CUNA Streamlines Payment Process and Improves Oversight with FTNI Solution
Written by: FTNI Admin
Omaha, NE February 18, 2014 - Financial Transmission Network Inc. (“FTNI”), a leading provider of receivable solutions, announced today CUNA Brokerage Services, Inc., (CBSI), a division of CUNA Mutual Group, has deployed its LiteWeb platform to over 100 CBSI locations throughout the US. The deployment, which began in December 2013 and will encompass over 300 locations, allows CBSI affiliates to remotely scan checks that can then be managed centrally through FTNI’s Velocity platform.
Previously CBSI’s geographically dispersed Financial Advisors were required to mail client checks to the home office, where they were processed and deposited into a local bank account. Funds were then transferred from the local bank to the depository account of the clearing firm under contract with CBSI. With the implementation of FTNI’s Velocity software, checks are scanned upon receipt by the Advisors and the check images are forwarded to the CBSI home office where they are reviewed and accepted for deposit via the integrated Velocity platform. The Velocity platform then transmits the deposit file directly to bank account of CBSI’s Clearing Firm.
When asked to comment on the early results of the deployment, Tim Halevan, CBSI’s VP of Brokerage Operations indicated “CBSI Client deposits are accelerated, Advisors are provided with a more efficient process and the home office staff has reduced paper handling and improved oversight capabilities with same day deposits.
Tom Schildhauer, FNTI’s EVP of Sales goes on to say “CBSI’s done an outstanding job of defining a strategy and overseeing its execution, to the benefit of CBSI’s financial advisors. It’s been a real pleasure working with the CBSI team as they provide yet another tool to their network of financial advisors.”
CUNA Brokerage Services, Inc. (CBSI) is the broker/dealer offering of the CUNA Mutual Group. Since 1985, CBSI has been the leading provider of investment, insurance and retirement planning services to credit unions, enabling these financial cooperatives to achieve their full potential and promise of comprehensive, quality services to their members.
Credit unions partner with CBSI, positioning financial advisors at their branch locations to service clients and increase non-interest financial revenue through the ongoing sale of insurance and investments.
CBSI is a broker/dealer registered with the Securities and Exchange Commission in all fifty states and the District of Columbia and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investment Protection Corporation (SIPC). CBSI sells securities and advisory services to credit union members primarily through the individual financial services programs located at partnering credit unions.
Financial Transmission Network, Inc.’s (FTNI) ETran platform incorporates remote deposit capture (check scanning), ACH and credit card processing on single, managed platform to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s cloud computing based software enables customers to setup recurring payments (ACH & credit card), message between users and provide custom integration into back offices systems, thereby reflecting the payment activity in the merchant’s receivables system. This technology offers merchants a turn-key, single-payment platform in a software-as-a-service (“SaaS”) environment that is fully PCI-compliant, thereby eliminating the hardware and software costs associated with traditional solutions. Due to its modular approach and easy deployment, the ETran platform can be deployed in a variety of verticals and customized easily to fit the end-users needs.