Power of Platinum
FedComp's programmers are driven by the ever changing needs of our credit union clients. The TNG platform originated almost 17 years ago when Windows 98 was the hot new operating system, many systems were still run on huge mainframes, and the Internet was simply a new way to waste time. Now we have computers in our pockets with more power than many of those mainframes and staying connected via the Internet is an integral part of our lives. Over the past 7 years Microsoft has issued 4 versions of their desktop operating system starting with Vista issued in January 2007, and will release another version, Windows 10, later this year. In order to take advantage of these technological advancements, FedComp created a new generation of core processing software called Platinum. The Platinum software was originally designed in 2008 with numerous enhancements over the TNG platform. In order to keep up with the increasing demands of this digital age, FedComp has continuously upgraded the Platinum platform to utilize Microsoft's current Window 8.1 operating system.
Unfortunately, this increase in sophisticated technology has also led to more sophisticated threats to your members. Gone are the days of just having good locks and a big safe. Thieves are no longer limited to simple theft, but are instead focusing on attacking you remotely via the Internet to get what has become the most important asset in your credit union: your data. As your technology partner, we are committed to doing our part to help you secure your data against these attacks, but as times change, we must do the same to meet these new challenges. Due to the increased security demands required for this new age, FedComp will retire the TNG software on December 31, 2016. Platinum is designed with an understanding of your credit unions operations. Your credit union sets the global rules, level of security, product service mix definitions and determines which core features to utilize. Standard within the Platinum platform are four features:
- Power Teller Cash Drawer
- Loan Application Tracking
- Credit Bureau Inquiry Integration
- Collateral and Insurance Tracking
The Power Teller Cash Drawer enables you and your credit union staff the ability to process member transactions on a single screen. Virtual ID and signature are verified on the same screen. Power Teller also enables live tracking of special inventory items such as money orders, gift cards, and theme park tickets.
Loan Application tracking enables the capture of assets, liabilities, income and expenses for a snapshot of a member's financial condition at any point in time, including debt to income ratio. Credit Bureau Inquiry is integrated into this module and enables you to pull a credit report on your member and store this information within the FedComp system. Charged-off and non-performing loans including bankruptcy and reaffirmation are easily tracked with this feature.
Details of member's collateral and insurance protection can be maintained within the Collateral & Insurance tracking module. Notices for missing documents can be generated and either emailed or mailed to your member and missing document reports can be easily generated.
Required functions for OFAC matching, FIDM reporting, FinCen matching, IRS 1099/1098/5498 form printing or file export and NCUA AIRES reports for examination are integrated in the Platinum core. Platinum is also available in four packages: Elite, Enhanced, Essentials and Economy. These packages combine the four basic features of Platinum with other essential features tailored to the needs of your members.
The Elite package offers cutting edge, progressive software that is recommended for credit unions that want to "offer it all" to their members with technology available today and tomorrow.
The Enhanced package offers software features recommended for the growing credit union enabling the credit union to deliver real time EFT products to members and efficient back office operations.
The Essentials package offers software features recommended for credit unions that are primary financial institutions for their members with essential EFT services and efficient back office operations.
The Economy package offers software features recommended for classic small core credit unions that offer basic shares and loans to their members.
The Platinum core package is delivered to credit unions as both an ASP (application service provider) and in-house approach. Platinum provides the same functionality across all delivery channels and allows credit unions the flexibility to move from one delivery channel to another based on the credit unions business strategy.