Cubus releases cheque deposit product

Source: CUBUS Solutions

CUBUS Solutions, Inc., a leading provider of business solutions that helps credit unions provide superior member services, today announced the availability of a new software application called CUDeposits that will help credit unions manage deposits more cost-effectively by providing members the ability to deposit checks into their accounts over the Web.

Los Angeles Firemen's Credit Union, a trusted provider of premier financial services to professional firefighters in California, partnered with CUBUS to develop the application, and will be the first credit union to offer CUDeposits to its members.

"We needed to enhance the convenience of services we provide our members with a cost-effective remote check deposit solution. Our primary purpose was to let members deposit checks from wherever they are without having to drive to a credit union branch or ATM location, or wait several days for the funds to be available," said Michael Mastro, President and CEO of Los Angeles Firemen's Credit Union. "We couldn't find an existing software program on the market that would have all the functionality we wanted, so we worked with CUBUS Solutions to develop the software because we believed they would be flexible to work with and it would allow us to more easily integrate the check deposit software into other CUBUS software applications we were already using. During the development phase of the software, CUBUS provided invaluable feedback and suggested new features that made the Web check deposits software more sophisticated and easy to use for members. We are planning to launch the service shortly, and look forward to successful deployment to our membership."

CUDeposits lets credit union members deposit checks over the Web. Members access their credit union accounts online and enter the check information in an easy-to-use application interface. They can deposit as many checks into as many accounts as they want in a single session. The funds are deposited into the member's accounts immediately. The member is then prompted to mail the checks back to the credit union. The CUDeposits rules engine lets the credit union manage the deposits based on the member's profile as well as the payer's profile.

CUDeposits includes sophisticated call center interface that lets members deposit checks by calling in to the credit union service center and providing the same information to a member services representative.

CUDeposits currently interfaces with Harland Financial Solutions' ULTRADATA System using its OpenPath solution.

"CUDeposits exemplifies our commitment to partner with our customers to provide them with software applications that are going to help them make a difference to their members," said John-Ashley Paul, President & CEO of CUBUS Solutions. "In addition to the convenience of depositing checks from their homes, fire stations, or other places of work, CUDeposits will help credit unions such as Los Angeles Firemen's Credit Union scale their services to farther geographical locations more cost-effectively - giving members instant access to funds and reducing potential ATM surcharges."

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