NEW! View the slides from the 2023 Leadership Conference, held in Grand Rapids on June 20, 2023.
PROJECT SUMMARY
This project is to create a new API integration between CU*BASE teller tools to the Ascensus IRAdirect express™ web-based solution. This will be an optional, paid-for solution by credit unions who use Ascensus services for IRA reporting, tracking, and compliance tasks.
It’s important to note that this project is intended as an interactive workflow process for credit union employees to complete tasks in the Ascensus site. The overall goal of this integration is to reduce dual entry for credit union employees. Currently when an employee opens a new account or posts certain member transactions in CU*BASE they must also enter them manually into the Ascensus IRAdirect site in order to complete related paperwork/forms. This project will pass data entered in CU*BASE over to the Ascensus wizard to eliminate manual rekeying.
The new interface is only needed in situations where a CU employee is actively handling a transaction and needs to generate special paperwork for the member to sign. The interface will not be triggered by any batch process (ACH, AFT, etc.) nor member-posted transactions (online banking, ARU, etc.)
Separate processes will be developed for new accounts, deposits, and withdrawals, since the data required is different.
PROJECT SCOPE
INCLUDED IN THIS PROJECT
- Account applications (acct opening) done via
- CU*BASE IRA Savings and IRA Certificate Account Creation (Tool #3)
- CU*BASE HSA Savings/Checking and HSA Certificate Account Creation (Tool #3)
- Contribution (deposit) and distribution (withdrawal) transactions posted via
- CU*BASE Standard Teller (Tool #1) and Xpress Teller (Tool #1600) posting platforms
NOT INCLUDED IN THIS PROJECT
- Member Transfers posted via the standalone tool or Phone Operator
- Batch (non-interactive) transaction processes, such as ACH, AFT, etc.
- Transaction reversals or account adjustments
- Member-initiated self-service transaction processes, including online banking and audio response
- New accounts opened by the member via online banking
OTHER CAVEATS
- There will be no back and forth communication between CU*BASE and Ascensus beyond the initial push of data from the transaction just posted (or account just created) to the Ascensus wizard. Behind the scenes CU*BASE will have already returned to the starting point of whatever process the teller was doing, so that’s where the teller would end up once they exit the Ascensus wizard.
- Batch processes already in place for sending data (twice a year, April and December, for 1099 and 5498 reporting) to Ascensus will be unchanged.
- This will be a paid-for service that a CU must request to be activated. Specs will need to include an OPER-level activation flag, and we will need to include a billing component to the project so that accounting will be notified of CUs that should be billed for the service.
PROPOSED FLOW
FROM TELLER POSTING
NOTE: Samples above show IRAs only, but similar changes will be made to the flow for posting transactions on HSA accounts.
FROM OPENING A NEW IRA SAVINGS OR CERTIFICATE ACCOUNT
NOTE: Samples above show IRAs only, but similar changes will be made to the flow for opening HSA savings and certificate accounts, as well as when opening an HSA checking account.
Status as of May 2023: PS#56230 is in development and on target to be included in the 23.10 release. Beta-testing will begin later this summer. Once implemented, deployment will involve an onboarding process with coordination between us and Ascensus. We will post details about that in the Store when the details are firmed up. Watch for more news during and after this year’s Leadership Conference!
Your chef for this recipe: Keegan Daniel and Dawn Moore
