Maintaining Online Banking and Bill Pay Information

Related Topics

Virtual Branch Online Banking allows your credit union members to perform account inquiries, transfers, loan payments and advances and more. Virtual Branch Online Banking provides the following features and benefits:

  • Promotes professional, branded market image with customized branding options.
  • Expands distribution channels for products and services and provides cross-selling opportunities.
  • Enhances customer satisfaction and services geographically-diverse members without branches.
  • Provides access to member accounts and financial services anywhere in the world, 7-days a week, 24-hours a day.
  • Protects confidential member information using user-selected security code.
  • Allows members to schedule one-time or recurring transfers.
  • Provides transaction history including detailed description, amount, date and check number.
  • Displays detailed account information including current and available balance.
  • Provides electronic messaging between you and your members.
  • Exports financial information to personal finance applications, such as Quicken.
  • Provides a unique confirmation number with each financial transaction.

Virtual Branch Bill Payment eliminates manual bill paying with customized merchant lists, scheduled recurring and advance payments and online payment history. Virtual Branch Bill Payment provides the following features and benefits:

  • Allows members to schedule one-time or recurring payments and schedule multiple payments to multiple merchants from a single screen.
  • Allows members to create a personalized list of merchants.
  • Permits members to request payment investigations via online research forms.
  • Allows members to view payment status and payment history for up to 18 months.
  • Includes extensive risk management parameters to eliminate fraud and user error.

Virtual Branch Online Banking users keep Portico and InterACT Web synchronized by allowing you to:

  • Add new share accounts for existing online banking users.
  • Add new certificate accounts for existing online banking users.
  • Add new loan accounts for existing online banking users.
  • Add new credit card accounts for existing online banking users.
  • Add FICS mortgage loan accounts and UNIPAC education loan accounts for existing online banking users.
  • Update an existing user's profile when a change is made to:
    • Member's Name
    • Social Security Number
    • Address 1 and 2
    • City, State and Zip
    • Birth date
    • Telephone Number
    • E-mail Address
    • Business Telephone Number
    • Mother's Maiden Name
  • Delete accounts when a member is deleted from Portico using the Member Delete dialog box.
  • Delete accounts when purged in Portico’s quarterly purge cycle.
  • Change a online banking user’s account numbers when a member number is changed on Portico.

With Virtual Branch Open Transfers, online banking users can transfer funds to any member within the credit union. The 'transfer to' member does not need to have an account relationship with the Virtual Branch user. As long as the 'transfer to' member is a credit union member and has at least one share account, Portico will accept the transfer. This one-time transfer request will override any transfer restrictions listed in Portico.

Virtual Branch Open Transfers works in conjunction with the existing Virtual Branch Enhanced Transfer feature. With Virtual Branch Enhanced Transfer, online banking users must enter the member number and share type in the format 12345=75 and designate the correct account type. With Virtual Branch Open Transfers, the online banking user can enter the member number and designate checking or savings as the receiving account.

Credit unions that have Virtual Branch Enhanced Transfers can immediately take advantage of Virtual Branch Open Transfers. Fiserv recommends reviewing the branding message that appears above the Open Transfer section of the Virtual Branch screen to identify any modifications needed to clearly inform online banking users of the functionality. Contact the Virtual Branch Support Team at virtual.branch.account.support@fiserv.com to request a change to your branding message.

When setting up the transfer in Virtual Branch, the online banking user will designate a 'transfer to' member number and select the preferred account type as checking or savings. Virtual Branch will display Checking, Credit Card, Credit Line, Savings, Loan, Money Market, Mortgage, and Share IRA as valid options for an open transfer; however, Portico will only accept open transfers to checking or savings accounts.

When sending the transactions to Portico, Virtual Branch will identify these transfer transactions as Open Transfer (OT) to prevent Portico from enforcing the transfer restrictions listed on the Online Banking Maintenance dialog box and the Audio ID Maintenance dialog box. Portico will attempt to choose an available share account that matches the preferred account type. If the account type (e.g. checking) is not available, Portico will attempt to select an available share account from the other preferred account type (e.g. savings). These changes will be reflected on the Self Service Activity Report 940.

  • When Portico uses an available share account, the RP CD column will be 07 – Modified Transaction and the TO ACCOUNT column will display the share type that received the transfer.
  • When Portico is unable to complete the transfer, the RP CD column will be 52 – Invalid Account and the TO ACCOUNT column will be blank.

For credit unions choosing not to offer Virtual Branch Open Transfers, Portico will continue to enforce the transfer restrictions listed on the Online Banking Maintenance dialog box and the Audio ID Maintenance dialog box.