Virtual Strongbox joins with Financial Technology provider CU*Answers to open user access to 1.7 million consumers
Charlotte, NC. (May 1, 2015) – Virtual StrongBox, Inc. announced today an agreement with financial technology provider CU*Answers that will provide nearly 2 million consumers to access My Virtual StrongBox via the provider’s online banking. Virtual StrongBox, Inc. is known for protecting personal data the “financial institution way” and provides banks, credit unions and other financial organizations a host of automated file exchange and file storage services
Through a five-year shared strategic initiative, CU*Answers will license the solution and invest in Virtual StrongBox, Inc. on behalf of 245 financial institution clients that use its technology network. In turn, those financial institutions can offer My Virtual StrongBox to customers, giving them a set amount of free storage via online banking as an online safe deposit box – a move that could modernize technology and workflow with automated document transfer and exchanges.
“Consumers trust their financial institutions with their personally identifiable information more than any other companies – retailers, credit card companies, Internet providers – so this is a logical progression,” said Daly. “But with this new initiative, My Virtual StrongBox is taking data security to an unprecedented level to protect financial data the “financial industry way.”
Virtual StrongBox also announced that it is working with CU*Answers to create direct interfaces between the two companies to automate document and information exchange between client financial institutions, their core system and customers, which would be delivered securely to and from each other via users’ individual online strong boxes.
“Virtual Secure Mailboxes are a pending new core competency for financial institution operations. They can modernize technology, workflow, and automate document transfer and exchanges that will one day be the mandate of the consumer experience, not just an option for the fringe,” said Randy Karnes, President/CEO of CU*Answers. “The embedded capability to meet this expectation in software solutions will only increase in a mobile technology world driven by younger consumers.”
And, in that regard, Daly says he believes adopting the best-possible data security is no longer an option. “It’s time for the financial industry to seriously discuss the urgent need to adopt encryption-at-rest technology for stored data, whether through our firm or another process,” he said. “Every day, it seems you hear about another breach of consumer data. We need to step up and move to a new, stronger encryption method.”
About Virtual StrongBox, Inc.
Virtual StrongBox, Inc. is known for protecting personal data the “financial institution way,” and provides banks, credit unions and other organizations a host of automated file exchange and file storage services. With patented “encrypted-at-rest” document storage, secure forms, push & pull file exchange, and e-signature capabilities, Virtual StrongBox stands apart in helping financial institutions automate processes, reduce manual intervention, enhance client services, and achieve significant cost reductions. Today, 242 clients serving 3.1 million consumers and business owners have access to Virtual StrongBox, and are finding new ways to modernize their technology and reduce workflow costs. To learn more, visit www.virtualstrongbox.com or call (704) 817.4588.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring “Its Me 247” online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 1.7 million members and $15.7 billion in credit union assets. For more information, visit www.cuanswers.com.