News

Vero showcases check-cashing solution at CUNA

June 11, 2006

PORTLAND, Ore. - Vero Inc. is showcasing its first end-to-end automated check-cashing solution for credit unions this week at the 2006 Credit Union National Association's Future Forum in Orlando, Fla.

The solution is designed to improve credit unions' efficiency, enhance member and non-member experience and reduce check-fraud losses. It features Vero's proprietary Fraud Detection Engine.

According to the Consumer Banking Association, there are approximately 42 billion paper checks written each year in the United States. The Federal Reserve estimates check fraud costs about $15 billion per year and will continue to growth by 5 percent to 10 percent annually.

"Credit unions are increasingly looking for convenient, cost-effective ways to better serve members without building new branches or adding employees," Matt Buhler, Vero's executive vice president of sales and marketing, said. "Based on industry feedback, we've tailored our solution to meet the specific needs of credit unions."