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  • 1. What is the relationship between Xtend and CU*Answers? Views: 82
    Preview
    CU*Answers and Xtend are two distinct companies, although they are both CUSOs and maintain a close business partner relationship. CU*Answers is an Xtend owner, with the other equal owners being credit unons. Moreover, one seat on the Xtend Board of Directors is occupied by a member of the CU*Answers Executive Team in accordance with the Xtend Bylaws. Xtend currently leases both office space and administrative support from CU*Answers. Conversely, CU*Answers is the largest customer of Xtend s  More...
  • 2. What Shared Branching alternatives does CU*Answers support? Views: 77
    Preview
    CU*Answers supports a variety of Shared Branching strategies. Through its Xtend, Inc. partnership, participating CU*BASE clients are able to share office locations with CU*BASE processed clients as a standard service to utilizing CU*BASE. CU*Answers also supports most national networks, including CUSC and FSCC as based upon individual client need.
  • 3. How do I get CU*Answers' SAS 70 report? Views: 65
    Preview
    To request a copy of the most recent SAS70 results report, please contact a CU*Answers representative at CSR_Team@cuanswers.com. We can provide either a paper or electronic copy.
  • 4. What is the ownership structure of your company (public, private, etc.)? Views: 64
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    CU*Answers is owned by credit unions and offers no private ownership. Its Board of Directors consists of seven credit union CEOs, providing a unique industry perspective and a direct vested interest in the success of CU*Answers clients. Creating equity through ownership is a constant at CU*Answers.
  • 5. What ownership/investment options does CU*Answers offer? Views: 59
    Preview
    CU*Answers offers the opportunity for CU*BASE processed credit unions to become an owner of the CUSO. Each credit union owner owns 200 shares of Class A ownership stock and has one vote. As a result of becoming a Class A stock owner, credit union owners are are paid a Guaranteed Annual Dividend, and share in any Patronage Dividends, as optionally declared annually by the CU*Answers Board of Directors. CU*Answers may also periodically extend opportunities for investing in Debenture Offerings. Th  More...
  • 6. What is a SAS70 report? Views: 53
    Preview
    SAS70 (Statement on Auditing Standards No. 70) is an internationally recognized auditing standard developed by AICPA (American Institute of Certified Public Accountants). The SAS 70 audit is widely recognized because it represents that a service organization has been through an in-depth audit of their control activities, which generally include controls over information technology and related processes. In today's economy, service organizations or service providers must demonstrate that they h  More...
  • 7. Is your third party audit a SAS-70 audit? Views: 52
    Preview
    Yes
  • 8. What dividends does CU*Answers offer to owners? Views: 51
    Preview
    CU*Answers offers the opportunity for CU*BASE processed credit unions to become an owner of the CUSO. Each credit union owner owns 200 shares of Class A ownership stock and has one equal vote. As a result of becoming a Class A Stockowner, credit union owner's are are paid a Guaranteed Annual Dividend, and share in any Patronage Dividends, as optionally declared annually by the CU*Answers Board of Directors. CU*Answers may also offer periodic Debenture Investment opportunities to Class A   More...
  • 9. How often does CU*Answers perform penetration and vulnerability testing? Views: 49
    Preview
    Testing is carried out in three areas of assessment: internal penetration, external penetration, and network vulnerability. The tests are on a staggered eighteen month rotating schedule so that each is performed in any given eighteen month period.
  • 10. What is the advantage to participating with a CUSO? Views: 47
    Preview
    CUSO participation provides many benefits. As a CUSO, CU*Answers is able to focus on developing a unique alternative to the traditional client/ vendor relationship - one where the concepts of equity and cooperation allow for new kinds of strategic partnerships and access to opportunities. This is a big reason why CU*Answers clients and business partners are able to develop strategic alliances in ways previously unimagined. The CU*Answers partner/ vendor model is based on several core philosoph  More...
  • 11. Has CU*Answers established any unique partnerships with other vendors to provide Item Processing, ATM or debit card processing services? Views: 47
    Preview
    Yes, we have developed on-line and batch interfaces to numberous Check processing (i.e.MICR line, image check retrieval), ATM and debit card processing systems. A CU*Answers Client Services Representative can provide a listing of vendor internaces currently in place.
  • 12. How many credit union clients does CU*Answers have? Views: 46
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    As of June 2019, CU*Answers and its cuasterisk.com network partners provide services to 294 credit unions in 41 states, representing 2.53 million members.
  • 13. What sets CU*Answers apart from others? Views: 45
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    As a 100% credit union owned CUSO, led by a Board of Directors representing seven credit union CEO's, the focus placed upon client support, education and user satisfaction is the motivation that drives CU*Answers each and every day. First, the CU*Answers model begins with the principle that it is an extension of the credit union staff, with the same underlying goals, strategic challenges, and focus as credit union professional. By always remembering that everyone is vested in the success of t  More...
  • 14. Does CU*Answers perform vulnerability and penetration testing? Views: 44
    Preview
    CU*Answers performs vulnerability and penetration testing as a regular part of due diligence. Testing is performed in three areas: Internal network vulnerability External penetration Internal penetration Reports are available from CU*Answers by written request of an officer of a client of CU*Answers.
  • 15. Since CU*Answers does not require a specific vendor for statement production, is certification of a new vendor required? Views: 42
    Preview
    If a third party vendor is utilized with whom we have do not have a previously established relationship, programming/testing would be required. In addition, from time to time, changes will be needed to statement content or layout in the future, whether based on regulatory requirements or the introduction of new products and services that affect statement design or content. CU*Answers warrants that we will test statement output ONLY from the following vendors: Sage Direct (printed statements) B  More...
  • 16. How may a credit union "track" a project request status? Views: 42
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    By using the Monitor Tracking system. Monitor is a shared project management tool that gives everyone involved in developing software tools a centralized list to help all team members understand where projects stand at any time. Monitor is a web site designed to encourage candid conversations between credit unions and CU*Answers product development teams as to the current status of any project assigned for their credit union. You can access the data base through the NET Button on CU*BASE.
  • 17. Does CU*Answers host web sites? Views: 42
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    Absolutely. Whether your site was built by CU*Answers, a third party or in-house at your credit union, we can host your site. We offer an iron-clad network, maximum uptime and generous storage and bandwidth allowances. In addition to basic hosting, we include features such as real-time page statistics for tracking site users, daily backup protection and server-side applications built in PHP or ASP. We even offer additional email services with any number of accounts, each including spam filtering  More...
  • 18. Why should I partner with CU*Answers for web services? Views: 42
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    You like simplicity, don't you? You have enough to worry about with membership, rates and daily operations. Why add to your troubles? CU*Answers Web Services has years of web development experience. We know this stuff frontways and backways; it's what we live for. With CU*Answers' help, you don't need to worry about things like backward compatibility, NCUA web site compliance, or whether floats clear in your CSS-driven tables in IE5.01. We take care of it so you can worry about what really matte  More...
  • 19. Will CU*Answers help our credit union plan for its next CU*BASE merger? Views: 42
    Preview
    Yes, CU*Answers helps many CU*BASE clients plan for and manage an upcoming data processing conversion for a merged credit union client. Simply click on this document to learn pricing details for preparing for a CU*BASE merger http://www.cuanswers.com/pdf/spec_interest/PricingGuidelines.pdf Additional information regarding mergers may be found within the CU*Answers web site.
  • 20. How is CU*Answers audited? Views: 41
    Preview
    CU*Answers is audited in several ways. As a CUSO, we are required to have an annual CPA audit of our financial records and the results are sent to all owners annually. We also have annual ACH audits as required by NACHA. We currently contract with Crowe Chizek to perform Network Security Audits, Internal Penetration Tests, External Penetration Tests and SAS 70 Level II Audits. CU*Answers performs routine internal audits every month and are regulated by both the NCUA and the FIB of Michigan,   More...
  • 21. How long has CU*Answers been in business? Views: 40
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    CU*Answers was started in 1970 as West Michigan Computer Co-Op, Inc. (WESCO), and was originally organized as a non-stock cooperative to provide lower cost data processing services for credit unions.
  • 22. How long has CU*Answers been in business? Views: 39
    Preview
    In 1970, West Michigan Computer Co-Op, Inc. (WESCO) was organized as a non-stock cooperative to provide low-cost data processing solutions and tools necessary to grow and aggressively compete in a competitive financial environment.
  • 23. Does CU*Answers develop web sites? Views: 38
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    We sure do. Whether you're looking to start for the first time or start over, CU*Answers is ready to help you make your online vision a reality. We start with initial concepts; gathering content, layout ideas, and an overall design to model. Once we've established your digital vision, we build an initial site. Every CU*Answers web site is hand-coded with standards compliant HTML and Cascading Style Sheets. Custom built to your credit union's needs, these sites represent the state of web developm  More...
  • 24. How many clients does CU*Answers convert to CU*BASE each year? Views: 38
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    Typically, CU*Answers will convert between 10-15 new clients to CU*BASE annually. As a CUSO, the CU*Answers conversion strategy is based on providing an excellent and documented conversion process for our clients. This detailed focus is why we request 120 to 180 days leadtime for planning for a client conversion. CU*Answers incorporates an array of departments and human resources to participate in the client conversion process. Conversion milestones are developed (with a client), documented,   More...
  • 25. What type of leadership staff does CU*Answers typically hire? Views: 38
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    CU*Answers is always on the lookout for talented professionals. Nearly all the management team and key support staff have either come directly from the credit union industry or a related business discipline. The management team has many decades (100+ years) of combined credit union experience. This experience is invaluable for working closely with our credit union clients and better understanding their issues and objectives. Staffing
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