Fiserv dominating in $25 million and over CU market

WASHINGTON – Fiserv continues to dominate the core processing market for credit unions with over $25 million in assets, claiming a 42.4% market share, according to Callahan’s 2002 Credit Union Technology Survey. Fiserv has six CU data processing subsidiaries – USERS, XP Systems, Summit, Galaxy, CUSA Technologies and AFTECH. The survey considered the 2,866 credit unions in the $25 million and over category which combined have $443 billion in assets. EDS came in second at 9.8%. That was only slightly ahead of Symitar Systems at 9.7%. Harland Financial Services, meanwhile, had a 7.9% share, while CGI claimed 3.5% and all the others combined enjoyed 26.7% of the business. The survey also showed that two of the six Fiserv core processors – Summit and AFTECH – had the largest average client asset size at $254 million and $253 million, respectively, with Symitar, a Jack Henry unit, following at $232 million.