CU*Answers Adds Owners, Fraud-Fighting Feature
CU*Answers said two more credit unions have purchased shares of the CUSO, giving it a record 14 new owners in a year and pushing the ownership list to 107 credit unions, also a new record.
The newest owners are the $194 million MidUSA CU in Middletown, Ohio, and the $13 million Rockford Community FCU in Rockford, Mich., CU*Answers said.
“As a cooperative CUSO, it is a documented goal to provide every credit union utilizing the CU*BASE® processing system with an affordable option to become a CU*Answers owner,” said Scott Page, executive vice president of the Grand Rapids, Mich.-based organization.
The CUSO also said it has added a new security feature to its CU*BASE core processing system, software that detects anomalous transactions and patterns. The original idea was to facilitate compliance FFIEC guidance but the concept grew.
“We took it to whole new level to not only include the ability to use cross-channel parameters but then also included the ability to configure those transaction types which would uncover elderly abuse as well,” said Jim Vilker, head of the Audit Link division at CU*Answers Management Services.
There now are 201 credit unions running on the CU* BASE platform, the CUSO said, including 162 directly, 24 through CU*NorthWest in Liberty Lake, Wash., and 15 through CU*South in Fairhope, Ala., both cuasterisk network partners.