CUBUS Solutions Automates the Deferred Payment Process for Credit Unions
Product boosts CU revenue through complete process automation
LIVERMORE, Calif., February 22, 2010
CUBUS Solutions, the software company that provides expert cost-saving and green business applications to Credit Unions, announced the launch of CUSkipAPay™, a software solution that integrates into a Credit Union's core banking system to "de-manualize" the deferred payment service which many credit unions offer their members on credit cards and other debt instruments.
"In our initial implementations we've seen some incredible success," said John-Ashley Paul, president of CUBUS Solutions. "One CUSkipAPay customer netted nearly $48,000 in revenue in the first seven months of offering the product when over one thousand three hundred members opted for a skip. More important, costs were contained by reducing the staff time typically associated with this process from an aggregate of about 90 person-days to 2 person-days for the number of skips detailed above, representing real bottom line improvements."
CUSkipAPay provides automation for credit union members and staff to request to skip a payment on certain types of loans. The software completely automates the process of qualification, advancing the due date, re-scheduling payments and charging fees, all functions that had to be completed manually in the past.
By automating the process, credit unions are able to help members through tough times with more ease, control the process with specific criteria to qualify the deferral, and ultimately help the member as well as the credit union.
"CUSkipAPay gave us a cost-effective way to expand our loan deferral program to more members around the world, allowing them to obtain debt relief more easily from wherever they are," said Carolyn James, Senior Vice President, USA Federal Credit Union, San Diego. "Prior to the CUBUS solution we had to qualify, input and monitor the details of the deferred payment by hand. Now with those cuffs are off we can put the power in our member's hands and they can choose when they need the relief the most."
Easily incorporated into the credit union's core banking system, CUSkip-a-Pay implements quickly and immediately assists credit unions in better serving their members.
About Cubus Solutions
CUBUS Solutions, headquartered in Livermore, CA, is a software company that provides expert cost-saving and green business applications to Credit Unions helping them better serve and retain their members through innovative service offerings, more efficient and cost-effective operations, and creative membership programs. CUBUS Solutions supports the Go-Green Initiative with its paper and gas saving programs, CUStatements and CUDeposits. The company has a suite of software solutions specifically for Credit Unions which additionally include Member Notifications, Points Management and Loyalty Checking solutions. CUBUS Solutions, which is privately held, was founded in 2006 by a group of long time industry professionals who previously worked as a team at a well-known Credit Union core system provider. For more information visit www.cubussolutions.com.
About USA Federal
Founded in 1953 at the Naval Training Center in San Diego, USA Federal Credit Union offers a full range of financial services, including business services and consumer savings, checking, mortgage and home equity loans, auto loans, debit and credit cards, share term certificates, IRAs and a 24-hour phone center. With more than 59,000 members and over $700 million in assets, USA Federal Credit Union operates 22 branches, including locations in San Diego and Riverside Counties, Las Vegas, Japan and Korea. Members of the non-profit financial cooperative include the military, civilians and select employee groups.
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Contacts
Mary Ann Herne
maryann.herne@cubussolutions.com
Phone: (925) 606-8708
The Go Green Initiative brings together students and community through shared environmental goals. Cubus Solutions shares these ideals and believes an increased commitment to civic responsibility builds a stronger society through deepened employee, consumer, and shareholder relationships.