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May 5, 2014

~ This Week's News is Sponsored by Better Branches ~


General News  

* PSCU, 7 CUs Renew Credit Processing Agreements
* Encore FCU Switches to Sharetec Service Bureau
* USE Credit Union Installs Backbase Engage
* CUneXus Unveils Click-to-Accept Mobile Lending Platform
* Sharonview FCU Selects Symitar`s Episys

Seven long time PSCU Member-Owner Credit Unions renewed their credit processing agreements with the cooperative. The credit unions signing contracts for periods ranging from three to seven years include: Tinker FCU (Oklahoma City, OK; $3.1B assets); Redwood CU (Santa Rosa, CA; $2.3B); Apple FCU (Fairfax, VA; $1.8B); Florida Central CU (Tampa, FL; $387M); JAX FCU (Jacksonville, FL; $317M); Florida State University CU (Tallahassee, FL; $144M); and MemberFocus Community CU (Dearborn, MI; $95M).

Sharetec System, one of the fastest growing core systems, announced the continued growth of their in-house to service bureau. Encore Federal Credit Union has switched from Sharetec`s In-House System to their service bureau core solution and now the Des Plaines, IL-based credit union does not have to worry about core system servers, backups, and disaster recovery.

Backbase, a provider of next generation online banking experiences, announced that they are currently deploying Backbase Engage at USE Credit Union. Backbase Engage is an out-of-the-box digital bank that includes full support for Internet, tablet, and mobile banking.

CUneXus has unveiled Credit Concierge which is a white-label product based on CUneXus' Comprehensive Prescreened Lending (CPL) strategy that automatically and perpetually pre-approves members for a credit union's consumer loan products based on desired lending criteria. Loan offers generated by the CPL system are delivered to mobile banking members, who have ongoing click-to-accept access to loan offers provided by their credit union.

Jack Henry & Associates, a leading provider of technology solutions and payment processing services, announced that its Symitar division has signed the $1 billion Sharonview Federal Credit Union to their Episys in-house core processing solution. The 66,000 member credit union will also implement other Symitar complementary solutions including Synapsys Member Relationship Management and Advanced Reporting for Credit Unions.




Credit Union InfoSecurity Conference Sponsored by
imsmartin consulting

The 12th annual CU InfoSecurity Conference will be held May 21 - 23, 2014 at the Red Rock Resort in Las Vegas, NV.

This is a one-of-a-kind conference - a security conference dedicated solely to credit unions. Highly experienced, expert speakers discuss the latest security trends as they specifically apply to credit unions. Also included is a virtual tour of The Partnership FCU and a Case Study of First Tech FCU. The CU InfoSecurity Conference is priced so that the majority of credit unions can afford it - just $395 per person and $295 for returning attendees. Topics include:


* Phishing 2.0 Exploits
* Anti-money Laundering
* DDoS Mitigation Strategies
* Advanced Log Management
* Effectively Using Data Feeds
* Owning Credit Union Networks
* Tuning Your Fight Against Fraud
* New Ways to Eliminate Malware
* Credit Union Virtual Security Tour
* Cyber Criminal Intelligence Programs
* Legal versus Enforceable eSignatures
* Building a Secure E-mail Infrastructure
* Next Generation Authentication Techniques
* Successful Security Awareness Training Programs

Click Here for information, agenda, reservations & more.

Hardware News

Tegile offers a sophisticated storage solution that is a SAN and NAS hybrid that utilizes a combination of SSDs, DRAM and Flash memory. According to Tegile, it includes proprietary virtualization, de-duplication and compression routines that significantly reduce the amount of capacity required, compared to other options. The company says that their system helps eliminate VDI availability and performance issues.

Samsung has begun mass producing a more affordable SSD (solid state drive) based on their 3-bit MLC (multi-level cell) technology. The PM853T will first be used in large data centers, and then spread to smaller systems later in the year. The PM853T is available with 240GB, 480GB or 960GB of storage capacity. It has a sequential read speed of 530 MB/s (megabytes per second), while writing sequentially at 420MB/s. It will read data randomly at 90,000 IOPS (input/output operations per second) and handle sustained random writes at 14,000 IOPS. 


Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)


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Software Updates

Verint Systems announced the availability of Verint Branch Sales Effectiveness solution. The software can help to identify and quantify hidden staff capacity that can be used for outbound calling or other sales-supporting activities. Additionally, it can monitor employee desktops to capture and report on how staff perform different activities and execute sales processes, offering insight into staff utilization, individual sales productivity and average time spent per activity.

ManageEngine announced the general availability of new features to its enterprise security log analytics portfolio. EventLog Analyzer, the security information and event management (SIEM) software, now offers complete user audit trails. Meanwhile, Firewall Analyzer, their firewall security management software, now provides PCI DSS, NERC-CIP, NIST, ISO 27001 and SANS compliance reports out of the box. EventLog Analyzer 9.0 starts at $795 and Firewall Analyzer 8.1 starts at $395 - both have fully functional, 30-day trial versions.



Software Updates Sponsored by
Raddon Financial Group (RFG)

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In what is good news for ATM deployers, US consumers choose to use cash more frequently than any other payment instrument, including debit or credit cards, according to a new report from the Federal Reserve Banks. At 40%, cash makes up the single largest share of consumer transaction activity, followed by debit cards at 25%, and credit cards at 17%. Electronic methods (online banking bill pay and bank account number payments) account for seven percent, as do checks. "Cash plays a dominant role for small-value transactions, is the leading payment instrument for many types of purchases, and stands as the key alternative when other options are not available," notes the report.

Bitcoin ATM manufacturer Robocoin, which launched the world's first Bitcoin ATM in Canada last October, is adding new features to their machines including the ability to store, access and send bitcoins from any ATM. Users will be able to send money to people by addressing it to a mobile phone number instead of a Bitcoin address. If recipients don't have Bitcoin accounts yet, the funds will wait for them at their local machine. The machines will also let customers withdraw cash from their bitcoin holdings.


ATMs/Kiosks Sponsored by
Heritage Industries

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CU Success Stories  


Here is a chance to learn about real life credit union success stories from various technology vendors through the words of their clients. This week's vendor is:


OnBase by Hyland


and their client is:

DFCU Financial

Credit Unions - if you have a vendor that you are happy with then please This email address is being protected from spambots. You need JavaScript enabled to view it.!

Vendors - if you have a credit union that is happy with your solutions then please This email address is being protected from spambots. You need JavaScript enabled to view it. and we will give you a $100 discount on your Case Study!


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Wireless World

The 2014 Monetizing Mobile Banking for Small Business Customers Study was just released by RateWatch and Simon-Kucher & Partners. Of the small businesses surveyed:

- 34% use mobile banking on a weekly basis, while 33% use mobile banking less frequently. 33% have never used mobile banking at all.

- Comparatively, 75% use online banking on a weekly basis, 21% use online banking less frequently and 4% have never used online banking at all.

- The three most important informational mobile banking services are: accessing account info, receiving alerts and receiving service guarantees and knowing how they are protected.

- The three most important transactional mobile banking services are: depositing a check, reporting/blocking lost/stolen cards and transferring money between accounts to optimize savings portfolio or to pay off a loan.

- The three most important basic interactive mobile banking services are: monitoring fraudulent activities, reaching your credit union when you need to, such as calling member service or placing an inquiry and scheduling appointments at a branch.

- The three most important advanced interactive mobile banking services are: receiving transaction verification and advanced warning, capturing and storing receipts and requesting payment flexibility for loans, mortgages, or credit cards.

According to a study conducted by Harris Poll, Gen Y consumers primarily look for mobile services and rewards programs when shopping for a new FI. Generation Y adults ( those between age 18 to 34) with a checking account are more likely to say mobile banking is at least somewhat important when choosing a bank (78 percent) than those in the 35-54 age group (66 percent) or those ages 55 and up (44 percent).


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Security Section

Cybercrime intelligence firm PhishLabs is reporting a rash of vishing - voice phishing - campaigns by scammers who pilfered debit card information from customers of dozens of financial institutions. People had received text messages claiming their debit cards had been deactivated and instructing them to call a phone number. An IVR (Interactive Voice Response) system set up at that number asked callers to input their debit card and PIN numbers in order to reactivate the cards. In response, PhishLabs recommends that credit unions ensure that CVV1/CVC1 is encoded on cards and validated by payment processors; work with telecom companies to understand their technical and anti-fraud procedures; train member support personnel to handle vishing reports, and have a response plan in place that involves member notification.

Verizon's annual Data Breach Investigations Report is based on 1,367 data breaches and more than 63,000 security incidents in 95 countries. The report notes that data-exporting malware, phishing, RAM scrapers, and backdoor viruses comprise the top five threats. While internal employee crime posted a small uptick in 2013 and partner and collusion crime remains near zero, the report concludes that most real threats remain external in nature.


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Leaders Roundtable


Addressing the Big 3: Compliance, Fraud & Cyber Security

D+H - http://wwwdh.com
Read Jeff Marshall's comments:

DirectRM - http://www.directrm.com
Read Donald E. Malloy's comments:

Easy Solutions - http://www.easysol.net
Read Daniel Ingevaldson's comments:

Horsetail Technologies - http://www.horsetailtech.com
Read Mark Berman's comments:

Integrated Media Management - http://www.immonline.com  
Read John A. Levy's comments:

Incapsula - http://www.incapsula.com
Read Marc Gaffan's comments:

LogRhythm - http://www.logrhythm.com
Read Mike Reagan's comments:

Mimecast - http://www.mimecast.com  
Read Mounil Patel's comments:

Hyland Software - http://www.onbase.com
Read Steve Comer's comments:

ProPay - http://www.propay.com
Read Dr. Heather Mark's comments:

Rallypoint Solutions - http://www.rallypoint.us.com
Read Kris Zupan's comments:

SilverSky - http://www.silversky.com
Read Andrew Jaquith's comments:

Spikes Security
Spikes Security - http://www.spikes.com
Read Branden Spikes' comments:

TrustCC - http://www.trustcc.com
Read Andy Robbins' & Brandon Henry's comments:

Verafin - http://www.verafin.com
Read Brendan Brothers' comments:

Wombat Security Technologies - http://www.wombatsecurity.com
Read Joe Ferrara's comments:

Zerto - http://www.zerto.com
Read Ziv Kedem's comments:


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Technology and Marketing

Many analysts believe that "reward checking" programs, although they can be costly, often prove to be the most effective method of increasing checking penetration. Here are some ways to help drive checking growth:

- earned interest

- ATM surcharge refunds

- iTunes dollars

- charity contributions

- no-holds deposits


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Online Banking/E-Commerce/Website Design

Check (formerly PageOnce) offers a free billpay service - simply enter your credit union account details and schedule the payment at least a week in advance. For those who can't wait a week or do not want to reveal their checking account number, there are two paid options: a 4% fee (min $4.99) to pay via credit/debit card within 2 to 3 days, or a $6.99 (flat) fee for next-day payments. Check's billpay system is designed for the mobile channel.

New York-based SmartAsset offers DIY financial advice software for credit unions on a white label basis. SmartAsset is built around "intelligent screens" and is available online, as well as via a new mobile app. In action, the company says that they can cost effectively provide good financial advice with the input of very little personal data by the user.


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Internet Access

Cisco and Akamai announced a collaboration to boost application performance for branch office sites. The companies rolled out Akamai Connect which is an enhancement to Cisco ISR-AX branch routers that better optimizes HTTP traffic. They say that their solution combines WAN optimization with content caching to boost the performance of cloud-based business and Web applications. The technology combination is also designed to position any content with a URL inside the branch during non-peak hours and improve performance during work hours by offloading content from the corporate WAN. Pricing for Akamai Connect starts at $3,000 for 200 connections.

Silo is combination of sandbox and customized protected browser technologies. To browse, you enter a four-digit PIN on a virtual keyboard screen designed to block keyloggers. Google is the default search engine and Silo`s admin console has the ability to set policy options, including being able to block downloads, enable them for trusted devices, and it supports the ability to use two-factor authentication.


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Call Centers

The NICE Real-Time Authentication platform is being used by several large financial institution call centers. In action, NICE's Seamless Passive Enrollment process uses a caller's previous call recordings to create a voice print to automatically confirm the caller's identity. The company notes that most call centers currently take up to 60 seconds to verify the identity of a caller, while in contrast their system automatically authenticates the caller in less than 15 seconds. When a caller is not yet enrolled in the database, agents are guided to ask questions based on their account activity and not the standard questions such as their mother's maiden name or the name of their favorite pet.