CUBUS QUICK PAY SURPASSES 100,000 TRANSACTIONS MILESTONE
Product finds success with credit unions and members in its first year
LIVERMORE, CA, January 29, 2019 – Cubus Solutions, a provider of powerful online banking solutions for credit unions, announced its Quick Pay solution surpassed 100,000 cumulative transactions last month. The product, which launched in April 2018 with Achieva Credit Union, has been adopted by 16 credit unions across the nation generating nearly 110,000 transactions to date.
“Credit union staff spend an inordinate amount of time manually processing loan payments. In one case we found that 40 percent of all loan payments were made manually, via cash, check, over-the-counter or mailed. We also noticed that people want to use a credit/debit card, especially rewards cards, to make loan payments. Quick Pay reduces the $10 to $15 it costs for staff to manually process loans, generates fee income for each transaction, and processes the transaction in real time so credit unions get their money quicker,” said John-Ashley Paul, president of Cubus Solutions.
Quick Pay lets credit union members set up a payment themselves online, outside of the credit union’s online banking, adding convenience for all members, especially for those who have indirect loans. Members can make any type of loan payment online by clicking a button on the credit union’s website and entering a few pieces of information. They select the loan they want to pay and then choose how to pay. The payment is logged in real time and updated in the credit union’s core. Quick Pay also features robust controls in the backend, allowing credit unions to customize access, offer fee options, send comprehensive notifications, track activity and tailor the application in numerous other ways.
Quick Pay Bonus Features:
- Immediate approval of the card transactions through authorize.net
- Loans paid immediately
- No waiting three days for ACH
- PayPal account support
“Cubus’ Quick Pay is a win-win for both the credit union and our members,” said Assistant Vice President Karen Nolen for Hudson Valley Federal Credit Union ($4.8B in assets and nearly 300,000 members). “Offering this self-service, secure portal to make loan payments gives members the freedom to arrange an ACH or debit card loan payment when it’s most convenient for them, while at the same time reducing HVFCU’s overall service costs – savings that can be directed to other member benefits.”
Milestone Markers (click here for infographic):
- 107,702 total transaction processed
- 49,159 ACH transactions processed
- 47,780 card payments processed
- 6,450 processed via internal accounts
- 4,223 eChecks processed
- 16 credit unions
- Three core systems integrated
For more information on Quick Pay, click here.
About Cubus Solutions
Cubus Solutions is headquartered in Livermore, California, and provides a powerful online banking platform for credit unions that integrates online banking, payments and finance management in one single interface. Cubus and its online banking platform were built by executives and engineers with decades of combined experience with core data systems and the banking industry. Cubus is a trusted solution provider with nearly a dozen years of proven success with its clients. For more information visit www.cubussolutions.com.
Cain Communications for Cubus Solutions