Michael Manahan

Looking to elevate workflow efficiency? Shastic's AI-Workflow-Automation platform is what your credit union needs to revolutionize operational efficiency and member engagement. Why Choose Shastic? -Streamline Processes: Automate to save time and minimize errors to focus on high-value tasks. -Enhanced Member Experience: Deliver personalized, digital-first services that exceed member expectations. -Drive Efficiency and Growth: Leverage predictive analytics for data-driven decisions, enhancing your competitive edge. -Seamless Integration: Effortlessly connects to your existing systems in minutes with minimal IT lift. 🔍 Transformative Impact From loan processing to member services, witness a tangible improvement in productivity, satisfaction, and ROI. Join the leaders who are already redefining the credit union industry with Shastic. 🌐 Schedule Your Demo Today Don't just keep pace with technology—lead the charge. Request your Shastic demo today and take the first step toward a smarter, more responsive, and member-focused future. https://hubs.ly/Q02Py-7B0 #AI #workflowautomation #efficiency #automation #creditunion #banking #workflow

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DCG’s deposit forecast indicates that the industry is still not back to “normal” regarding expectations for deposit cost relief and balance growth in 2025. Andrew Mitchell shares more on the path forward: https://hubs.ly/Q02X8Q9x0 #bankingindustry #creditunions #deposits

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Short-term #delinquencies are on the rise as #credit access remains tight and high monthly #payments continue to squeeze #consumers. https://hubs.la/Q02zmycc0 #autofinance #autoindustry

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Great slide from Brett King’s “CU 5.0 blueprint for tomorrow’s credit unions” session at the TruStage Discovery2024 Conference. We agree that digital delivers better member service and drives growth for credit unions. It’s what we’re delivering for leading credit unions with FIQ Journey. This easy to implement, white-label platform brings hybrid digital advice and self-directed investing together in a single investor experience, providing members with the digital engagement they want and credit unions with the proven, scalable technology they need for profitable organic growth. Whether your goal is democratization of the investing process to attract new members or a small accounts solution for member retention to stop ACH outflows, our team can work with your credit union to integrate FIQ Journey into your existing systems, infrastructure, and member care teams, minimizing disruptions and the need for expensive modifications. You can learn more about FIQ Journey here: https://lnkd.in/g62NVJnh #creditunions #digitaltransformation #discovery2024 #banking #fintech

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NACHA’s new rules are transforming fraud detection for community banks, credit unions, and smaller financial institutions! Here’s what’s changed: - Return Reason Codes: RDFIs can now return suspicious payments with Return Code R17. - Enhanced Monitoring: Mandatory ACH credit monitoring begins with large institutions, expanding to all RDFIs by mid-2026. - Increased RDFI Accountability: RDFIs are now responsible for identifying and returning funds linked to mule accounts. These changes require immediate action for compliance and effective fraud prevention. Learn how NICE Actimize’s Xceed can help your institution adapt with AI-powered solutions for real-time monitoring and seamless case management. Read the full blog for insights: https://bit.ly/3UN2G6r #FraudPrevention #NACHA #NICEActimize #Compliance

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Let’s add your #CreditUnion’s success to these great stats! View the infographic below to see the difference Origence Indirect Lending and the CUDL #Dealer Network can make for your lending portfolio. https://lnkd.in/eDHtgm34

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There are ~1.6 billion transaction accounts in the USA, including credit cards, debit cards, checking accounts, Buy Now Pay Later (#BNPL), Health Savings Accounts (#HSA), etc. There are ~1.7 billion mobile wallet users across platforms like PayPal, Venmo, Apple Pay, Google Wallet, Samsung Pay, and Square's Cash App. At least 5.125–10.25 billion payment credentials are stored across the economy—both knowingly (registered & retained for payment) and unknowingly (captured & processed through negative & positive files)—by retailers, recurring billers, subscription services, government agencies, credit/debit bureaus, networks, and other payment processors. Crone Consulting LLC independent estimates, no public disclosure by the companies mentioned. The Consumer Reports Financial Protection Bureau’s #CFPB recent move to regulate Google raises the question: Why start with Google? If applied broadly, the ruling should include any entity processing more than 50 million transactions annually while retaining card credentials. This includes government agencies like the Social Security Administration #SSA and the Internal Revenue Service #IRS. Consider these annual transaction volumes: Apple Pay: 60 billion PayPal/Venmo: 31 billion Google Wallet: 16 billion Amazon: 8 billion Medicare: 2 billion Social Security: 1.12 billion IRS: 550 million While the CFPB claims to protect consumers, private entities like Apple Pay, PayPal, and Google Wallet consistently outperform government services in customer satisfaction, as reflected in their Net Promoter Scores (#NPS): PayPal: 65 Apple Pay: 61 Google Wallet: 44 Amazon: 49 Medicare: 19 Social Security: ~10 (Estimated) IRS: ~5 (Estimated) Why doesn’t the CFPB start with the worst offenders, namely their own governmental brethren? Private entities lead in user satisfaction, while agencies like the SSA and IRS lag far behind—emphasizing the urgent need for oversight and modernization to fulfill their “protection” mandate. Please 📤 Comment 🗨️, react 👍, and 🔁 reshare Steve Cocheo’s article in The Financial Brand (no paywall). 👇 #innovation #technology #ecommerce #bankingindustry #shoppingandtheretailindustry #marketing #selfservice #retailers #mobiletechnology #mobilepayment #fintech #digitaltransformation #bank #banks #banking #digitalstrategy #payments #digitalinnovation #socialcommerce #artificialintelligence #ai

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A driving factor in the growth of Same Day ACH payments is the ACH Network’s firm establishment. ACH is ubiquitous, and businesses and consumers are familiar with it. Unlike some of the newer real-time payment rails, virtually all FIs are connected to ACH, facilitating money movement regardless of the customer’s bank. “If you’re a business and you haven’t dipped your toe in the faster payments waters yet, start with what you’re familiar with, which is likely to be ACH,” Michael Herd, Executive Vice President of ACH Network Administration at Nacha said. “Same Day ACH is just a faster form of what you already know. It’s the same system and the same processes. You will have to adapt to the faster settlement of funds, but ultimately there’s a much lower barrier to entry.” Read more: https://lnkd.in/e3hiv_g2

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In today's competitive landscape, many financial institutions grapple with multiple challenges while trying to streamline their credit operations—such as inflexible loan workflows, integration challenges, and outdated legacy systems. These roadblocks create inefficiencies, delay loan approvals, and ultimately affect customer satisfaction.   ✅ PureSoftware's Digital Lending Market Report 2024 dives deep into these challenges and offers key insights for creating a seamless digital lending ecosystem.   Download your free copy here 👉 https://lnkd.in/grWRdtG6   #PureSoftware #Arttha #LoanManagement #DigitalLending #MarketReport #Bankingsolutions #LOS #LMS #Linkedin

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<<https://lnkd.in/gpn6DMk5>> Build preventative measures to minimize the impact of #Fraud on your business and members. See how #CreditUnions, armed with knowledge and the right partners, can implement solutions to detect and prevent potential attacks. Learn more in our latest white paper.

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For the first time, RDFIs will have a defined role in monitoring ACH payments they receive. This significant development, approved by Nacha members, aims to combat fraud, including business email compromise (BEC), associated with credit-push payments. As Jane Larimer, Nacha President and CEO, points out, "All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred." Learn more in our April 2024 Innovating Payments Executive Summary— Nacha Rules Take Aim at Credit-Push Fraud: https://lnkd.in/ezsgudgX. Plan to join Sean Carter, AAP, APRP, Mark J. Dixon, CTP, AAP, APRP, NCP, Mary Morrison, AAP, APRP, NCP, CAMS, and Patty Presta for a comprehensive two-part series, "Diving Into the Operation Impact of the New ACH Rules," on May 31 and June 07, 2024, where they will delve into the implications of these new rules, offering insights on implementation, procedures, policy updates, audits, risk assessments, and organizational engagement. 🔍 Curious about engaging with third-party providers? 📝 Wondering about new procedures and policy updates? 🤔 Unsure about ACH audits or risk assessments? Get the answers by registering for Diving Into the Operation Impact of the New ACH Rules: https://lnkd.in/e7y73DN2 #ACH #FinancialServices #FraudPrevention #RegulatoryCompliance #ProfessionalDevelopment

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What if your lending team never slowed down—no matter the workload? That’s the magic of automated agents. With Shastic’s Mago platform, automated agents work tirelessly behind the scenes, tackling tasks like document validation and loan processing so your credit union never misses a beat. Think of them as the team member who never clocks out—streamlining workflows, eliminating bottlenecks, and freeing your team to focus on high-value member interactions. It’s time to make automation a part of your team. Ready to meet your newest hire? https://hubs.ly/Q02ZBK2Z0 #AI #RPA #Banking #CreditUnion #Lending #AIWorkflowAutomation #WorkflowAutomation #Efficiency #Loan #Fintech #PeopleHelpingPeople #AutomatedAgent #Streamline

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👉 FREE EBOOK DOWNLOAD 👈 As #creditunions engage in their strategic planning sessions, they should consider what will really help them not just grow, but thrive, long into the future. Network Lending helps future-proof your credit union allowing it to more adeptly navigate market fluctuations and provide more flexibility with your liquidity management. #lending #fintech #strategicplanning #growth

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The latest data from NCUA paints a challenging picture for credit unions, but staying informed is the first step toward tackling these issues head-on. Check out our News & Resources page for an in-depth look at the trends and what’s next for the industry. #CreditUnionData #FinancialServices #TyfoneInsights

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Switching to ACH payments not only enhances efficiency but also fortifies your business against fraud. Dive into the world of secure transactions and reap the benefits just like BBB of South Dakota, Inc. has. They shared a cost-saving strategy: “Using ACH payments has saved us thousands of dollars in discounts with one of our suppliers. It also makes payroll much more convenient with direct deposit into our employees’ accounts.” https://lnkd.in/gX6p-S-t #BusinessEfficiency #ACHPayments #SecureTransactions #FightFraudFriday

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🏦 Why are #lenders choosing Moov? 🚀 Speed ✅ Flexibility 💰 Cost savings Our unique approach to #payments lets them offer a lot of different money movement options—including real-time, multi-party #disbursements—and we make it easy. Here's how we do it.👇

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Talk to us about your ACH requirements here: https://bit.ly/3WBTp2c What is an ACH payment rail? ACH stands for Automated Clearing House and is managed by National Automated Clearinghouse Association. It seamlessly transfers funds between bank accounts via the ACH network, powering and simplifying daily financial transactions for businesses. It was a system designed and released more than 50 years ago in 1972. Back then it was revolutionary. While it has delays associated with it, it has stood the test of time and remains the most widely used system for payments in the US, with volumes in the year 2023 exceeding 30 billion transactions for more than 80 trillion dollars. The ACH network supports two primary transaction types: ACH credit, where money is pushed into the recipient's account (example: employer deposits), and ACH debit, where funds are pulled from the payer's account (example: direct payments).

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