As the system’s payment processors, corporates were put under serious strain during 9/11. “The Fed put out the word we needed to keep funds moving and keep business going as normal,” recalls Leigh Philibosian, vice president, Marketing. “We knew we needed to keep the monetary system going.” This call to action presented a challenge for the corporate, particularly because many of its members were based in Washington, D.C., New York and Western Pennsylvania, and were unreachable for daily transactions such as recurring wire transfers. The corporate’s staff had to accommodate the unique situation. “We made the decision to keep funds going without the traditional third-party verification that day, because we needed to keep funds moving,” Philibosian said. “We decided under the circumstances it would be OK to verify after the fact.”

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.