Tech Updates Take on Credit Loss Compliance, Digital Strategy

Cloud-based CECL-compliance administration, bill-reduction integration, digital strategy acceleration, and ATM maintenance management are among some recent tech announcements that could pique the interest of some credit unions.

Brookfield, Wis. based financial technology firm Fiserv announced a streamlined option to address the Financial Accounting Standards Board’s pending Current Expected Credit Loss standard. Effective December 15, 2019, companies filing with the U.S. Securities and Exchange Commission must comply with CECL, a mandate designed to measure current and future portfolio risk.

The company said the Prologue Credit Loss Manager and its risk modeling tools are now available in a SaaS version hosted in the secure Fiserv cloud, enabling financial institutions of all sizes to efficiently execute on their compliance strategies. Fiserv said a SaaS-version of Prologue Credit Loss Manager provides the same quality and security standards as the on-premise version.

In addition to simplified CECL compliance and preparation, monthly subscription to this fully-hosted offering includes implementation, secure database backup, software upgrades and all other maintenance, as well as access to technical support and online training.

Shawn Holtzclaw, senior vice president and general manager, Fraud, Risk and Compliance, Fiserv, said. “Providing Prologue Credit Loss Manager in a software as a service version enables us to accommodate banks and credit unions looking for a flexible solution that can facilitate speed to market through a managed service option.”

Glastonbury, Conn.-based digital payments company Payrailz, which offers what they describe as smarter, more engaging and secure bill payment and money transfer experiences to credit unions and banks, announced a partnership with bill reduction service Billshark.

Through this partnership, Payrailz’s will leverage Billshark’s platform to provide bill negotiation, subscription cancellation and curated shopping services enabling credit unions and banks a means to reduce monthly bills for consumers and small businesses.

Billshark, which helps consumers pay less for recurring bills including wireless phone services, internet, paid TV subscriptions and home security said it has an average success rate of 85% when negotiating bills and a 99% percent success rate when cancelling unwanted subscriptions.

“By building bill negotiation into the payment process, banks and credit unions have yet another tool at their disposal to improve their user experience, all while reinforcing their reputations as trusted financial partners,” Fran Duggan, CEO of Payrailz, said.

Austin, Texas-based digital-banking solutions provider Kony announced the launch of its Kony DBXdigital banking platform and application suite to help credit unions and banks cost-effectively accelerate their digital strategy.

This announcement marks a major advancement of Kony’s strategic focus on digital banking, which includes pre-built, native and web apps along with a digital banking platform. The Kony DBX Retail Banking app offers access to a portfolio of more than 125-plus features and functionalities.

“With the new Kony DBX solutions, we are leveling the playing field for regional banks and credit unions so they can effectively compete and deliver differentiated modern digital experiences that will attract and retain their customers and members,” Jeffery Kendall, senior vice president of Global Banking & Financial Solutions, Kony, Inc., said.

Kony also received acceptance from Symitar, a Jack Henry company, for their Vendor Integration Program. The Symitar VIP program gives third-party vendors direct access to technical resources for product integration, one of the leading causes for project delays and a major obstacle for credit unions seeking to deliver digital banking solutions to members. The primary objective of the Symitar VIP program is to resolve this challenge and ensure credit unions can quickly and easily deploy technology products.

St. Petersburg, Fla.-based CUSO PSCU announced a partnership with Brookfield, Wis.-based Equips, which specializes in financial institution apparatus management.

There are numerous challenges associated with managing and servicing an ATM fleet, including handling of multiple service vendors, software maintenance requiring a remote connection or site visit, and efficient hardware maintenance. Equips works to consolidate all maintenance contracts and offers a central management platform to manage ATM equipment maintenance.

“Equips’ strategic approach to equipment maintenance, and ability to consistently provide reliable and cost-effective services, has earned them an outstanding client retention rate,” Dan Ruppe, Head of ATM, Debit and Prepaid Payment Solutions for PSCU said.

PSCU ATM Managed Services including ATM maintenance and cash replenishment will be available early in the third quarter of 2018.