CO-OP Financial Services is the second payment processor serving credit unions to subscribe to CUNA Mutual Group's Claims Automation Service.
The addition means credit unions that process their debit charges with CO-OP and that are covered by CUNA Mutual insurance will be able to submit card fraud claims more quickly and easily. Fidelity National Information Services started to allow its credit and debit processing CUs to use the new system in February.
"The partnership between CUNA Mutual and CO-OP is focused on helping our credit union customers overcome the time-consuming hassle of submitting card fraud claims," said Connie Trudgeon, vice president, operations, for CO-OP. "In addition to operational efficiencies, this new service represents an advanced tool in the industry-wide fight against fraud. With better data, delivered faster, both organizations will be better positioned to identify fraud trends and activate fraud prevention programs earlier."
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"Our Claims Automation Service was designed based on input from credit unions and their need to improve the administrative efficiency of their card programs," said Chuck Cashman, plastic card product executive, CUNA Mutual. "This level of automation is unprecedented in the industry-enabling us to expedite the claims process for credit unions while improving the overall quality of their fraud analysis reports."
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