Exciting news for all credit unions! In response to the new requirements set by the Financial Services Regulatory Authority (FSRA), we have developed a comprehensive solution to help credit unions stay compliant. Our solution includes five new master templates: Loans - Retail, Derivatives, Investments, CU Borrowings, and Deposits. These templates are designed to streamline your compliance process, ensuring you meet all regulatory requirements efficiently. And there's more! The master/template Loans - Commercial and Agriculture will be released in July.
INFONANCIAL has been diligently developing a new portal for the Character-based INFONANCIAL Software, with a beta set to launch this fall. The new interface, available on Windows, Mac, and web platforms, will provide users with an enhanced experience. With menu options just a mouse-click away, users will be able to navigate, access, and enter data more quickly and easily than ever before. The interface's graphical sessions will support multiple views, from multi-display to single-display. While the new graphical interface will improve usability, users can still access the traditional Character Type terminal screens if they prefer. If you are interested in learning more about the new interface, please reach out.
INFONANCIAL innovative loan origination product is designed specifically for our valued partners. Currently, it's designed to serve lending officers, INFOLEND is set to expand its user base to members/clients of financial institutions in the near future. What sets INFOLEND apart are its standout features, including seamless integrations with the core banking system, access to comprehensive credit bureau reports, efficient PDF document generation, convenient digital signatures, and secure document storage. Recent updates have brought significant graphical enhancements, driven by invaluable client feedback. INFOLEND's uniqueness lies in its customization; INFOLEND was developed based on INFONANCIAL partners' needs and inputs, ensuring it perfectly aligns with their requirements. Experience the tailored solution that transforms loan origination processes with INFOLEND.
When it comes to reports, INFONANCIAL has a large number of options. Large means an astonishing variety with over one thousand different reports available. This is the advantage of using a core banking system that has been building reports based on true client needs for over 30 years.
Even with so many reports, there are still some requests that are specialized or involve a combination of information that is unique to each customer. For these requests, clients can use the REPORT GENERATOR to create their own custom reports. With a little help, clients have set up their own reports to show: members with no chequing accounts; members in a specific age range or accounts types or both criteria combined; accounts with specific risk codes, accounts by province; telephone numbers or emails for specific account types; a listing of term deposits with their 3rd party certificate numbers; etc. The combinations are endless, and they are easy to set up. Not only can the reports be customized, but once created, they can also be scheduled to run automatically as needed.
So, remember, a specialized report is needed, our team is available to find what you need and to help set it up.
We are excited to highlight the Taiwanese Credit Union (台灣信用合作社), a beacon of community empowerment and financial resilience. Founded by Taiwanese students in the 1970s, TCTCU has grown to serve 90% of the Taiwanese community in Ontario. They offer full financial services through innovation and tradition while encouraging financial literacy and community engagement.
Join us in celebrating their commitment to supporting and uplifting their members! Read more about their inspiring journey here: https://lnkd.in/getgz6wf
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We are excited to announce Avital Vahlis promotion to the role of Associate Product Manager at Infonancial Solutions! In this new position, Avital will be overseeing our Loan Origination System and leading special projects, including Customer Success and Basis Development for Core Banking. Avital's exceptional dedication, expertise, and leadership have been instrumental in our success, and this promotion is a testament to their hard work and commitment. Please join us in congratulating Avital on this well-deserved achievement. We look forward to seeing the continued impact and innovation Avital will bring to our projects and team!
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Stay updated with the latest developments in the credit union industry. From security to the economy and regulatory updates, here's a roundup of key trends and events from June 2024:
Stay updated with cutting-edge advancements in financial technology. This month's featured trend is:
Verafin Enhances AI Fraud Detection Capabilities: Verafin announced an upgrade to its fraud detection platform, incorporating advanced machine learning models. This enhancement aims to improve the accuracy and speed of identifying fraudulent activities at financial institutions. Verafin notes the rapidly-growing prevalence that AI has in fighting financial crimes, and has reported that, by 2026, the use of machine learning in anti-fraud programs is expected to "nearly triple." Read more
