Service Updates

Advanced Fraud Solutions’ TrueChecks^® fraud detection service is designed to catch fraudulent checks at the point of presentment. TrueChecks’ comprehensive database contains account level information from thousands of financial institutions and more than 10 years of account-level, historical check fraud data from customers, processors and third-party sources.

TrueChecks can provide credit unions useable data within one second of deposit. Once an item is matched against the TrueChecks database, tellers receive real-time results on duplicates, counterfeits, non-sufficient funds and closed accounts, among other types of fraud alerts. TrueChecks provides tellers with simple Accept (Green), Hold (Yellow) or Deny (Red) responses to help communicate potential risk.

TrueChecks is available with Catalyst Corporate’s TranzCapture suite of deposit services, as well as ImageClear deposit services, where it performs real-time check verification across deposit channels. Real-time verification is also available via direct access to the Advanced Fraud Solutions portal.

Member credit unions and vendors that receive X9 image files from Catalyst Corporate now have increased clarity on the types of files they receive. Catalyst Corporate X9 image files incorporate a new file naming format that provides differentiation between share drafts and deposits.

A three-letter code has been added to the end of each file name, in front of the “.zip” file extension. The following standardized codes are used: “_POD” for deposits, and “_SHD” for share drafts AND over-the-counter files. Over-the-counter only files generated separately from share draft only files are considered share drafts and will also reflect the “_SHD” code.

CECLution.org is a robust, self-directed online platform designed to help credit unions respond to Current Expected Credit Loss (CECL) accounting requirements, effective January 1, 2023.

Based on the Weighted Average Remaining Maturity (WARM) method, the user-friendly CECLution platform offers credit unions several benefits:

• Captures and maintains historical data
• Automatically integrates economic data
• Displays credit union and peer data
• Enables fully customizable Q-factors and carve-outs
• Preserves core assumptions for easy updates
• Saves and stores forecasts

CECLution is an independent, fast and flexible alternative to in-house solutions. The user-friendly platform gives credit unions the opportunity to customize inputs that accommodate different assumptions. It is provided on a subscription basis that permits credit unions unlimited access to the platform.

Catalyst Strategic Solutions’ Secondary Capital Program can provide a means of raising external capital through Secondary Capital or Subordinated Debt.

Pending NCUA approval of a credit union's plan, Low-Income-Designated (LID) credit unions have regulatory authority to issue Secondary Capital or Subordinated Debt that is permitted to count toward net worth for a specified period. Once approved, external capital debt notes are issued to lending (investing) credit unions.

Catalyst Strategic Solutions partners with credit unions through every step of the process.

This automated OFAC Screening Service checks incoming wires for matches with the Office of Foreign Asset Control’s Specially Designated Nationals or Blocked Persons (SDN) list. Matches, or “hits,” are reflected in TranZact, where credit unions can review and decision those wires. Wire decisions, once made, are logged with the wire in TranZact, where they may be easily viewed by authorized credit union employees.

The new OFAC Screening Service for Incoming Wires complements Catalyst Corporate’s existing OFAC Screening Service for Outgoing Wires to provide credit unions a complete solution for OFAC regulatory compliance.