Nation's 11,000 Credit Unions Can Now Offer Online Banking to Members
PLANO, Texas and MADISON, Wis., Oct. 9 /PRNewswire/ -- EDS (NYSE: EDS) and
leading credit union e-commerce provider CUNA Network Services L.L.C. today
announced they have signed an alliance agreement providing the nation's 11,000
credit unions and their 80 million members access to EDS Internet banking
services.
Under the alliance agreement, CUNA Network Services -- a collaboration
between CUNA Strategic Services, Inc., a subsidiary of the Credit Union
National Association (CUNA) and state credit union leagues -- will provide EDS
Internet banking services to credit unions as part of an e-commerce technology
suite. CUNA Network Services will sell the new offering through existing
credit union trade association channels.
Through the new offering, the nation's credit unions will be able to
provide their members Internet access to their accounts and the ability to
perform online account inquiries, transfers and loan payments. As a result,
consumers can also eliminate manual bill paying with customized merchant
lists, scheduled recurring and advance payments and online payment histories.
"Our scalable, price competitive Internet banking and online bill payment
offerings will help U.S. credit unions have access to the convenient products
and services that their customers want," said Neil Griffiths, client executive
for EDS' credit union business.
"Credit unions are historically early adopters of technology, which they
in turn use as differentiators to combat the fierce competition from larger
banking institutions," said John Hobko, president and chief executive officer
for CUNA Network Services. "It is a deliberate and strategic move to reach
out to an IT leader such as EDS to help us carry out the trend in the credit
union industry toward a greater dependence on online services."
"As the Internet gains greater acceptance as an everyday delivery channel
for consumer financial services, EDS will be there to help credit unions be
viable competitors and leaders in using technology to make banking services
even more efficient and convenient," Griffiths said.
About CUNA Network Services
CUNA Network Services provides efficient, advanced online business and
communication products and services to the credit union movement. Its mission
is to develop technology and delivery systems for future credit union e-
commerce initiatives, allowing credit unions of all sizes to provide
competitive e-commerce solutions to their members.
About EDS
EDS, the leading global services company, provides strategy,
implementation and hosting for clients managing the business and technology
complexities of the digital economy. EDS brings together the world's best
technologies to address critical client business imperatives. It helps
clients eliminate boundaries, collaborate in new ways, establish their
customers' trust and continuously seek improvement. EDS, with its management
consulting subsidiary, A.T. Kearney, serves the world's leading companies and
governments in 55 countries. EDS reported revenues of $19.2 billion in 2000.
The company's stock is traded on the New York Stock Exchange and the London
Stock Exchange. To find out more about the EDS vision, visit EDS via the
Internet at http://www.eds.com .
CONTACTS:
Carol Barreyre - for EDS
(+1) (972) 965.6788
cbarreyre@home.com
Tom Dunn - CUNA
(+1) (608) 231-4002
tdunn@cuna.com
SOURCE Electronic Data Systems Corporation
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Related links:
http://www.eds.com
CONTACT:
Carol Barreyre, +1-972-965-6788, or
cbarreyre@home.com , for Electronic Data Systems Corporation; or
Tom Dunn of CUNA Network Services L.L.C., +1-608-231-4002, or
tdunn@cuna.com
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