CUOL

AcronymDefinition
CUOLCreative Use of Libraries
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Fiserv said the CUOL acquisition will provide the more than 220 XP2 users with a choice of in-house or service bureau delivery and more direct support and access to Fiserv products and services.
The CUOL, which is co-owned by CEO Connie Boretti and two credit unions: RTN Federal Credit Union and Medical Area Federal Credit Union, has been providing data processing solutions for credit unions since 1980.
Kevin Keener, who came to CUOL with more than 20 years of experience in systems auditing and assurance, bank examination and compliance, will focus on helping the company satisfy audits and examinations itself and do the same for its credit union clients.
CUOL serves smaller credit unions, which Keener said can find it "particularly difficult to keep up with all the regulations, changes and the extra burden of regulatory insight if they try to do with their own internal data processing functions.
She said her credit union's relationship with CUOL, based in Waltham, Mass.
CUOL responded by licensing a software add-on to the XP2 system that automates the blocking of existing cards, obtains a file from the switch provider (Elan, in this case), and communicates between the host and switch databases to automatically authorize and reissue a new card.
Breaches such as Heartland Payment Systems' also can be addressed with the automated solution at CUOL, Lowman said.
He said his credit union had over 400 cards affected by the Heartland breach, which prompted RTN to go to CUOL for help.
Most also will be using the Wisdom Accounting Suite, integrating core general ledger functionality, branch and department accounting, vendor information and other functions with the XP2 core system, CUOL said.
We're excited about our new relationship with Virtual Branch and CheckFree," said CUOL president/CEO Connie Boretti.