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PSCU Joins CULedger’s Industrywide Distributed Ledger Technology Initiative

PSCU – the nation’s leading CUSO – has announced its investment in CULedger, a credit union industry initiative for developing applications of distributed ledger technology. This technology, which offers a protocol that allows innovation around financial transactions, may become the system on which the future of financial processes is built.

“Credit unions must continuously research new methods to improve efficiency and security in order to remain competitive,” said Chuck Fagan, PSCU President and CEO. “CULedger will benefit credit unions and their members by reducing risks associated with cybersecurity and fraud, improving the member experience, and reducing costs. We look forward to working with CULedger to bring this platform to market.”

“Our support of CULedger aligns with the market’s interest to determine how this powerful technology will be used by credit unions across several authentication and ledger use cases,” added Brian Caldarelli, EVP and CFO at PSCU.

CULedger began in 2016 as a “research to action” initiative for developing a concept for a credit union system-wide, permissioned distributed ledger platform. In working with a national consortium of credit unions and trusted industry providers, CULedger is uniquely positioned to help credit unions serve the digital needs of their members.

For more information, visit CULedger.com.

About PSCU
PSCU, headquartered in St. Petersburg, Fla., is the nation’s leading credit union service organization (CUSO). Founded in 1977 as a credit union cooperative, PSCU offers a comprehensive, highly integrated suite of payment solutions for credit unions to optimize their member experience. Today, PSCU supports the success of nearly 1,300 Owner credit unions representing 20.4 million accounts. Leveraging digital technology, PSCU provides secure, best-in-class solutions including payment processing, risk management, analytics, loyalty programs, marketing, strategic consulting and mobile platforms. Comprehensive, 24/7/365 member support is delivered by contact centers located throughout the United States. For more information, visit pscu.com.

About CULedger
CULedger is a credit union-owned CUSO that focuses on delivering innovative applications on a global distributed ledger platform for credit unions. In working through a national consortium of 13 credit unions and trusted industry investors, CULedger has some exciting new developments around a global self-sovereign digital identity that will be market leading and further enhance the trust credit unions have with their members. CULedger will benefit credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience and cutting costs.  For more information, visit CULedger.com.

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NACUSO Recognizes Excellence in Collaboration at 2018 Network Conference

The National Association of Credit Union Services Organizations (NACUSO), the only trade association focused on growing and protecting the CUSO movement recognized four outstanding CUSOs and one innovative and collaborative credit union at the 2018 NACUSO Network Conference at the Disneyland Hotel.

The Servion Group (L to R) S. Brad Crandall, Kari Lauber, Greg Schatzke, Steve Albers, Melanie Meier, LeAnn Case and Jack Antonini

NACUSO understands the importance that collaboration and innovation play in building a strong and vibrant credit union industry. The CUSO of the Year award has been in place since 1998 and has recognized such legendary CUSOs as the CO-OP Shared Branch network, CU Direct, CU*Answers, CUSO Financial Services and PSCU. Last year’s recipient was CU*NorthWest. This year’s winner is The Servion Group. The Servion Group was founded in 1987 as CU Mortgage Services, Inc., by three Minnesota credit unions – Twin City Co-ops Federal Credit Union (SPIRE Credit Union), City-County Federal Credit Union (purchased by WINGS Financial Credit Union), and NWA FCU (WINGS Financial Credit Union) – looking to offer competitive mortgage solutions to their members. Their solutions now span mortgage, title, realty, financial advisory and commercial lending resources.

“We had so many great nominees for awards this year that we added a runner-up to the CUSO of the Year category,” said Jack Antonini, President/CEO of NACUSO. The runner up for CUSO of the Year is CUProdigy. Anthony Montgomery, CEO, summed up CUProdigy this way, “As a proud member of NACUSO, we take our commitment to delivering value to credit unions very seriously. Whether it’s our modern, cloud based core or our core agnostic cloud infrastructure services, we’re focused on not only delivering technologically superior solutions, but highly cost effective solutions. Many vendors claim it, but we really are a true technology partner to our credit unions.”

Jack Antonini with CUProdigy CEO Anthony Montgomery

“The criteria for both awards were selected to recognize those organizations that are making a significant difference and contribution to our industry,” explains Antonini. “In 2016 we added a third category for CUSOs that are fairly new in operations, The New CUSO of the Year Award, recognizing CUSOs that have started in the past 5 years. We know that it takes time to grow the business so our goal is to showcase those efforts that we believe have real staying power and are already making an impact.” Last year’s winner was CU Revest.

This year’s winner is OnApproach. The predecessor was actually founded in 2003 as a consultancy specializing in data warehousing, data integration, analytics and reporting. They completed big projects with clients such as Toro and Land o’ Lakes. But in 2009 they completed a major reporting and analytics project within the credit union industry The insights gained from this project and subsequent projects in the CU space led them to envision a data integration, analytics, and reporting product tailored to the US credit union market. So in 2014, Denali Alaskan FCU and Ideal Credit Union became the initial investors in, and helped form the OnApproach CUSO.

OnApproach, Austin Wentzlaff, Jack Antonini, Mark Portz and CEO, Paul Ablack

“We also selected a runner-up for New CUSO of the year because CU Certified Auto is the first program to offer a best in class vehicle service contract for credit union members while giving back 100% of the underwriting profit to the participating credit union,” Antonini explained. “We just had to acknowledge these unique CUSO models that are really committed to helping our members by helping our credit unions.”

CU Certified Dan Daggett, Jack Antonini, Melanie Mun sey and President and Founder, Mark Giguere

The Credit Union Collaboration and Innovation Award was added in 2012 to expand the program to recognize a credit union demonstrating the successful use of a CUSO model to serve their membership’s financial needs. Criteria include showing how the business strategy for the credit union leverages a CUSO to create value for the credit union and its members. Past winners include Bethpage, America First, Workers’ and Bellco Credit Unions and Allegacy FCU. Last year’s winners were ORNL FCU and Y-12 FCU. This year’s winner is Maps Credit Union.

Maps Credit Union (L to R) Amy Beattie, Jack Antonini, CEO Mark Zook, Christopher Federici, David Deckelmann, Tom Marks

Maps Credit Union’s interest in CUSOs started in the late 90’s when NCUA didn’t like some of the Credit Union’s investments and they forced them to divest $30 million of them.  This was a huge blow and depleted Maps to about a 5% capital ratio.  The action of shrinking hampered their ability to grow net income organically – hence the need for CUSOs.  Mark Zook met Guy Messick at a CUES conference and was introduced to NACUSO and the rest is history!

Maps CU has since built some very innovative CUSOs. Their current wholly or majority owned CUSOs that collectively serve 200 CUs across the US:

  • CU Wireless – provides credit unions with remote deposit capture and member survey programs
  • Advanced Reporting – national provider of pre-employment screening, tenant screening and student screening
  • Maps Insurance Services – regional property casualty agency
  • CU Benefits – national medical benefits agency exclusively serving credit unions

Congratulations to all the winners.

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Things You Can Still Get for a Dollar

A dollar went a whole lot further back in the day. In fact, more than 100 years ago four cents bought what a dollar buys today. Back then a loaf of bread was a nickel and steak was $0.25 a pound.

But don’t give up on George, real value still exists for a dollar.

Here are a few things that cost a buck:

  • Your favorite song on iTunes is still $.99 but you may have to splurge $1.29 for the latest releases.
  • A Krispy Kreme glazed donut is only $.67 when purchased in a dozen. Who doesn’t enjoy a fresh Krispy Kreme?
  • The Dollar Menu at McDonalds, Burger King, or Taco Bell.
  • Beer – specifically PBR (Pabst Blue Ribbon). You can still find this hipster delight for under a buck per can.
  • Dollar Shave Club – Your first month is free plus each blade after that costs just a dollar. And their ads are amazing. 
  • 10 meals for hungry kids – At No Kid Hungry your dollar donation to this worthy cause ensures 10 healthy, hearty meals for a child in need. Of course you should probably donate more.
  • A $1 a day donation at Generosity.org or Pure Water for the World brings safe water to two people each month.
  • And, a cloud-based core solution for your credit union. 

Yes, it’s true. CUProdigy, a CUSO staffed by passionate credit union professionals, has leveraged web-browsers and cloud technology to deliver a very modern core data processing solution. Their mantra is to have credit unions “Join the $1 Core Revolution!” and get away from the legacy core software business models.

Here’s CUProdigy’s very simple pricing model: $1 per member per month.  

The $1 includes ALL of their core software, including all future enhancements. CUProdigy doesn’t use a traditional software-licensing model and refuses to do module based pricing. And, if you want a brand new interface or a third-party integration, it’s included too. They won’t charge for their development portion. Likewise, if you want an existing interface or integration they already built, it’s included too. They don’t “resell” something to one credit union that they already created for another credit union. Their whole concept is to create an open ecosystem for technology and a collaborative ecosystem with vendors.

We are honored to have CUProdigy as a Platinum partner and excited to include them in our Network Lounge at the 2018 NACUSO Network Conference in Anaheim next month. 

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NACUSO Spotlight on Phil Magnuson, CEO of HomeCU

When we get a new NACUSO member we always do a little research on them to see how we might be able to help promote them, connect them or welcome them in some unique way. When I looked at the HomeCU website I got a little misty-eyed after I clicked on the HomeCU Team page. The heading said “Meet the people who matter in our company.” And rather than having the hierarchy of the org. chart, all employees were listed in alphabetical order, including the CEO. We reached out to Phil to see if he would share his story. Enjoy, and welcome to the NACUSO family HomeCU Team!

The HomeCU Team on “Bad Tie Day” Phil Magnuson, CEO is the 4th person from the right.

What’s your current position and can you give me a brief overview of what it is you do in your work?

My name is Phil Magnuson.  I am the CEO of HomeCU.  I get to do everything!  Some days it is Sales, some days SW Development, some days Support, some days taking out the trash.

What would you say most motivates you to do what you do? What are you most excited or passionate about? 

The most motivating part of being at HomeCU is the thought that we are really helping our customer credit unions and their members.  Being a CUSO is very important to us, as we truly see ourselves as a Service Organization.

I want to hear the story of how you came to work with credit unions. What attracted you to work for HomeCU?

Coming to HomeCU was a great opportunity for me personally.  It seems like every position I had prior to HomeCU was training for leading this team.

Now if we can go even further back, where did you grow up and what was it like living there? Where did you go to school?

I grew up in Knoxville TN, in the community of Bearden.  In my younger days it was a rural setting, but I had my own baseball field in the back yard (not really just mine, we lived next to the Little League field).  Now Holston Methodist FCU is literally built on my old street – almost on top of where the house was.

Who were your mentors along the way? People who deeply influenced who you are, what you believe in and what you’re committed to in your work and life? Tell me about them.

One of my best mentors was my last manager at Hewlett Packard.  He taught me that 1) there are always options 2) sometimes people listen more when you speak more softly.

Finally, can you share something interesting about you that would surprise our readers? It can be anything, a hobby, an adventure, sports, the most embarrassing thing that’s ever happened to you,   

I’m an avid soccer fan and have been a soccer referee for many years.

PART TWO: The Business Story

Tell me the story of how your CUSO/Company was created – the early days. Tell me about some of the memorable characters in the history, some that brought your story color, drama, comedy, conflict?

HomeCU was originally Database Management Systems – DMS.  DMS efforts with credit unions were started by Joe Pearson and Jan Brinkerhoff, who many people know.   Both Joe and Jan are long-time advocates of credit unions and dedicated to seeing them succeed.  When they made the decision to retire, it was important to them that DMS/HomeCU continue as a CUSO.

What were the key relationships that mattered most? What were the key sources of support or resistance you encountered?

Our key relationships have always been with our client credit unions.  Many have been with HomeCU now for decades.  We like the “home” part of our name and consider our credit unions part of the family.

What have been the greatest successes in your opinion?

The greatest success has been helping credit unions with affordable technology.  We believe we are one of the most cost-effective vendors for our clients.  It is a testimony that so many have been with us so long.  We are known for taking care of our clients (family) no matter what the concern and treating them as valued partners.

PART THREE: Reflections and Lessons

If you could start your CUSO/Company all over again, would you do anything differently? Why and what would you do?

There is always room to do more and move faster.  I think perhaps we could have done more to expand more quickly and bring more services to the credit unions.

Finally, when you think of the future for credit unions, what gives you hope and what makes you concerned?

My biggest concern is that credit unions are not moving forward with mobile-ready solutions that play to the younger members.

The hope is that it is clear the credit unions are far superior in personal service and pricing to their members, compared to large financial institutions.

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New Brand Trellance to Launch at GAC 2018

CUSO FORMED TO HELP CUs THRIVE OFFERS NEW SERVICES

Trellance, the newly-reemerged CUSO, plans to showcase its brand, product and service offerings at CUNA’s GAC 2018. True to its commitment to providing innovative yet simple solutions to help credit unions adapt and thrive, Trellance plans to offer data-driven consultative, operational and educational services to Credit Unions.

This is the inaugural conference for Trellance’s brand and its redesigned solution set that is designed to assist credit unions in addressing their everyday pain points with programs that cultivate growth. “Our OptimizeTM family of managed services is designed to help CUs strengthen their card programs. We will leverage a powerful combination of data analytics, marketing tools and third-party relationships to create results for CUs,” says Bill Lehman, SVP of managed services at Trellance.

“In our current portfolio, Trellance offers OptimizeTM Card Portfolio Growth Solutions, which helps CUs to increase penetration, activation and usage of their card programs; a Credit Line Increase Program (CLIP), a turnkey program designed to maximize card portfolio growth; and Card Portfolio Consulting, which provides analysis, benchmarking and best practices to drive growth,” continued Lehman.

“These flagship products have been very successful, so we have decided to expand OptimizeTM to provide operational reviews with an Operational Consulting solution, and Invoice Audits, where we will become an advocate for CUs with their third-party vendors and review payments invoices on their behalf to ensure that they are getting the most from these relationships. In addition, we are also adding an expert-led Payments Academy to prepare and educate CUs for today’s and tomorrow’s payments landscape,” added Lehman.

The CUSO also plans to offer customized engagements through enhanced consulting with a Vendor Management solution. This solution will offer RFP consulting, assist with vendor selection, and provide strategies based on data analytics and industry insights. Information on all these products and services can be found on Trellance’s newly-built website www.trellance.com.

Trellance also plans to share more details on its products and services at its 27th annual conference, immersion18 to be held May 8-11, 2018 at the Fort Lauderdale Marriott Harbor Beach Resort & Spa in Fort Lauderdale, Florida. Keynote speakers for the conference are Daymond John, the “Shark Tank” investor and FUBU creator and Theresa Payton, the first female to serve as White House chief information officer and star of the CBS TV series “Hunted”. To register and for more information visit www.immersion18.com.  

About Trellance:

Born out of nearly 30 years of payments experience and a passion for the credit union movement, Trellance is committed to providing innovative yet simple solutions to help credit unions adapt and thrive in a complex and competitive landscape. Together we can build and implement strategies to seize the exciting future of our industry. 

Learn more about us at Trellance.com, visit us at www.thepaymentsreview.com for industry insights and our perspective on the future, or follow us on LinkedIn, Facebook and Twitter @Trellance.