The $11 billion Sacramento, Calif.-based Golden 1 Credit Union chose Fiserv’s Accel debit payments network; and the New Jersey Credit Union League and Virtual StrongBox partnered to improve compliance processes.
The California’s credit union expanded its relationship with Brookfield, Wis.-based Fiserv by adding Accel to its flexible point-of-sale interchange programs, and nationwide ATM access and coverage, as well as PIN and PIN-less transactions. This is in addition to enhanced payment capabilities and technologies, including transactions secured with a token to enhance the secure debit payments options available to its 860,000 members.
“We are constantly evaluating ways to fulfill our mission to provide financial solutions with value, convenience, and exceptional service,” Kathy Flynn, vice president, Account Services at Golden 1, said. “We chose Fiserv as our partner to ensure our members have access to quick and easy debit card transactions on a nationwide ATM and point-of-sale network.”
“The strategy driving any successful payments network is rooted in one simple fact – consumers want what they want when they want it,” Carol Specogna, vice president, product strategy, card services, Fiserv, said. “We are partnering with Golden 1 to provide its members with a steady stream of smooth, effortless transactions across all channels, as well as member engagement.”
Charlotte, N.C. Virtual StrongBox and the NJCUL teamed up to advance compliance processes and cut costs for league-affiliated credit unions and auditors. NJCUL will use Virtual StrongBox’s secure customer engagement platform with the league’s shared compliance program, helpline, and audit services clients. The secure platform, according to a press release, ensures sensitive information remains safe while engaging in the exchange of private and financial information with a compliance specialist.
Financial audits and regulatory exams have become a major expense for credit unions. Auditors and examiners often must be onsite for four or more days, incurring considerable travel expenses that credit unions must reimburse. With Virtual StrongBox’s platform, NJCUL’s compliance team can now perform many audit activities remotely from their offices. This reduces the number of days team members are out of the office; decreases travel, reduces clients’ reimbursement expenses; and expands the organization’s ability to handle more clients, grow revenue; and increase employee satisfaction with less time on the road and more workplace options.
“Compliance isn’t optional for financial institutions, and the cost of regulatory compliance is continuing to grow,” Ron Daly, Virtual StrongBox president/CEO, said. “Progressive organizations like the New Jersey Credit Union League need ways to reduce the cost of compliance for both themselves and their credit union clients. Our patented, end-to-end secure customer engagement platform is perfect for helping them achieve those results.”
“The New Jersey Credit Union League looks forward to leveraging Virtual StrongBox to the benefit of our compliance solutions clients as a safe and secure means to exchange important credit union files, documents, and information with the League’s Compliance Center Team,” Nicola L. Foggie, vice president, compliance and regulatory affairs for the NJCUL, said.
[“Source-cutimes”]
