Automated Settlement is a proprietary system providing automated, same-day settlement to collect and disburse funds between credit unions and their vendors. These include depository financial institutions, corporate credit unions, state leagues, Federal Reserve Banks, corporations and various types of organizations that provide products and services to credit unions.

Facts:

• Vast majority of all U.S. credit unions settle member share drafts, ATM, debit and credit card transactions, money orders, travelers checks, official checks and billings through this system
• Service has provided value to credit unions for more than 30 years

Business Benefits:

• Vendors can settle with almost every U.S. credit union through a single point of contact
• Same-day settlement improves cash flow management – allows vendors to collect account receivables the same day presented
• Funds collected and disbursed a minimum of one day earlier than ACH and two to three days sooner than traditional checks or share drafts
• Credit unions earn dividends on excess daily balances in corporate settlement accounts 
• Files processed, monitored and settled throughout the day for accurate, timely and secure funds transfer
• Turn-key implementation and simple operation processes reduce the need for administrative and operational resources