GAINESVILLE, Fla.–A number of vendors and solutions-providers to credit unions have announced special deals as the coronavirus pandemic continues.
CUToday.info has compiled many of those offers, including:
SBA Payment Protection Solution Offered
In Madison, Wis., Compliance Systems, LLC, a CUNA Mutual Group company, has announced an SBA Payment Protection Program (PPP) solution for credit unions to help members access the new program.
The solution helps credit unions quickly assist small businesses suffering through the coronavirus crisis. Compliance Systems is waiving all development fees for the new solution through June 30, the duration of the PPP, the company said.
The company said the solution provides credit unions with the necessary software to document urgently needed PPP loans for small business members so they can meet their payroll obligations, address other eligible expenses, and continue their vital community operations during the coronavirus crisis.
Compliance Systems added SBA PPP loans are structured differently than other SBA program loans and require new application and closing documentation, per SBA guidance and CARES Act specifications. Existing SBA solutions do not address PPP loans.
The Compliance Systems SBA PPP solution is specifically designed for PPP loans, as well as for speed and utility, the company added, and pairs with these participating Loan Origination Solution (LOS) providers:
- Baker Hill
- MeridianLink
- Numerated Growth Technologies
- Q2 eLending
Compliance Systems said it is actively working to expand its solution to more LOS providers across the financial services industry.
Compliance Questions Answered
In Lakewood, Colo., CU Service Network has made available a compliance resource document it created in response to new issues being created by the coronavirus pandemic.
While it said the information is typically reserved for its client credit unions, it said it is making the information available to help credit unions “navigate this complex and confusing environment.”
The full Q&A compliance document is here.
Fiserv App Allows PPP Applications
In Brookfield, Wis., Fiserv said it is now enabling banks and credit unions to accept applications from small businesses seeking relief under the Small Business Administration’s new (SBA) Paycheck Protection Program (PPP). For the full story, go here.
Pandemic Help 2.0: Two CUSOs Offering New Solutions, Assistance
In Tallahassee, Fla., in response to the coronavirus pandemic, two CUSOs are offering new solutions and discounts to credit unions.
United Solutions Company (USC) said it has developed an affordable Skip-A-Pay solution for financial institutions that is “member-driven, improves revenue, and is largely automated to bring relief to financial institutions’ staff.”
“USC developed the Skip-A-Pay software to make the once tedious process, more efficient to increase a financial institution’s productivity,” the company said. “The Skip-A-Pay software is designed to understand a financial institutions loan products. To achieve this, USC works closely with the financial institution during initial setup to ensure the criteria of the loan products are met.”
Sync1 Systems Offers ‘Assistance Package,’
In Austin, Texas, Sync1 Systems, a provider of loan origination software provider, has announced a "Credit Union 2020 Assistance Package” through which it said it will waive all monthly transaction fees until 2021 for credit unions that sign up in this calendar year.
“Sync1 Systems is a CUSO and we're here to help other credit unions in times of need and crisis," said Bill Nikolauk, CEO of 1st Community Federal Credit Union and board chair of Sync1 Systems.
Sync1 Systems said its loan origination technology is designed to help credit unions streamline loan-processing workflow, increase loan revenue, and acquire new members. It can be configured and deployed remotely for any credit union via templates, conference calls, and webinar training sessions, the company said.
The CUSO added the software's remote implementation model is well-suited to the current situation during the COVID-19 lockdown since no travel nor on-site work is required. The system can be accessed by employees working from home via any device so credit unions can continue servicing their members during this critical time.
Resource for Biz Seeking CUs Offering PPP Loans
CUCollaborate has launched a new website called Balanced Wallet that focuses on providing a marketplace for small businesses to find a credit union that is offering PPP loans. The website will ask small business owners a series of questions and then display a list of credit unions they are qualified to join and borrow from, according to the company.
CUCollaborate said the website uses the company’s eligibility software, JoinCU, to determine what credit unions a small business is able to join and borrow from.
“This is a critical time for small businesses and this loan can be a lifesaver. I believe this is a significant opportunity for credit unions to support their local community and gain new members,” said Sam Brownell, Founder and CEO of CUCollaborate.
While the website is free to use for credit unions and small businesses, CUCollaborate said it is asking credit unions offering PPP loans to reach out to become listed so they can connect them with business owners.
Tavant Offering PPP Solution
In California, Tavant, a provider of AI-powered digital lending technologies, said it has developed a new SBA Paycheck Protection Program (PPP) solution to help lenders and small business owners impacted by the COVID-19 global pandemic. The new solution can be deployed as a white-labeled solution in less than 24 hours.
According to the company, the solution removes all technical blockers, accelerating the SBA PPP application intake process and enabling lenders to process small business loans in a matter of hours versus weeks or even months.
“Additionally, underwriters are now able to review digital applications and supporting documentation and make a decision in minutes,” the company said.
“The platform has a simple and intuitive user-interface for the business borrower, while flexible (cloud or on-premise deployment) and secure for the lender, focusing on ensuring compliance and preventing fraud while supporting the mission of economic relief to small businesses.”
Info-Pro Providing Funds for CUs to Make Donations
Info-Pro said it will essentially be donating $12,000 in donations to the charity of its customers’ choice, as over the next 12 weeks it selects a different customer company to receive the funds.
Through the end of June, the company is conducting a weekly random drawing for all Info-Pro Customers. The winner will be announced every Friday and $1,000 will be donated to the organization/charity of the winners choice by Info-Pro on behalf of the winners financial institution.
“We are your strategic partner, through the good times and the challenging times, and we look forward to standing with you to help you serve the communities in which you live and work,” said CEO Chad Raube.
eDOC Offering Free use of e-Sign Solution
In Vermont, eDOC Innovations has announced a free use offer of its e-sign solution, eDOCSignature. In the two weeks since the announcement was made, 51 credit unions have implemented the solution and many more are in various stages of the implementation process, the company said.
The offer provides free use of eDOCSignature until September 30, 2020, allowing for the completion of transactions that would otherwise be held up as many credit union lobbies remain closed for normal activity.
“This initiative was driven by our concern for clients and the struggles they are experiencing after the public response to COVID-19,” explained Mark Fierro, CEO of eDOC Innovations.
Separately, eDOC Innovations said it has partnered with CreditSnap to announce
free digital enablement product to help credit unions and banks activate COVID-19 stimulus business loans.
In just under seven days, CreditSnap and eDOC Innovations said they were able to quickly come together and deliver a “free full digital enablement product that meets the needs of credit unions and banks.”
According to the companies, the solution allows for digital acceptance, provides loan applications queue management, and document signing,
CSI Provides Resources for PPP
In Paducah, Ky., Computer Sciences, Inc. (CSI) said it has expanded its digital commercial loan services to provide institutions with a streamlined, expedited origination process for the SBA’s Paycheck Protection Program (PPP).
CSI said its core banking system fully supports SBA origination and servicing, and through its partnership with RC Giltner Services, CSI institutions can provide an end-to-end integrated digital lending solution for PPP loans to SBA-certified customers. The services include automated applications and e-sign documents, along with a unique website allowing each community bank’s customers to complete the loan process online, the company said.
Free Sign-Up & No Charges in 2020
Orlando-based Worldwide Interactive Services said it is offering any credit union of $25 million or less in assets that does not offer online banking or a mobile app to their members a totally free sign-up fee for either service, with the remainder of 2020 at no charge. The company said it will then start a 60 month service agreement in January 2021 for $399 a month. The company said the only caveat the credit union must be running one of the existing 40+ different core interfaces the company has developed.
IMM Adds Quick Start Program
IMM has announced a new one-year Quick Start eSign Program designed specifically for banks and credit unions that cannot currently complete and sign key documents remotely.
“Leveraging this new program, financial institutions can begin remotely processing documents within approximately 48 hours and have the ability to migrate to IMM’s full enterprise eSignature platform, IMM eSign, at any time during the one-year program period,” the company said. “This program is designed to be a ‘stop-gap”’ measure to assist institutions in navigating the current unprecedented situation, enabling them to electronically send documents to customers to sign remotely. With the Quick Start electronic signatures, financial institution employees can easily upload documents, ‘tag’ or drag and drop signature fields on the documents and send them off for signature. Once the customer has completed signing the documents remotely, the employee then receives an email notification that the transaction is complete. They can then view the document, print or download it – for subsequent downstream business processing.”
Complimentary Consulting Is Offered
For the next five months, through August 2020, Dallas-based CU Benefits Alliance said it is offering all U.S. credit unions complimentary employee benefits consulting and advisory services.
“CU Benefits Alliance wants to give back to the industry that inspired its formation and success. Credit union leaders that need professional advice or second opinions about anything related to their employee health and welfare programs, may contact the CU Benefits team here Contact Us,” the company said
CU Benefits Alliance said it can offer guidance in:
- Next-gen cost containment
- Credit union captive arrangements
- Benefit plan funding strategies
- Direct hospital contracting
- Reducing employee deductibles and out-of-pocket
- Employee and HR communications of new regulatory issues
- Insurance rate stabilization
CUTEK Offers Member Aid Package
In Boerne, Texas, CUTEK, a provider of IT products/services for credit unions, has bundled many of its products to create a “Member Aid Package,” which it said is discounted and which “looks to help credit unions better serve members impacted by the COVID-19 outbreak by offering specific product arrangements when members need financial relief.”
According to CUTEK, the Member Aid Package offers a loan modification workflow, a skip-a-pay program (offering built-in batch processing), and ATM foreign fee reversal program.
In addition to its custom programming services for Symitar’s Episys core, CUTEK said it also has the resources and expertise to help credit unions incorporate a staff remote work program during this time of social distancing.
Series of CU Videos Available
In Livonia, Mich., CU Solutions Group’s (CUSG) CUBE TV Studios has produced a series of credit union–focused videos it said are free to use. The company said that as a goodwill effort to the credit union industry in a time of national crisis, it has made the series of five, high-definition digital videos free to use by credit unions nationwide.
CUSG said the videos are free-use for credit unions wherever high-definition video display is available. CUBE TV Studios said it is suggesting leveraging the videos on social media, digital video streaming services, ATMs, GSTV and cable and broadcast television. Additionally, for states not currently under shelter-in-place orders, videos can be displayed on in-branch monitors, movie theaters or through other forms of indoor and outdoor media, the company said.
For info VidFuel.com.
Digital Academy Free
LemonadeLXP, which offers a learning experience platform for financial institutions, is now offering its Digital Academy free of charge until the end of June to support consumers and call center/support staff as they migrate to digital channels. Digital Academy allows financial institutions to quickly author a branded, fully responsive, WCAG AA-compliant online hub with simulations and guides to support customers and frontline staff.
Free Implementation of Portal
RES.NET, a provider of risk management tools to the financial sector, which includes mortgage servicing and credit unions, is offering free implementation of its REO Portal and Loss Mit Portal during this national crisis. The company is waiving setup fees and training is included as well.
Free Trial
RoamHR has extended its free trial to 90 days in an effort to bridge freelancers that may be affected by the crisis. All app downloads from both Apple and Android now have the free period in place, the company said.
Free Biz Plans Reviews
Safe Systems, a national provider of fully-compliant IT and security services for community banks and credit unions, said it is offering free business continuity plan reviews. The offer includes a review of your current plan and recommendations for improvements.
Free Customer Solution
SilverCloud announced that it will be offering its consumer support solution free for 90 days. SilverCloud’s Consumer With over one-million consumer queries each month, SilverCloud said it has the largest banking-specific database of consumer questions.
Westamerica Communications Offering Free ‘Positive Vibes’
In Lake Forest, Calif., Westamerica Communications, a provider of end-to-end marketing services, said it is offering free graphic art files in support of its Positive Vibes initiative.
The “Be Kind, Be Strong, Be Healthy” messaging features five unique art treatments that can be customized and shared by community members.
For info, go here.
Feature Available at No Cost
In Memphis, Tenn., Green Circle Life, a provider of SmartFHR, an all-in-one communication and engagement web and app-based service that aggregates employee-facing services, said it has made the private-labeled communications feature of SmartFHR available at no cost to employers for the next six.
According to the company, the platform provides a mobile-first approach to communications and improves overall comprehension, retention and understanding of employer messages.
“The communications feature is part of the company branded app that offers multi-channel delivery such as email, text, group messaging, bulletin board, push notifications and alerts to employees and family members,” Green Circle Life said. “Additionally, Green Circle Life has made available its Resource Library, which allows employers to organize and distribute important notice and policy documents through the SmartFHR app, as well as the ability to create and manage virtual corporate events.”
The company said the application can be live within seven days and employers can use the service at no cost for up to six months.
Free Deployment from Lightco
In New York, Lightco a provider of digital consumer interactions, said it is offering a free 72-hour deployment of its platform for banks and credit unions in need of fast and digital Paycheck Protection Program (PPP) servicing as well as other customer-facing processes.
Lightico said its solution enables businesses to streamline consumer-facing interactions that typically required printing, faxing, scanning, signing and even physical visits into fully digital journeys that are faster, error-free and more secure. The company said FIs can instantly collect consumer documents, eSignatures, eForms, payments and verify ID, even while they have consumers on their cellular phone.
Boss Insights
Boss Insights is reporting its solution covers forgiveness calculations of PPP loans, letting borrowers connect their accounting, financial and payroll systems to Boss CARES while lenders can see company information at the portfolio level reducing their risk of not receiving SBA's loan guarantee.
The company said the value-add it is offering is true data automation vs. a file management system. "There's been guidance from the SBA on the forgiveness calculation and it includes a cumbersome, manual form that has to be filled out three times by borrowers," the company said. "It's error prone, time consuming and if guidance changes it will have to be revisited manually. The Boss Insights platform automates reporting so it's populated from accounting and payroll software. If guidance changes, there will be no additional work from the borrowers or credit union. Another feature is that the platform extends beyond the PPP loan facility to regular SBA, SMB and commercial loans."
The company has made available a two-minute Demo video and Product Page.