SurThrival Guide PreWebinar Material
CONTENTS Webinar Agenda …………….. Page 2 SurThrival Action Plan ……. Page 3 Recent Industry Press ……. Page 4 VSoft AtAGlance ………….. Page 6
VSoft Corporation Ph: 866.88 VSoft www.vsoftcorp.com VSoft Corporation Ph: 866.88 VSoft
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Webinar Agenda Welcome State of the Industry Thriving vs. Surviving Efficiency Options for Your Credit Union Capitalize on Imaging Opportunities Solidify Your Business Case Must Ask “Vendor Selection” Questions Where to Go from Here?
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SurThrival Action Plan
SurThrival Action Plan Are you ready to create a stable and longterm image solution for your credit union? When you are ready, it’s wise to partner with an experienced organization with representatives who understand your business needs as well as current industry best practices. Changing a strategic provider can be a difficult process, but it doesn’t have to be. A smooth migration to a new provider can be as simple as following the 5Step Action Plan below. A good partner will be agile enough to customize each of the steps, tailoring a solution to your unique needs.
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Step 3: File Layouts Once your credit union is established in the data center, input and output file layouts must be defined and confirmed. Vendor Consideration: Select a vendor with many existing interfaces to image exchange networks, host systems, and image archive platforms.
Step 4: Testing
Step 1: The Contract
Upon successful file format identification, testing must be conducted before your golive launch. Testing should include file creation, transmission, and processing by the intended recipient.
Among other key elements, contracts include terms, conditions, and pricing.
Vendor Consideration: Seek a seasoned vendor willing to agree to mutual acceptance of testing methods and results.
Vendor Consideration: Select a vendor with industrysensitive contracts that include service level agreements (SLAs) and price points that will save your credit union money while ensuring high levels of member service. Your vendor should also have local representation ensuring immediate awareness and attention to opportunities and challenges that your environment presents.
Step 2: Setup Define demographic information, business rules, and other elements required to establish a functional system for your credit union in our data center. Vendor Consideration: Select a vendor who has worked with a variety of credit unions and can bring unique ideas and solutions to you. You’ll also want a vendor with knowledgeable and available representatives from Sales, Implementation, Project Management, and Support who will be engaged in your project. Multiple, personal touch points with your vendor will add benefit from the start of the project.
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Step 5: Training Key users must be trained on all contracted applications. The list may include any combination of back counter capture, growth opportunities with business member/ merchant capture, exciting new individual member/consumer capture, and archive. Vendor Consideration: Training is not a one time event, select a vendor with a consultative approach and one willing to offer followup training as necessary.
Ready For Production When these five steps are completed, your credit union is ready to move to production and begin reaping the benefits of a stable provider with services at a cost effective rate. A solid vendor will commit to moving you from Contract to Production in 4560 days. Get started today and begin to reap the benefits quickly. For a FREE inperson consultation with an experienced VSoft representative call Mike Trefero at 86688 VSoft x139 today.
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May 4, 2009
The Next Shoe Drops: CUs to Write Down Corporate Capital By Analysis Ed Roberts
ALEXANDRIA, Va.Credit unions around the country struggling with their share of the corporate credit union bailout are girding for other new writedowns for their shares in other troubled corporates. Most of the 26 corporates beside the failed WesCorp FCU are expected to fall below minimum capital rules after they charge off their capital in U.S. Central FCU, forcing natural person credit unions to write down their capital in those corporates, according to industry sources and Wall Street rating agencies. Credit unions could be forced to write down as much as another $2 billion of corporate capitalon top of the $2 billion of WesCorp capital being written down by 1,022 WesCorp members. The trickle down effect could have dire consequences for dozens of credit unions already teetering on the brink of prompt corrective action. The writedowns are expected to become clearer once NCUA, which is running U.S. Central and WesCorp under conservatorship, provides audited financial results for 2008 for the two corporate failures, according to Greg Schwartz, auditing partner for McGladrey & Pullen, the national accounting firm.
"It's kind of a domino effect," said Schwarz, of the impaired capital in U.S. Central, that would be written down by corporate members, forcing members of those corporates to write down their own shares. Some credit unions have already starting do so. Rick Heldenbrant, president of Star One Credit Union, in Sunnyvale, Calif., said last week his credit union charged off $15 million of capital it had in WesCorp and $5 million of capital it owned in Members United Corporate FCU and one other corporate in the first quarter.
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Oregon Community CU, which owns shares in Southwest Corporate FCU, expects to take a charge for its Southwest holdings in the coming quarters, according to Mandy Jones, president of the $900 million, Eugene, Ore., credit union. "We're expecting to take a writedown," Jones said. "I just don't know how much yet." NCUA recently conceded the dire condition of some of the corporates and said it will provide regulatory forbearance and allow the corporates with dwindling capital to continue to operate under their Nov. 30, 2008 capital levels for the purpose of determining regulatory capital compliance. "As many of the functions that corporate credit unions perform are tied to the level of capital, there was a serious concern that they would be unable to provide normal daily operational services to their member credit unions after recording capital losses," NCUA Chairman Michael Fryzel said in a statement. "To avoid any disruption of critical services, the NCUA board has issued an order that will permit corporate credit unions to use the capital level as reported on their November 30, 2008, NCUA 5310 Call Report, for purposes of determining regulatory compliance with capitalbased requirements and regulations in the corporate rule." Still to be determined is whether the 1,000 credit unions that are members of the 12 Federal Home Loan Banks will have to write down the value of their FHLB stock as several of the Banks are reporting impairments of their capital. McGladrey & Pullen's Schwartz doubts whether a write down will be required for FHLB stock, which is not marketable and has no value other than providing its owner with a right to receive quarterly dividends and an entry to FHLB services.
License Number: 3.741422951 License Date: May 14, 2009 Type of License: Instant Rights for Other Media Licensee: Amy D Garrett
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VSoft News Release
Members Business Services Extends Relationship with VSoft for Check Imaging Longstanding client selects provider for additional three years ATLANTA, May 18, 2009 – VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that Members Business Services (MBS) has extended its contract with VSoft for its check imaging solutions under VSoft’s ASP platform, VSoft Managed Services (VMS). A VSoft client since 2004, MBS is a credit union service organization (CUSO) based in California. MBS provides a complete suite of business lending and deposit services to 20 credit unions throughout the Western United States. With VSoft’s merchant capture solution, MBS’s credit union clients provide business members the ability to remotely capture and electronically send deposits, eliminating courier costs. Business members use a low speed scanner to capture the check images and then transfer the images and data through a secure transmission. Businesses can consolidate deposits into a single preferred financial institution, averting any geographic dependency. Funds are available sooner as personnel can simply scan the checks upon receipt.
excellent service to our credit union clients, and VSoft has enabled us to provide them with superior check imaging solutions. Our clients are extremely pleased with the results; therefore, we will continue our partnership to ensure the same high level of service and to gain new credit union members.” “Members Business Services’ decision to continue with our solutions is a testament to our leadership in the credit union marketplace,” said Murthy Veeraghanta, president and CEO of VSoft Corporation. “We are dedicated to providing excellent solutions that improve operations for financial institutions and allow them to provide excellent service to their members. We remain committed to providing industryleading products that meet credit unions’ needs.” About Members Business Services Members Business Services is a credit union service organization (CUSO) founded in 2003 and is owned by Arrowhead Credit Union, CoastHills FCU, SCE FCU, USA FCU, USC CU and the California & Nevada Credit Union League. A comprehensive suite of Business Banking Services are offered by MBS to its 20 clients served including Business Loan, SBA Loan, and Loan Participation underwriting/servicing, Business Deposits, Online Banking, Remote Deposit and related Merchant Services. For more information, see www.membersbusiness.com
MBS also provides VSoft’s branch capture solution to its credit union clients. Credit unions capture check images and data at the branch level with small desktop scanners. The images and MICR data are then sent electronically to the central location, eliminating the need to physically transport the actual checks. Furthermore, the CUSO also offers back office services, including transaction balancing, consolidation and image exchange. Scott Burger, president and CEO of MBS, said, “Our decision to extend our contract with VSoft was based on our successful 5year relationship with the company. At Members Business Services, we are committed to providing VSoft Corporation
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VSoft AtAGlance Established in 1996, VSoft Corporation is a global provider of financial technology solutions that improve service, reduce cost and maximize efficiency. Successfully serving the credit union industry for 10 years, VSoft’s software is now utilized in more than 1500 credit union branches and 1900 financial institutions worldwide.
Solutions VSoft’s broad imagebased solutions include distributed deposit and payment capture across all points of presentment, back office check processing, image exchange, document management, remittance and lockbox operations. Customers include banks, credit unions, savings institutions, transaction processors, governments, utilities, telecommunications and retail organizations. VSoft’s proven products and services ensure versatile and rapid delivery of solutions to missioncritical needs. The variety of financial institutions that employ our solutions now spans the globe and spans the transaction processing spectrum: from state treasury departments processing remittances, to corporate credit unions, to national check processors, to community banks with cutting edge endtoend payment.
Accolades VSoft has recently received the following accolades: · Named a Top 25 Innovator by Bank Technology News. (2007) · Honored as a Software 500 company by Software Magazine. (2008)
VSoft Corporation, founded (US)
First archive product released
· First $1M revenue · First international customer (Philippines)
First distributed capture product released
First document imaging product released
First remittance lockbox product released
Established VSoft Technologies, Inc. (India)
Direct sales force established
First corporate acquisitions: · Bancsource customer base · New Era and Branch21Data Centers
Launched Enterprise Duplicate Detection product
Released Agile Home/Office solution
VSoft celebrates the following additional achievements that are all our own: · More than 1900 financial institutions worldwide are utilizing VSoft products. · More than 50% of the U.S. credit union processors use VSoft software.
· Selected as a Technology Fast 500 organization by Deloitte. (2008)
VSoft Corporation Ph: 866.88 VSoft firstname.lastname@example.org www.vsoftcorp.com VSoft Corporation Ph: 866.88 VSoft email@example.com www.vsoftcorp.com VSoft Corporation Ph: 866.88 VSoft firstname.lastname@example.org www.vsoftcorp.com
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Products VSoft is one of the few financial technology vendors that offers true imagebased check and payment processing solutions from ‘Day 0 through Day 2’. You get everything needed to capture, validate and process transactions from all points of entry, through clearing, image exchange and returns.
VSoft Agile™ solutions for distributed capture: · Agile Branch™ Teller · Agile Branch™ Back Counter · Agile Merchant™ Web · Agile Merchant™ Home/Office
· VSoft Agile™ comprises customerfacing and distributed capture product applications. · VSoft Centrum™ centralizes check processing applications. · VSoft Centrum Gateway™ is the gatekeeper and collector of where the Agile and Centrum solution lines intersect. · Digital Dashboard™, the visionary management interface that provides insight into clients’ operations, is a feature of VSoft’s Centrum Gateway. · A full complement of supporting applications are available to facilitate item storage and research, reduce fraud risk and deliver information to you and your customers.
Features and Benefits · Every application is designed for flexible implementation. You choose how and when to add it to your business process.
VSoft Centrum™ solutions for back office automation: · Centrum Gateway™ · Centrum Gateway ATM™ · Centrum IP™ · Centrum Exchange™ · Centrum Risk™ · Centrum Research™ · Centrum Documents™ · Centrum Delivery™ · Centrum Returns™ · Centrum Adjustments™ · Centrum Payments™ · Centrum Duplicate Detection™
· Innovation is built into every application to ensure it serves you as your business needs evolve. · VSoft leverages global resources to design, develop and deliver solutions quickly, so you retain your competitive edge. · VSoft’s extensive support network is available to you 24/7/365 no matter where you do business. `
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VSoft Corporation Ph: 866.88 VSoft email@example.com www.vsoftcorp.com
Contact us Michael Trefero Director, Western Region Sales Phone: 866.88 VSoft ext.139 Email: firstname.lastname@example.org Website: www.vsoftcorp.com
VSoft Corporation www.vsoftcorp.com
VSoft Corporation: 6455 East Johns Crossing, Duluth, GA 30097 Ph: 866.88 VSoft email@example.com General Inquiries: Ph: 7708400097; Fax: 7708400727 Sales and Marketing: Ph: 7702257692; firstname.lastname@example.org