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.”
United Solutions said the Skip-A-Pay page is embedded into the financial institution’s site where a member can then create an account and request a skip on their loan payment.
Enhanced Core Offering
“On the financial institution’s side, a list is created for the financial institution to either review the requests, or they can be automatically approved. At the end of the day, a spread sheet is created to upload into the core,” USC said. “A job is run within the core system to automatically produce the approved loan payment skips. USC’s Skip-A-Pay software is currently integrated with the XP2 and DataSafe core systems.”
Additional features of the software include user administration, set messages, skip requests, and reports, USC added.
“We always look for ways to enhance the core system and create operational efficiencies. When I saw a credit union had emailed our company stating that skip a pay was a ‘nightmare’, I immediately saw an opportunity,” stated Jim Giacobbe, president and CEO of USC. “The manual work for our credit unions is now virtually eliminated.”
‘Life-Changing’ Situation
In announcing the new feature, the company added, “With the entrance of the COVID-19 virus, there have been numerous amounts of changes in the average American’s daily life. A changing economic situation and the lack of job security are just two of these changes. Financial institutions have been working tirelessly to provide their members with updates and products that can help them during this crisis. USC’s Skip-A-Pay software will help financial institutions offer the services their members need, while not draining their staff.”
Giacobbe said by pre-approving accounts eligible to skip, credit unions using the solution can focus on streamlining the process by automatically updating the system, posting the fee, notifying the members by email and creating reports.
“We are excited about the amount of time we will be saving our credit unions. With our Skip-A-Pay software, financial institutions can improve efficiencies and productivity, while keeping their focus on helping their members,”
he said.
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.
According to the company, Y-12 FCU CEO Mark Ziegler, Neighbors FCU CEO Steve Webb and Dupaco Community CU CIO Steve Ervolino, all Sync1 Systems board members, were instrumental in the launch of this initiative designed to support credit unions."