CU*Answers Announces Major Investment in Reed Data, Inc.

Data capture, imaging and archiving can now be integrated and automated at every member contact for every credit union client; big and small.

CU*Answers, a technology and consulting CUSO, and Reed Data, Inc., an industry leader in paperless financial transaction solutions, announced that CU*Answers has purchased a majority interest in Reed Data, Inc. While this kind of collaboration isn’t a new idea, the fresh approach that the partnership is taking is. Reed Data now becomes a technology innovator with the financial backing and direct feedback from the clients it serves and CU*Answers is able to deliver the very best electronic image capture, management, and archiving tools to all of their clients at a fraction of the cost each would incur if they purchased it individually. It’s a win-win for all involved.

“Like Internet Banking, I believe no credit union will want to buy core processing services that do not include these technical capabilities. This investment in Reed will ensure that not only will the largest credit unions have access to these tools, but all CU*Answers current and potential clients, big or small, will have ownership in the future of these tools” explains Randy Karnes, CEO of CU*Answers. “Our owners will have the very best advantages to take care of their members.”

“Our interest in Reed Data started with the simple understanding that digital imaging will be more than just something nice to have in the future; it will be an absolute requirement for success,” says Chris Butler, Chairman of the Board of Directors for CU*Answers and President/CEO of Community CU in La Crosse, Wisconsin. “It then developed into the merging of visions for the future where credit unions will be networked with the retailers, dealerships, government agencies, and care facilities that are patronized by credit union members; someday linking them together so that a member can perform signature transactions etc. anywhere in the network. This will be huge. A brand new paradigm for the financial industry brought to reality.”

The technology of digital imaging is key to the success of establishing a network between credit unions, their members and other institutions such as retail and government agencies. The industry is already using the governmentally regulated Check 21 system which validates the usefulness for digital imaging. However, the goal of the CU*Answers /RDI partnership will turn digital imaging into the standard vehicle for facilitating, consummating, and even researching any financial transaction not just checks.

“The partnership epitomizes a shared vision of collaboration between financial institutions, organizations and the clients they serve. For over 2 years Reed Data has invested all of its strategic development efforts into developing technologies that will make a meaningful difference in a person’s everyday life,” summarizes Bret Weekes, CEO/President of Reed Data, Inc. “The reason this relationship is so different is that CU*Answers already has the ability to touch so many individuals and the willingness to think about how to develop technology for the future. Sure we are the best at what we did in the past but we are focusing on what we are going to do in the future and so are they. You can’t get a better foundation to establish a successful partnership.”

The similar visions, standards and approaches were obvious as Mr. Karnes presented this new relationship to at the recent Annual Leadership Conference for CU*Answers owners and clients. “Reed has over 400 credit union clients which makes them perhaps the largest privately held digital document solutions provider in the country. They got that way because of their products are heads and shoulders above the competition. They have developed affordable and easy-to-use imaging solutions for credit unions, dealerships and clinics too – all connecting us back to our members.”