The FDIC stopped neutrally enforcing regulations designed to protect consumers and ensure the safety and soundness of the nation’s banks, and then pursued their own personal political agenda and attempted to shut down legal businesses these officials did not like.
Glen Moreno was appointed as Chairman Designate of Virgin Money and will join the Board as an Independent Non-Executive Director and Chairman Designate. Glen Moreno is presently Chairman of Pearson PLC and a Non-Executive Director of Fidelity International Limited. He has more than four decades experience in business and finance. His earlier positions include serving as Deputy Chairman of The Financial Reporting Council, Senior Independent Director at Lloyds Banking Group plc, Senior Independent Director of Man Group plc and Acting Chairman of UK Financial Investments Limited, the company set up by HM Treasury to manage the government’s shareholdings in UK banks.
FreedomPay has implemented Credit Union Financial Exchange (CUFX) standards on its Commerce Platform and that Baxter Credit Union (BCU), a flagship CUFX member, has deployed the solution to provide corporate customers with the opportunity to make cashless payments. The CUNA Technology Council initiated the CUFX standards project to address integration issues on behalf of all credit unions. Experts from leading credit unions and top vendors have come together to develop technology standards that will make product and service integration across the credit union industry faster, easier and more cost-effective. CUFX standards will expedite implementations, reduce core costs, speed revenue recognition through faster implementations and ease ongoing support efforts.
Maps Credit Union has selected ACI’s integrated online banking platform to power its online banking, mobile banking and bill payment services. Advanced online banking and mobile solutions are critical to driving customer loyalty, building market share and creating new revenue opportunities, which is why Maps selected ACI’s integrated online banking platform for credit unions, ACI Architect Banking. A single end-to-end solution, Architect Banking gives financial institutions like Maps the control, choice and the flexibility to quickly respond to ever-changing consumer and business financial needs. By also leveraging ACI’s bill payment services, Maps benefits from an industry-leading payment offering and a rich heritage of payment services that deliver reliable and accurate bill pay, seamlessly integrated within Architect Banking. ACI’s Electronic Biller Directory technology maximizes payment accuracy for both Maps and its members, resulting in faster payment delivery and minimizing the risk of payment errors.
Fiserv announced today that South Carolina State Federal Credit Union (SCU) has selected an integrated suite of payment solutions including debit and credit card processing, the Accel™ debit payments network, UChoose Rewards® and Risk OfficeSM, to enhance the member experience and improve operational efficiency. SCU has been using DNA from Fiserv since 2006. Fiserv provides comprehensive integrated solutions for credit unions which include account processing, bill pay, online banking and a full suite of credit, debit and prepaid solutions, including a flexible loyalty rewards program and fraud risk solutions for cards. Fiserv also offers card personalization, 24-hour call centers and extensive training, marketing and implementation support.
With the “credit union movement” offering service to members of individual credit unions nationwide. CO-OP ATM, managed on behalf of 3,500 client credit unions by CO-OP Financial Services, is a network of 30,000 ATMs across the country. members (customers) of participating credit unions to access their accounts without incurring a surcharge fee. At 30,000 ATMs, the credit union network is larger than the biggest dedicated bank network. These ATMs can not only be found on the premises of credit union branches, but in thousands of retail locations such as 7-Eleven, Walgreens and Costco. Credit union members can easily find out if their credit union belongs to CO-OP ATM by visiting www.allco-op.org. Or, if they have a debit card from their institution, they can simply turn over the card, and they will more than likely discover the red triangle logo of the network.
Fifth Third Bank announced the launch of the Fifth Third Stand Up To Cancer Debit MasterCard. Stand Up To Cancer is a groundbreaking initiative that facilitates scientific collaboration to accelerate innovative cancer research and bring new therapies to patients quickly. The Fifth Third Stand Up To Cancer Debit Card is now available through any of the Bank’s more than 1,300 banking centers and can be used everywhere Debit MasterCard is accepted. A portion of the annual fee and every qualifying card purchase will support Stand Up To Cancer.
ACI Worldwide announced Desert Schools Federal Credit Union ($3.1 billion in assets) selected its online banking and bill payment services to enhance its technology services to over 321,000 members. The institution selected ACI’s Architect Banking for its flexibility and configurability for delivering online and mobile banking capabilities. By utilizing the Software Developers Kit (SDK), DSFCU will have the tools needed to grow its online banking application to meet the ever-changing needs of its member base, all while providing a user experience that is highly intuitive and personalized. ACI’s Electronic Biller Directory and proprietary Real-time Digital Scanline technology maximizes payment accuracy for both DSFCU and its members, resulting in faster payment delivery and fewer payment errors.
Boulder Valley Credit Union implemented Tyfone’s (www.tyfone.com) mobile financial services to enable next-generation mobile banking services for its member customers. With an integrated strong ID authentication mobile security and NFC contactless payments, BVCU can now offer its members a convenient, secure and integrated mobile banking solution. Tyfone’s mobile banking solution offers a complete range of features for banking customers. In addition to standard mobile banking features, such as checking balance, account history review, fund transfers, branch and ATM location lookup and customizable alerts, Tyfone’s multimode mobile banking solution offers convenient features. These include Mobile Remote Deposit Capture (mRDC); Person-to-Person (P2P) payments; Bill pay integration; and m-banking enrollment of non-PC bankers.
VerifyValid web-based payment enablement and fraud prevention company launched its CheckItOut “Beta” check payment platform, which costs organizations only the cost of a check, a flat 50 cents, per transaction. The CheckItOut “Beta” platform allows any large or small business, public sector entity, utility (electric company, solid waste disposal service, etc.) or not-for-profit organization can accept check-based payments from their customers via a simple web interface, which takes only seconds to activate. VerifyValid users can launch a instant web-based payment interface allowing their customers to pay them via the Internet without the cost and complexity of merchant accounts or credit card interchange fees.
VerifyValid web-based payment enablement and fraud prevention company launched its CheckItOut “Beta,” an all-new check payment platform, which costs organizations only the cost of a check, a flat 50 cents, per transaction. By maintaining a check as digital element and requiring no additional equipment for processing checks, VerifyValid only requires a .50 cent fee for the transaction ensuring the payments stay within the organization, and not into the marketplace. Through a simple to use web interface, a VerifyValid user can launch a instant web-based payment interface allowing their customers to pay them via the Internet without the cost and complexity of merchant accounts or credit card interchange fees.
Gemalto announced that Canadian telecommunications carrier TELUS will use Gemalto’s UpTeq NFC SIM cards to enable consumers to securely store a variety of credentials on their SIM for use with their mobile phones. This fully compliant Europay MasterCard Visa (EMV) technology will enable customers to make secure payments, participate in loyalty programs, validate their transit pass, and redeem coupons using the secure credentials stored on their SIM cards accessed by with TELUS smartphones equipped with tap-and-go Near-Field Communications (NFC) and LTE capabilities. The UpTeq NFC SIM secures credit and other payment card credentials, offering the same security protection as chip payment. Besides the NFC-compatibility, the SIM also has built-in LTE capacities which are fully compatible with existing networks.