Press Release
Cubus Solutions Automates the Deferred Payment Process for Credit Unions
Mostly manual method now fully automated with new product
LIVERMORE, Calif., April 21, 2009
Cubus Solutions, the software company that provides expert cost-saving and green business applications to Credit Unions, announced today 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.
"The practice of offering members a deferred payment has been around for a while. But now we are able to take the intensively manual process and create an automated solution," said John-Ashley Paul, president of Cubus Solutions. "CUSkipAPay can save credit unions thousands of dollars annually in staff costs and increase the income associated with the fees of a deferred payment."
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, scheduling payments and charging fees, all functions that were necessary to complete manually in the past.
"Especially in today's economy we believe it is essential to have a mechanism in place to help members who need a deferral on their loan payment," said Carolyn James, Senior Vice President, USA Federal Credit Union who is currently implementing the CUSkip-a-Pay into its core banking system. "And for those credit unions that offer an annual deferral, such as a post-holiday break from credit card payments, this new system fully automates the process so that it can be done with ease and minimal labor.
The CUSkip-a-Pay was born out of the frustration of credit unions in managing the aspects of a deferred payment which involves multiple, labor-intensive processes. 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.
USA Federal Credit Union, which is a military based credit union, notes that the men and women in service, who may be suffering from the economic recession, can seek debt relief online from wherever they are.
"The Cubus Solution seemed necessary for USA Federal because we saw it as a tool to help our members manage their debt with us and work through difficult periods in their budget," continued Carolyn James. "Whether they are in Iraq, Afghanistan or San Diego, many members may now apply for a deferral online, be qualified, and receive approval, all without direct staff involvement."
Easily incorporated into the UltraData core banking system for credit unions, CUSkip-a-Pay implements quickly and immediately assists credit unions in better serving their members.
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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.
Media Contact:
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.