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EDS puts U.S. credit unions on the Web

EDS signs a multiyear agreement with U.S. Central Credit Union to Web-enable the network that links customers to the nation's 11,000 credit unions.

EDS has signed a multiyear agreement with U.S. Central Credit Union to Web-enable the network that links customers to the nation's 11,000 credit unions.

Plano, Texas-based EDS did not disclose the contract's worth or specify its expected length.

EDS said the project will enable U.S. Central and its member credit unions to provide a host of financial and other services over the Internet. Services provided over the network will include wire transactions and stop payments that can be completed much more quickly using the Web, EDS said in a statement.

The credit unions will also use the system to help improve and automate their own business operations.

U.S. Central Credit Union is connected to its members via the Corporate Credit Union Network (CCUN) system, which was developed by EDS in 1983. CCUN is the electronic payments backbone of the credit union's financial system, which last year processed transactions with a total value of $5 trillion.