Financial Transmission Network Inc. (“FTNI”), a leading provider of receivable solutions, announced today CUNA Brokerage Services, Inc., (CBSI), a division of CUNA Mutual Group, has deployed its LiteWeb platform to over 100 CBSI locations throughout the US. The deployment, which began in December 2013 and will encompass over 300 locations, allows CBSI affiliates to remotely scan checks that can then be managed centrally through FTNI’s Velocity platform.
Previously CBSI’s geographically dispersed Financial Advisors were required to mail client checks to the home office, where they were processed and deposited into a local bank account. Funds were then transferred from the local bank to the depository account of the clearing firm under contract with CBSI. With the implementation of FTNI’s Velocity software, checks are scanned upon receipt by the Advisors and the check images are forwarded to the CBSI home office where they are reviewed and accepted for deposit via the integrated Velocity platform. The Velocity platform then transmits the deposit file directly to bank account of CBSI’s Clearing Firm.
When asked to comment on the early results of the deployment, Tim Halevan, CBSI’s VP of Brokerage Operations indicated “CBSI Client deposits are accelerated, Advisors are provided with a more efficient process and the home office staff has reduced paper handling and improved oversight capabilities with same day deposits.”
Tom Schildhauer, FNTI’s EVP of Sales goes on to say “CBSI’s done an outstanding job of defining a strategy and overseeing its execution, to the benefit of CBSI’s financial advisors. It’s been a real pleasure working with the CBSI team as they provide yet another tool to their network of financial advisors.”