Newsletters

In this issue:

• MY CU Services Update
• We’re Converting Share Drafts in 2026…Here’s What You Need to Know
• Upcoming Education Sessions
• BLOG ALERT: Payments Ahead!
• Welcome New Credit Unions

We’re Converting Share Drafts in 2026…Here’s What You Need to Know

As we announced earlier this year, Vizo Financial and MY CU Services are preparing to convert share draft processing, returns and image archives to the TranZact platform in the second quarter of 2026. This will impact both member and corporate share drafts. Prior to the conversion, we want to share details with you about what to expect and how to get your credit union ready for this change.

Here’s what you need to know:

Benefits of the New System

The goal of this conversion is three-fold: to gain efficiencies, to invest in a cooperatively-owned solution and to bring about process improvements for a more streamlined share draft processing experience. Here are some benefits of moving to the TranZact platform:

• All check processing functions and image archives will be located in one place.
• You can enter adjustment requests with supporting documentation directly into the portal.
• There will be expanded service hours, including a 5:00 p.m. CT cutoff time for entering returns.

For certain credit unions, additional benefits include:

• A single settlement entry at the end of the day, rather than multiple settlement files.
• Settlement through the institution's Vizo Financial account, rather than the Fed account.
• Eliminated requirement to enter totals at the end of each day.

Communications

In order to stay informed throughout the conversion process, we will be sending periodic communications to impacted credit unions. These communications will contain important information, including:

• Changes to share drafts and current processes
• Actions you will need to take
• Resources such as guides, recordings, etc. to help you navigate these changes
• And more

Change to Mod Check Routine

A big change to the current share draft process will be the elimination of mod check routines. Instead of using these routines to identify incorrectly captured account numbers, new software will be employed to read the account number on the check image and compare that to the account number sent in the file's data record. If these do not match, the item will be sent to a review queue, and the account number will be updated as it appears on the check image before it is included in the posting file.

If the image is not clear, the account number will be keyed with a placeholder number, just as it is today when an item fails the mod check routine. These items will then reject when share draft posting takes place. With this new process in place, you should expect to see fewer exceptions to handle on your end after posting.

No action is required on your part to take advantage of this new process. It will be automatically implemented with the conversion to the TranZact platform.

Update Paperwork

We will be requesting updates to various paperwork, including documents to verify your authorized signers for the Corporate and the Fed, service contracts, etc. We will notify you of which documents will need to be updated through the course of our communications, and we will do our best to assist you through this process.

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BLOG ALERT: Payments Ahead!

Payments are in the blogosphere! There’s a lot to look into when it comes to the future of payments, whether that’s how to prevent payments fraud in a digital world or upcoming trends to be aware of. Thankfully, our blog has all the info you need!

Tarah Sweigart, compliance and fraud administrator for Vizo Financial, covers the ins and outs of a multi-layered approach to prevent payments fraud, in her recent article on the Vizo Financial blog.

Here’s a short snippet from the article:

“With advancements in tech, fraudsters have found gaps in traditional fraud prevention methods that rely on a single tool or control. That’s because these methods don’t catch every threat. Bad actors are taking a multi-dimensional approach to coordinate a single scheme, as we’ve seen with social engineering attacks, account takeovers, impersonations and more.”

Ready to read more? Head over to the blog and check out Preventing Payments Fraud with a Multi-Defense Strategy!

While you’re there, don’t miss what our partners at PaymentsFirst have to say about what we can expect to see coming down the card payments pipeline in their article, Exploring the Evolution and Future of Card Payments.

Here’s a little sneak peek from the blog post:

“As technology has been rapidly advancing over the past two decades, so have the functionalities and capabilities of card payments. The days of swiping plastic at the register are mostly behind us, and the rise of newer methods like contactless payments, digital wallets and embedded payments have quickly become standard practice. What does your credit union need to understand and monitor for the future?”

What does the future of card payments have in store? Read the full article to find out now!

Peruse the Latest Payments Blog Posts

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