Press Release

Lake Trust Credit Union to Offer Members Automated Loan Payment Skips Through Partnership with CUBUS Solutions and Redstone Consulting Group

Credit union to offer a new Skip-A-Pay program to members.

LIVERMORE, Calif., July 1, 2013

CUBUS Solutions, a leader in online banking solutions for credit unions, announced that Lake Trust Credit Union based in Lansing, Michigan, will be providing their members with an online loan skip payment program using Skip-A-Pay – an automated loan skip management system developed by CUBUS Solutions in partnership with Redstone Consulting Group.

Currently, Lake Trust spends about 20-30 minutes processing a skip. CUBUS Skip-A-Pay solution will save credit union staff about 1,100 hours in processing time each year. Skip-A-Pay will automatically qualify members for a skip based on credit union determined criteria, will advance the loan payment due date, and will charge a fee for the skip. Automated loan skips, which eliminates the need for traditional paper processing, will allow Lake Trust to increase their overall efficiency by increasing the amount of skips processed while practically eliminating handling and staff time required for each skip.

"We expect Lake Trust will undoubtedly achieve its desired results of increased efficiently immediately upon offering the program to their members." said John-Ashley Paul, President of CUBUS Solutions. "This implementation of Skip-A-Pay is testimony to the value of our partnership with Redstone Consulting Group in offering this software application to Open Solutions core users."

Based on data from case studies, CUBUS estimates that credit unions using CUBUS Skip-A-Pay can save up to 35 minutes in staff time for each skip processed. In addition, it increases the overall number of skips processed which in turn results in increased non-interest income.

Lake Trust Credit union has 21 branch locations serving communities throughout Michigan. Lake Trust has over $1.6 billion in assets and serves more than 158,000 members.

"Our main objective in adopting the CUBUS Skip-A-Pay Solution was to provide our members greater flexibility in utilizing our skip a pay option and to minimize the processing time required by our staff to process each skip request," said Robert Hensley, Vice President of Lending, Lake Trust Credit Union. "This will save us a significant amount of time, allowing our staff to focus resources in other service areas even while we enhance our member’s online experience and convenience while participating in our skip program."

Skip-A-Pay offers many options which can be set as criteria for the skips. Once the criteria are set, essentially allowing the financial institution to "set it and forget it", the skips are conducted in real-time. Beyond the customer experience, the backend of the process related to loan maintenance of the account has also been automated which is expected to save Lake Trust Credit Union thousands of dollars in paper costs and staff time with the elimination of manual work and adoption of a completely automated system.

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About CUBUS Solutions
CUBUS Solutions is headquartered in Livermore, CA, and provides a powerful online banking platform for credit unions that integrates online banking, payments and finance management in one single interface. CUBUS and its online banking platform were built by executives and engineers with decades of combined experience with core data systems and the banking industry. CUBUS is a trusted solution provider with more than 10 years of proven success with its clients. For more information visit www.cubussolutions.com.

Media contact:
Ginny Cain
Cain Communications for CUBUS Solutions
Direct: 925.426.0646
Mobile: 510.918.0331
Email: ginny@ginnycain.com