Updated PaCUSC Contact Listing
For your convenience attached is the updated PaCUSC Contact Listing. Several changes have been made to this list, please discard any old lists and replace it with this one.
If you have any changes, please notify Sandy to ensure accurate information for all credit unions.
CO-OP Shared Branching Acquirers: The Importance of the ISO/BIN File
Shared branching acquirers are required to update their ISO/BIN file on a weekly basis. The ISO/BIN File contains the unique BIN, routing and transit number, name, address, phone numbers and other pertinent information of all participating financial institutions in the shared branch network. The routing and transit number data in this file is also used for endorsement information on the back of checks deposited by credit union members.
It is important for CO-OP Shared Branching acquirers to be able to maintain an accurate, current ISO/BIN file to effectively serve credit union members through the network. Outdated ISO Files could cause a credit union to turn away members, which can be ally unsatisfying for newer credit unions that will then need to convince their members to give shared branching another try. Outlets failing to update their ISO files may be fined for each occurrence of members being turned away, please be sure to keep your files up to date to avoid these fines.
In updating the shared branching acquirer ISO/BIN file, your credit union is assisting other shared branching participating credit unions and their members to receive the most accurate and up-to-date shared branching services either when a member visits an outlet, or a credit union markets shared branching services. We would like to thank you in advance for assisting with this very important routine update.
Computer Based Training
We are pleased to announce the addition of another computer based training (CBT) module, Grievances. The Grievance module was added the beginning of December and will take approximately 20 minutes from beginning to the end which includes the quiz at the end of the module.
Currently we have six modules available for your credit union to help train your staff on shared branching policies and procedures. The modules currently available are Funds Availability, Grievances, Mystery Shopper, Regulatory Compliance, Shared Branching Basics and Shared Branching Operations.
If your credit union has not taken any of the modules, we encourage you to give them a try since they are being provided for free.
If your credit union has questions on the computer based training modules, please contact Sandy Shenk.
Watch for additional modules to be coming soon!
NGN Daily and EOM Report Changes
CO-OP Shared Branching has made changes to the daily and EOM reports that your credit union receives either via e-remote or FTP. The report changes will take affect on Tuesday, February 7, 2012.
CO-OP Shared Branching is dedicated to providing the most efficient and effective settlement reports to participating credit unions. As part of this ongoing effort, they are pleased to release newly formatted NGN Reports, which should help your credit union better analyze transactions facilitated by the NGN switch. Here are some of the highlighted changes.
Daily Reports:
- Transaction detail in each report has been updated to include the following:
- Switch date/time – provided in EST, represents the date/time when the transaction was processed by NGN. Reports are sorted by this value when appropriate.
- Issuer and acquirer names – Identifies the issuer name and acquirer name/address based on information sent in the transaction.
- POS Code – Determines the acquirer terminal type, such as shared branching, self service kiosk, call center, etc. This is the value as it is sent in the transaction.
- ISO – The padded “9’s” have been removed from the PAN, just the 6 digit ISO/BIN of the issuer is displayed on the report.
- Issuer and Acquirer RT – Adds 10 digit identifiers for both issuer and acquirer.
- A settlement summary report comprised of all the settlement totals for an institution is now available. This includes issuer totals, acquirer totals, and adjustment totals for the specific settlement date. In addition, the settlement report will contain the current and previous day’s suspense activity for issuer and acquirer.
- A new issuer report that breaks down transaction activity by product, such as traditional shared branching, call center, self service kiosks, mobile activity, etc.
- An acquirer branch summary report which includes totals grouped by branch location. It’s designed for quick access to individual branch locations settlement totals.
Attached you will find a zip file containing examples of the newly formatted reports and a document describing the information provided on each report.
EOM Reports:
- Total fees are totaled for each Category.
- Settlement amount is totaled for each Category.
- A new acquirer report that breaks down transaction and fee billing by branch and issuer.
- A new interchange settlement report that provides issuer settlement and acquirer settlement along with total amount settled.
Attached you will find a zip file containing examples of the newly formatted reports and a document describing the information provided on each report.
Keep in mind, that these reports will begin on Tuesday, February 7, 2012, however; EOM reports will not be available until February’s month end reports that are viewable the beginning of March.
CO-OP Financial Services and FSCC to combine Shared Branching Services
CO-OP Financial Services and Financial Service Centers Cooperative, Inc. (FSCC) have announced that the Board of Directors of the two companies has approved a letter of intent to combine operations, unifying the two national providers of credit union shared branching services. FSCC announced that in a vote held December 8, 2011, shareholders have unanimously approved the combining of the company's operations with CO-OP Financial Services.
More detail regarding this transaction is expected in January 2012. Please remember the two networks work together today to provide CU Service Centers across the country and worldwide for your members’ access.
THINK 12 Registrations Now Open
Registration for THINK 12, being held in Boca Raton, Florida at the Boca Raton Resort and Club April 29- May 2, opened in November. The THINK Conference was created to put a fresh perspective on the challenges and opportunities faced by credit unions every day. It's a credit union event for credit union employees, but you won't find the standard conference format or see typical industry speakers. What you will find is innovation and inspiration, leaving you with actionable, take-home insights to help your credit union succeed.
Register today by visiting www.co-opthink.org. Also follow @COOPTHINK on Twitter for daily updates.