Tax processing season underway at CU*Answers

As a core data processor for nearly 300 credit unions, this time of year is tax processing season at CU*Answers. On the heels of year-end processing, teams begin the carefully planned and orchestrated process of generating the data files necessary to create all of the statements and reports required by the federal government. Coordinating the process in a timely manner means quality control at each step, multiple sign-offs before the final stage; sending the files to the statement print vendors and member online banking sites.

“2020 saw several changes to the format and content information included in the tax files, as well as moving deadlines as people and organizations navigated through the pandemic” states Jim Lawrence, VP of Business Continuity and Operations. “Collaboration from several vendors is required, upstream and downstream, to ensure data accuracy and formatting quality for both digital and print media. Multiple teams across the CU*Asterisk network work together to serve credit unions 24/7 across six time zones, completing their tax processing on time.”

Over the years, several products and technologies have come and gone in this industry. One thing is for sure; tax processing will always be with us. And the CU*Answers will be ready to perform it for credit unions. Information about services provided by CU*Answers and the OpsEngine team is available at: