JACKSONVILLE, Fla. and MADISON, Wis. – Fidelity National Information Services (NYSE:FIS), the leading provider of payment services software for card issuers, card acquirers, applications processing and collections and CUNA Mutual, a leading provider of insurance and financial services for credit unions, have partnered to create a unique, time-saving technology solution for credit unions that will allow for more efficient and secure transfer of the plastic card fraud data needed to activate an insurance claim.
This first-of-its-kind card services solution was developed by the two technology leaders and securely transfers fraudulent data from FIS’s card processing system to CUNA Mutual’s claims processing system.
Record growth in plastic card use and expanding applications are causing credit unions to experience greater operating costs and tasks related to managing plastic card fraud data and claims. Due to the large number of data breaches, the incidence of fraud continues to grow at a rapid rate. Without the CUNA Mutual and FIS integration, credit unions must manually capture, enter and transfer fraud claims data and reports between the companies.
“Based on direct input from our credit union partners, CUNA Mutual and FIS recognized the need to streamline this process, formed a partnership and engaged five credit unions to pilot our technology solution,” said Chuck Cashman, CUNA Mutual plastic card product executive. “Ultimately, this collaborative effort will make the process easier for our customers.”
“Card Services for Credit Unions (CSCU) recognizes how valuable this important innovation is for the credit union market,” noted Robert Hackney, president of CSCU. “Through the unmatched industry leadership of these two organizations, credit unions now can reap the benefits from the combined innovation and stability of these two leaders. That’s another reason why we’re proud to have an alliance with FIS.”
“With nearly 60 percent of all credit unions relying on FIS solutions for improved efficiency, enhanced service offerings and heightened levels of protection, FIS takes very seriously its position as a trusted leader in the credit union market,” said Preston Faykus, FIS senior vice president for fraud management. “By partnering with CUNA Mutual in developing this leading-edge technology, FIS once again demonstrates its unwavering commitment to its credit union clients and reaffirms its goal of continually improving the credit union member experience.”
In the pilot evaluation, all five credit unions agreed this solution saved their staff time and increased the efficiency of their program.
“We estimate this new card services capability will save the credit union approximately 20 minutes of administrative data processing time per claim,” said Mimi Talicol, EFT specialist at BrightStar Credit Union, Fort Lauderdale, Fla. “For a credit union that is submitting 50 fraud claims per month, this new process will save them two full days worth of work. We’ve come a long way from manual processing, and it’s great to see CUNA Mutual and FIS partner on this new technology,” she said.
“In addition to saving credit unions time, streamlining the flow of fraud data will allow CUNA Mutual to help credit unions more quickly evaluate their plastic card fraud losses, including losses that fall below their deductibles,” Cashman added. “With a complete view of losses, our risk management professionals can advise credit unions on additional measures for responding to, or even preventing, future plastic card fraud losses. Then, when fraudulent schemes are detected at one credit union, we can also send a RISK Alert notification to all of our credit union partners to help protect the broader industry.”
In 2009, this technology solution will be available to approximately 2,300 credit unions that partner with both CUNA Mutual and FIS for their plastic card programs.
About Fidelity National Information Services
Fidelity National Information Services, Inc. (NYSE: FIS), a Fortune 500 company and member of the S&P 500 Index, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10 and was ranked the number one banking technology provider in the world by American Banker and the research firm Financial Insights in the 2008 FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 13,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit www.fidelityinfoservices.com.
About CUNA Mutual Group
CUNA Mutual Group is a leading provider of financial services to cooperatives, credit unions, their members and valued customers worldwide. With more than 70 years of market commitment, CUNA Mutual’s vision is unwavering: to be a trusted business partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company’s Web site at www.cunamutual.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.