-day payments and more, delivered by a downloadable application, iPhone app or a secure browser. A further 100 financial institutions have signed up for its text services, which include weekly balance texts and account updates delivered via SMS. These financial institutions are accessing the Mobile Money Manager solution through their relationships with FIS and NYCE.
USAA, an Internet bank with just one branch, claims that approximately 14% of their more than 7 million global customers are using mobile banking. In addition to regular mobile banking features, USAA offers mobile remote deposit capture and both intra- and inter-FI person-to-person funds transfers. With a number of patents secured, USAA is now preparing to offer their software to other financial institutions.
NFC (near field communications) is a very short-range, two-way linking technology that allows handsets to act as contactless-payment devices at the point of sale, transmitting card or other payment data from electronic wallets stored on the phones. To permit handset-based transactions without waiting for mobile phone models with integrated NFC chipsets, some processors have introduced NFC stickers. But now there are even more options for facilitating transactions without relying on full-fledged NFC and we will cover them in the December issue of Credit Union tech-talk - subscribe now.
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Security Section
Symantec has updated its Data Loss Prevention Suite so that if the software finds a data issue that needs fixing, it can apply third party encryption and digital rights management controls to the problem. Symantec DLP Suite v. 10 adds what is called the "Flex-Response" capability to find sensitive data that has been left unprotected in the enterprise and apply security controls through encryption and DRM products from vendors such as PGP, Oracle, GigaTrust, Liquid Machines and Microsoft. Symantec is also publishing a set of open APIs and a software development kit (SDK) to facilitate support for security controls through additional products.
According to statistics from Dasient, the number of websites hosting malicious software, either intentionally or unwittingly, is rising rapidly. More than 640,000 websites and about 5.8 million pages are infected with malware, according to Dasient, which was founded by former Google employees to offer services to help websites stay malware-free and off blacklists.
The creation of bank note paper is a secretive business in one of the world’s oldest and potentially most exclusive clubs. Historians believe the earliest known paper money dates back to China, where the issue of paper money became common from about AD 960. The bank note production system is a complicated process. One company has a newly developed substrate which offers all the traditional features of a cotton bank note with the added security of transparent windows and multiple substrates within one bank note. We will tell you more about this interesting company and their technology in the December issue of Credit Union - subscribe today.
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Leaders Roundtable
Core Systems:
Helping CUs Focus on Opportunities
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Technology and Marketing
eVerge Group recently received recognition at this year’s Oracle Titan Award ceremony for their CRM solution designed specifically for financial institutions. Their CRM solution is designed to provide credit unions with the tools they need to improve their ability to understand their members, coordinate selling and marketing activities and understand the effectiveness of their efforts in addition to the profitability of their members. This solution set includes more than 130 predefined banking-specific data fields, banking-specific page layouts, embedded financial account analysis summaries, “out of the box” business process automation and preconfigured reports that are specific to financial institutions.
Michigan First Credit Union is doing their part to help Michigan residents purchase a used car with their "Loan Zone" car sale which features many vehicles under $10,000 and no payments until February 2010. The offer is part of the Lathrup Village, MI-based credit union's Preferred Dealer Program, which is designed to match buyers with car dealerships. Since January, Michigan First has helped more than 3,500 people finance a vehicle with loans totaling more than $58 million.
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Online Banking/E-Commerce/Website Design
Fiserv announced that CheckFree RXP, their online bill payment services platform, is being updated with features designed to increase consumer usage of online billing and payment. The new features, which include a bill pay widget, a tool for managing fee-based payments, and enhanced electronic bill activation and storage, are being deployed via "Feature Packs." The CheckFree RXP also includes overnight check payment option that meets a need for fast payment delivery to billers with which Fiserv does not have a direct electronic payment connection. Overnight check payments will incur a fee, which can be set by the credit union.
Security vendor Trusteer issued a security advisory on a new Trojan called W32.Silon that bypasses security tokens, banking card readers and uses a two pronged payload to pilfer login information and commit online financial fraud. Meanwhile according to the FBI, cyber criminals have stolen at least $40 million from small to mid-sized companies across America via online banking fraud. The FBI is taking the unusual step of disseminating financial loss figures in order to grab the attention of those most at risk so that they can adopt safeguards.
Michigan State University Federal Credit Union has moved to electronic mortgage closings. Members use touch screens for the all-digital documents and once the closing is complete, the member receives a flash drive or CD with all the documents loaded to take home and store for future use.
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Internet Access
According to Gartner, distinctions between unified communications and collaboration will no longer exist by 2013. Though business end-users typically treat voice, messaging, conferencing, instant messaging, presence, applications, clients, social networks and collaboration tools as "point" applications, they will not do so in the future, the research firm predicts. They are convinced that in the next few years organizations will not have to deal with multiple products and vendors performing overlapping communications and collaboration functions.
A Toronto-based company called Route1 provides a secure telework environment without much overhead via MobiKEY, a user authentication device that looks like a thumb drive. Users simply insert this USB device into any Internet-enabled computer, type in their passwords, and they can securely pull up all of the applications and data from their desktops. MobiKEY works from home, a client’s office or even an Internet café. Route1 says that the MobiKEY device ensures that no trace of an end user’s session remains on the computer that is used, and it encrypts all communications between the computer and the desktop machine in the office. It can be integrated with other smart card technologies such as the U.S. federal government’s HSPD-12 identity cards. Route1 officials say MobiKEY is more secure than traditional VPNs, which can be a source of security breaches.
Zeus Technology unveiled the latest version of its software-based application traffic management technology, which is aimed at helping organizations more easily manage Web traffic. Zeus Traffic Manager 6.0 can operate across physical, virtual and cloud IT environments, and the vendor has added support for additional platforms to increase users’ deployment options.
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Call Centers
Interactive Intelligence and RightNow Technologies are partnering to offer an integrated contact center solution to help credit unions increase agent productivity and improve member service. The companies are integrating RightNow’s Web-based “customer experience” software suite with Interactive Intelligence’s VoIP contact center platform. This integration will bring new features and capabilities to the RightNow agent desktop, including embedded call controls, screen-pop, multichannel queuing and routing, click-to-dial, and unified reporting. The combined solution also brings screen pops with detailed member information to the agent desktop – using caller ID, a complete member profile can be popped onto an agent’s screen the instant a member dials in.
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Call Centers Sponsored by
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Inbound Telecom Disaster Recovery
Nothing is more important than serving your members. Telecom Recovery, which protects the communications for dozens of credit unions across the US, has a very powerful - and low cost - technology that protects your inbound calls during any kind of outage including:
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During any of these events your members' calls would still ring to the right people - with just a few clicks on the mouse to re-route all incoming calls and faxes.
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Conferences
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk at the following conferences in 2009:
October 28, St. Louis - Green IT CIO Summit
May 19-21, Las Vegas - Credit Union InfoSecurity Conference
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