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Posted: Jun 8, 2018
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Author: Lou Grilli

[Editor's Note: This article was previously published in CUInsight, and has been modified.]

Credit unions think of branding in terms of advertising, mailings, inserts, logos and social media. However, payments, and all the touch points associated with digital and plastic payments, are an equally important part of a credit union’s brand.

Credit Union marketers are diligent in ensuring that the brand is consistent throughout all aspects of member contact. So, signage, logos, websites, mobile and online banking platforms are all inspected for consistency with the brand. Payments should also be included in this thought process.

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Posted: Jun 5, 2018
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Author: Lou Grilli

[Editor's Note: This article was previously published in Payments Journal, and has been modified.]

There have been many suggestions for use cases for Blockchain, the underpinning technology for many cryptocurrencies. Loyalty programs have been specifically proposed as potential use cases by several credible and reputable firms such as  Deloitte, and Oliver Wyman. Most of what has been written about loyalty blockchains describe benefits in very simplistic terms – Blockchain can make loyalty programs more valuable for end users by increasing transferability of rewards, or can increase satisfaction by making rewards programs more real-time. But the addition of a proprietary cryptocurrency could be the game changer which moves blockchain for loyalty from concept to reality.

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Posted: May 24, 2018
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Author: Lou Grilli

ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

A major change to Remote Deposit Capture is coming this July, which may have an impact on whether financial institutions want to continue offering this service.

Mobile Remote Deposit Capture, or mRDC, is one of the shortest adoption curves of any aspect of online and mobile banking. Despite the slight decline in the number of checks written, recipients overwhelmingly prefer to deposit checks from the comfort of their phone, rather than going to a branch or ATM.  RDC was initially developed as a convenience for a business that received checks to deposit the checks electronically (typically using a scanner provided by its bank), and was made possible by Regulation CC, which implements the Expedited Funds Availability Act of 1987 (“EFA Act”) and the Check Clearing for the 21st Century Act of 2003 (“Check 21 Act”). Mobile remote deposit capture, and specifically, the ability for a fraudster or forgetful person to deposit a check by taking a picture using their smart phone, and then depositing the paper copy at a different financial institution or check-cashing business, was not taken into consideration by these two pieces of regulation. How often does this happen? 3.5 of every 10,000 checks deposited to banks and credit unions are duplicates according to the 2017 Mobile Remote Deposit Capture Industry Report.

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Immersion18, the first conference for the Trellance team under their new brand, incorporated the same insightful, educational and informative information as in the previous twenty-six years, but with a lot more collaboration and fun.

Tom Davis, President and CEO, kicked off this year’s annual conference stating “We have to be independent to be your best advocate.” Tom went on to explain that “While Trellance provides many of the same services it offered before, such as card processing; three words will drive its future: Independent, unbiased advocate.” Tom gave the four key factors toward credit union success: Hiring top talent, collaboration, having vision, and using data analytics. Bill Lehman, SVP of consulting services, spoke next, introducing some of the 17 new services offered by Trellance.

 

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Posted: May 15, 2018
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Author: Lou Grilli

A Look at Zelle, a P2P Solution.

Zelle, the bank-owned P2P payments solution and app which launched late last year, has already achieved a milestone, moving $75 billion across its payments network in 2017. Granted, part of that success is from its previous incarnation as clearXchange, which was white-labeled for the big banks with names like Wells Fargo SurePay and Chase Quick Pay. Now that the brand is singularly named across all its participating financial institutions, with millions being spent on advertising including this one, Zelle hopes to take on Venmo, the highly successful P2P app beloved by millennials and Gen Z. Some credit unions have gotten on board; First Tech FCU, with branches in Oregon, Washington and Idaho and several other states was an early adopter of Zelle, integrating the capability into its mobile banking app.

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