ACCOUNT TYPES - the credit union can configure up to 99 different types of each account; chequing, savings, loans, mortgages, RRSPs, RRIFs, term deposits and TFSAs. Lines of credit can be overdraft or loan types. By the time the system is installed, we will have worked with management to configure each account type as required. In the future, the credit union can add new types or change existing ones as required.
ATM/POS PROCESSING - interfaces currently available are Everlink and Threshold. A flexible service charge table for member transactions is available as well as service charge exemption options. Infonancial maintains communication with the switch and processes all inquiries and transactions. Service is not interrupted by credit union functions such as backup or day end processing.
AUDIT CONFIRMATION SYSTEM - this will provide the auditors with the opportunity to print confirmation letters, based on a selection criteria of their own choosing, at the credit union office. All master files can be exported for the auditor's use, by any staff member that has security access.
AUTOMATIC FUNCTIONS - some examples are: loan/mortgage payment transfers, CDI/CLI premiums, savings transfers, safety deposit box payments, system generated renewal and reminder letters, RRIF payment and year end recalcs, day end, month end and start day and reoccurring GL entries. All offsetting GL entries are posted automatically. Other examples are DICO, CUDGC and FSR reporting, rate changes, term renewals and post dated cheque administration.
BILL PAYMENT PROCESSING - electronic associations can be established with Central 1 or Telpay for distribution. Bill payments can be made over the counter, through telephone banking and internet banking, and submitted as a combined file.
BRANCH ACCOUNTING - multi-branch accounting and reporting is available if required. Reports can be automatically routed to the branches.
CRA FORM PRINTING AND ELECTRONIC FILING - Infonancial's system generated government forms (T5s, T4RSPs, T4RIFs, NR4s and RRSP deposit receipts) are approved annually by CRA. Once all forms have been printed and reconciled, the CRA electronic file can be created and submitted to CRA.
CUIS CLIC - interface from the Infonancial system so that member information is completed automatically in CUIS CLIC.
CHEQUE/EFT PROCESSING - cheque and EFT items can be received electronically, and cleared by electronic file or manual batch. Currently clearing files are received from Central 1, CUCM, BMO, TD and Royal Bank. Central 1 cheque/EFT files can be posted automatically to members' accounts. Transfers from other savings/chequing account types can be done automatically to cover overdrafts. Service charges can be established.
CHEQUE PRINTING - credit union corporate cheques are printed while posting, and the cheques issued will be recorded in the cheque reconciliation file.
CHEQUE PRODUCTION - provide members with fully coded cheque orders while they wait. Member cheques (personal and business) are produced, with MICR encoding, using information from the master files.
DORMANT ACCOUNT ADMINISTRATION - a security access code is required for posting transactions to an account that has been dormant for an amount of time determined by the credit union. Dormant account notices are printed automatically. Service charges can be posted automatically to dormant accounts.
EMAIL ALERTS - members can receive transaction email alerts on account activity. On an individual account basis, the alerts can be configured to be sent for all transactions, for only ATM/POS transactions, and for transactions over a specified amount. After the setup is done, no operator intervention is required. Members can activate this through INFO/NET banking.
EMPLOYEE SECURITY - each employee is listed on the system, along with an employee number. Each employee is given access to the areas of the system which are necessary to perform his or her job. Management can change access at any time, and employees can change their security access codes at any time, without assistance. Management can determine a minimum length for security codes, a combination of minimum number of alpha and numeric characters, and duration until expiry. All changes to master files, overdrafts, etc, are recorded on the Status Change Log, and can be displayed or printed at any time, by account number or employee number. Staff can be restricted from access to their own accounts, restricted from access to statements of other staff, and from viewing or posting to certain member's accounts. A report is printed every day that lists all attempts made by each individual to enter any area of the system they have not been given access to.
EQUIFAX CREDIT BUREAU REPORTING - the reporting system creates a file with loan information suitable for transmission to the credit bureau. This file can be manually updated with additional credit information.
EQUIFAX INTERNET INTERFACE - an interface is available that will connect the Infonancial system to Equifax by a secure internet service for the purpose of obtaining credit searches, from any workstation. The member name, address, birthdate and SIN will automatically update the credit check master. The credit search results will print to any networked printer, as requested by the operator when initiating the search.
FILE EXPORTING - this is a method of transferring information in text (ASCII) and/or comma delimited formats from the system to a PC directory, by any staff with security access. The files can then be imported to applications such as Excel and Lotus. There are many files available, including member name & address, balances by account type, statements, CUIS LS, NISA/CAIS and Industry Sector Analysis.
FORMS PRINTING - the system will produce forms using existing information from the master files and information keyed in by the operator. The system will create the form and fill in the fields at the same time, so preprinted forms are not required. Currently RRSP and RRIF forms (such as application, locking-in agreement, declaration of trust and subsequent deposit forms), TFSA forms (such as application, deposit and withdrawal forms), term certificates, CRA forms, membership forms (such as applications and operation of account agreements), stop payment forms, preauthorized debit agreements and wire transfer forms are available.
GENERAL LEDGER - this will be set up with the accounts currently being used by the credit union, plus any additional accounts required by the system. Posting, financial statements, account statements, history files, budgeting, cheque reconciliation and reoccurring GL entries are maintained.
HISTORY - member and general ledger transactions are moved to history files for each calendar year. These files are retained on the system and can be printed or displayed as easily as current information. Many years of history can be kept on the system.
HOT CARD - the hot card service is available to members 24 hours a day, 7 days a week. If an ATM card is stolen, lost or compromised, the member can call in and cancel their card immediately. The member can use the card number, name & account number, name & SIN or account number & SIN to cancel the card. An 800 number is provided to the credit union which can be promoted by webpage, newsletter and printed materials to members, as well as on the credit union's phone message.
INTERNET BANKING - Infonancial's INFO/NET banking permits members to access their accounts from any PC, supplying the following:
- account balances
- account statements
- account transfers (including US dollar/Euro transfers)
- bill payments, vendor setup, future dated and reoccurring payments
- cheque image retrieval
- email notices to members
- loan payments (regular or additional)
- MS MONEY, QUICKEN, QUICKBOOKS and .csv file downloads
- password changes
- related account transfers, postdated and reoccurring transfers
- transaction email alerts
- welcome message (basic HTML codes can be used by the staff for such things as font colour and size).
There are no session or per member fees.
A MemberDirect interface is also available.
INVESTMENT PORTFOLIO - will assist in the administration and matching requirements for credit union investments. The asset/liabilities matching report will include the investments and record them in the applicable row and time bucket, and shift accordingly as maturity dictates. The GL master includes a Quarterly Repricing field for assets and liabilities that are no-rate items, such as Accrued Interest, Fixed and Other Asset categories, to allocate these items to a row and box number for the interest rate risk shock test.
JOB SCHEDULES - data processing and reporting for Start Day, Day End and Month End is set up in job schedules, for automatic processing. Along with mandatory jobs, these schedules can be designed by the credit union as required. When Day End is run at the end of the month and the end of the year, the system will automatically run Month End and Year End jobs.
LOANS ORIGINATION - will produce loan forms using existing information from the master files and information keyed in by the operator. Preprinted forms are no longer required as the system will produce the form and the inputs at the same time on blank paper. Standard and/or custom forms are available, including CUMIS, Canada Life, CMHC and government land registry forms. The option is available for a credit union using Infonancial's loans origination to post from a loan application. Forms data mining can be used to extract specific information from loans origination. Information from loans origination can be used in the Report Generator. Infonancial also has interfaces with Neocog's IntelliLender and CRI.
MANUALS - easy to follow user manuals are available on the system's Word Processor for personnel to access at any time, and are updated at least quarterly.
MEMBERDIRECT - an interface is available which includes mobile services, Interac EMT and Me-To-Me.
MOBILE BANKING - mobile banking allows members to see account balances and recent account activity of up to 5 transactions on selected accounts as well as process transfers between their accounts, all on their mobile phone. Internet banking is not required to offer this service to members.
PRINTERS - along with the main printer, additional small printers can be added to the computer system for printing such things as cheques, receipts, term certificates, rate inquiries, individual statements, envelopes and passbooks. A printer can be set up with letterhead for printing system letters, formatted letters and Word Processing documents. Once the system is configured for such printers, the applicable jobs will automatically be sent to the correct one. These printer options provide professional results while reducing the workload of the staff.
RELEASES - software releases are sent out to customers at least quarterly, containing any new options and improvements on existing items. Notes describing all changes and additions are included, which are also available on the system's Word Processor for personnel to access. All Infonancial credit unions always have the same, up to date software. All new products and enhancements are available to each credit union.
REMOTE DATA STORAGE - the credit union's data (including the main system, switch interface, Infonancial's internet banking and Central 1 clearing/EFT service) can be simultaneously copied to a server at Infonancial's office and hot site. Infonancial will then provide a service whereby the credit union can access their data, on Infonancial's offsite servers, from a temporary credit union office, in the event of a disaster where the credit union is unable to access their own data equipment.
REPORT GENERATOR - along with the many reports available on the system, additional ad hoc reports can be designed and created by credit union staff. These can be for one-time use, used repeatedly and added to job schedules. Mailing label batches can be printed for accounts selected by the report. A comma delimited file can be created by the report for importing into such applications as Excel and Lotus.
REPORT RETENTION & RETRIEVAL - all reports and printing jobs are automatically copied to and stored in the spooler. Reports from automatic postings and job schedules will not be lost if there is a printer failure. Spooled reports will be archived indefinitely, and can be viewed, printed or exported from any workstation. The option is available to have only the totals page of a report printed and the bulk of the report stored, saving on unnecessary printing. Reports required for audit purposes do not have to be printed daily but can be stored and printed only when required. Spooled reports can be exported to a PC for use in other software packages by any staff that has security access.
SAFETY DEPOSIT BOXES - a safety deposit box master is set up for each unit at the credit union, indicating if it is available or including all relevent member information if it has been taken. Renewal fees are transferred automatically, and renewal notices can be printed automatically.
SAVE IT UP - SAVE IT UP is a savings option that lets the credit union member automatically round up every POS purchase to the next $1, $5 or $10 with the extra amount going from that account into a savings account instantly. The member can select which account number and savings type that the rounded up amount is to be deposited to. The member can select rounding up to $1, $5 or $10, and the system will calculate the amount to transfer.
SYSTEM INQUIRIES - savings/chequing rates, loan/mortgage rates, term/RRSP/RRIF/TFSA rates, loan/mortgage payment calculations, interest calculations, foreign exchange calculations, CDI/CLI premiums and check digit calculations are all easily available.
SYSTEM TABLES - all Infonancial credit unions have the same software programs at all times, and all new products and enhancements are available to each credit union. By utilizing system tables, the system is configured to your specifications and requirements. This enables you to easily add and change the services, information and rates offered to members, whenever you want. The credit union has the room and resources to grow with its members.
TELEPHONE BANKING - provide telephone services for members, using text to speech technology so no voice model is required. The voice is computer generated, and easily customized by the credit union. The following functions are automatically supplied:
- account balances
- bill payments, future dated payments, reoccurring payments
- calculations (for example daily interest, loan payments, foreign exchange)
- FAXREQUEST (members can request that a statement be faxed automatically to a specified number)
- general credit union information (for example hours and location)
- interest rate inquiries
- message centre for staff (multiple voice mail boxes can be set up for members to leave messages in)
- messages for members (specific or multiple accounts can be sent messages they will hear when logging in)
- password changes
- transaction statement inquiries
- transfers, future dated transfers, reoccurring transfers (including US dollar/Euro transfers).
TERRORIST FILES - There are several listings of names and organizations, such as from OSFI, that financial institutions are required to monitor against their client base for any possible matches. The information from these listings is updated on the system automatically by Infonancial, and any possible matches found in the system will be included in the OSFI Terrorist Report, which is printed automatically.
VERAFIN INTERFACE - the option is available for member and transaction data from the banking system to be provided to Verafin for their anti-money laundering and fraud detection application.
WORD PROCESSOR - the Infonancial Word Processor is fully integrated with the rest of the software. It can be accessed from any workstation. Formatted and system letters can be configured for automatic printing by the system, without having to enter information such as the members name and address and account information for each letter (for example, delinquent loan letters, mortgage rate change letters, age based letters, safety deposit box renewal notices and welcoming letters for new members). The user manuals and release notes are kept up to date on the Word Processor for staff to access. All documents can be exported to a PC for use in other software packages.
WRITTEN OFF LOANS - this is a method of maintaining written off loan and mortgage interest calculations and payment history on the system while exempting these loans from the standard reports. These off-balance sheet loans and mortgages will be exempt from DICO/CUDGC reports, however can still be posted to.