DEVELOPING A REAL-TIME ELECTRONIC FUNDS TRANSFER SYSTEM FOR CREDIT UNIONS

Akash Gill

Authors

Akash Gill Author

Keywords:

EFT, Credit Union, Real-time TIS Processing, Fintech, Payment Card Industry Data Security Standard, Gramm-Leach-Bliley Act, Go, Security, Client Support

Abstract

Technological advancement was evidenced by the emergence of a real-time EFT suitable for credit unions only. The purpose of this system was to enable easy, secure, and real-time processing of the funds transfers for the customers and staff members. The core system comprised the front-end client interface and the staff application that would help reduce manual work done in transferring cheques and other bills, improve customer service, and eliminate exposure to penalties from the PCI DSS and the GLBA, among other acts. This paper aims to identify the key issues the system was supposed to solve, the technical solution details, and the performance outcomes, including increased organizational performance, clients’ satisfaction, and security gained by the system. Additionally, the compliance frameworks currently in use, cyber threats and risks, and trends in the RTFT systems are discussed in the industry context.

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DEVELOPING A REAL-TIME ELECTRONIC FUNDS TRANSFER SYSTEM FOR CREDIT UNIONS

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