Harbor Federal Credit Union went live Monday on the KeyStone core processing platform from Corelation Inc., the first for the startup created by some well-known industry veterans.
The $93 million institution in Carson, Calif., replaced its Symitar platform with a new system developed by programmers led by John Landis, a co-founder of Symitar, which was sold to Jack Henry & Associates in 2000.
The launch followed more than six years of development. Harbor committed to the solution from the San Diego firm last year.
"We've literally watched the system be built in front of our eyes. What's great is that we're just seeing the tip of the iceberg for what KeyStone can do. This is a great day in the history of our credit union," said Tina Fugelsang, Harbor FCU’s CEO.
"The trust and patience Tina and Harbor's staff have given us has been invaluable as we progressed to this day, and now that it's here we are so proud and excited by how well it has gone,” said Corelation’s president, Theresa Benavidez, another former longtime executive with Symitar and other core processors.
The Corelation platform uses a DB2 system to combine basic transaction and maintenance functions with what the company calls a holistic view of the credit union member and the ability to easily interface with third-party ancillary solutions.
"I'm so happy with the success of this first conversion, but to be honest I'm anxious to get back to the drawing board and push this system even further," Landis said.
The company said its other two signees, the $179 million Cabrillo CU of San Diego and the $24 million Oregon Pioneer FCU of Milwaukie, Ore., will convert to the new system later this year.
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