Bill Payment

Electronic Bill Payment Features

System Independent
MY CU® Services LLC’s Electronic Bill Payment (EBP) service can easily be integrated with products offered by any home banking provider or data processing system. Our service also may function as a stand-alone EBP system.

Flexibility
All of the components needed to customize your EBP service are available with no requirements to purchase expensive package deals. This guarantees a solution uniquely suited to your credit union.

In-House Processing
MY CU® Services processes all payments in-house through Mid-Atlantic Corporate, including paper items. It’s common for other EBP providers to outsource the remittance of payments, therefore, giving up control of the process. Should a problem arise with your members’ payments, MY CU® Services’ “one-stop shop” makes research easy.

Electronic RemittanceMY CU®
Services functions as a dual processor for the remittance of EBP payments. The CUSO can and will make payments electronically when possible. When necessary, MY CU® Services is capable of remitting paper items as well. Regardless of the remittance method needed, the process is transparent to the bill payer.

No Check and List
It is MY CU® Services’ policy to never submit check and list remittance when processing EBP payments. A check and list remittance is one check sent to a merchant with a stub containing a list of names and account numbers for several customers. Most merchants don’t have a system to accurately credit accounts based on a check and list remittance, thus causing problems for your members.

On-line Administrative Database
MY CU® Services’ administrative level on-line research database enables your credit union to maintain user lists, store pricing schedules and edit pricing criteria. In addition, your credit union can resolve payment inquiries for its members including checking for clear dates, stop payments, merchant returns and printing images on-line.

On-line Research Database
If your credit union chooses to do so, MY CU® Services can provide your members with their own access to the on-line research database. This capability makes it possible for your members to research their own payment inquiries on-line, anytime and without contacting the credit union or MY CU® Services.

Billing Files
MY CU® Services will maintain member billing files for your credit union so you don’t have to. You supply the billing criteria and MY CU® Services takes care of the rest.

Electronic Bill Payment Options

Remittance Processing
Remittance processing is the root of MY CU® Services' bill payment services. At this level, the CUSO operates in the background to process payment of bills for your members. It's a perfect alternative for credit unions who wish to use the internet banking provider of their choice or those already offering a home banking system with bill pay capbilities, but are seeking a credit union source for back-end processing.

Processing and Settlement
Every night, MY CU® Services, LLC will receive a file of payments to be processed the following business day. This file will be received from the internet banking system your credit union uses for bill payment, and may contain verified funds payments or files for which members' accounts have not yet been debited. Once payments are sent to the merchants, your credit union's designated settlement account is debited. This settlement account can be held at the institution of your choice.

If your home banking system does not pre-debit your members' accounts, MY CU® Services will generate a file of bills to be paid in an ACH format, and either transmit it to your credit union or make it available for you to download.

Front End Method
Extending the services offered under the Remittance Processing Method, the Bill Payment Front End Method offers credit unions a generically branded electronic bill payment system that allows members to submit payments via the internet. This method is designed for credit unions currently offering a home banking system without bill payment capabilities, or those seeking a stand-alone electronic bill payment interface. The Corporate's role is to work behind the scenes handling back-end processing of payments requested. Visit www.mycubpdeo.com  for an interactive tour of the Bill Payment Front End.

MY CU® Services' "Front End" can be branded to suit your credit union. This allows MY CU® Services to process requested payments 'behind the scenes", so that the bill payment system you offer to your members is uniquely yours. In addition the system is front end independent. This means it can easily be integrated with products offered by any home banking provider, or it can function as a stand-alone product.

My CU Services