LIVERMORE, Calif. — Los Angeles Firemen’s Credit Union is among the first to see results from the use of CUBUS Solutions’ new Web-based checking program.
A provider of business solutions to credit unions, CUBUS Solutions said it has successfully deployed its CUDeposits, an application that allows credit unions to manage deposits by providing members the ability to deposit checks into their accounts over the Web.
Members access their credit union accounts online and enter check information though an interface. Deposits may include as many checks into as many different accounts as desired, all in a single session, according to CUBUS Solutions. The funds are immediately deposited into a member’s account; members are prompted to mail their checks to the credit union. The CUDeposits rules engine allows the credit union to manage these deposits based on both the member’s and the check-writer’s profile.
CUDeposits also includes a call center interface that provides members the ability to deposit checks by calling in to their credit union’s service center and providing the check’s information to a member services representative.
“Our primary purpose was to let members deposit checks from anyplace without having to drive to a credit union branch or ATM location,” said Michael Mastro, president/CEO of LAFCU. “We also did not want them to have to wait several days for the funds to be available.”
In the first 3 months after deploying CUDeposits, LAFCU processed more than 1,500 transactions worth in excess of $1.5 million using the program, CUBUS Solutions said.
“With few branches and ATMs, our members had limited access to make deposits to their accounts,” said Tena Rohrback, executive vice president of Diamond CU. “Implementation of CUDeposits allows members to now make deposits wherever there is Internet access and a mailbox.”
CUDeposits currently interfaces with Harland Financial Solutions’ ULTRADATA System using its OpenPath solution and is looking to expand the capability to interface with other systems in the near future.
John-Ashley Paul, president/CEO of CUBUS Solutions, said CUDeposits aims to help credit unions “extend their services to farther locations–giving members instant access to funds while reducing potential ATM surcharges.”