Alloya Corporate has selected Jersey City, N.J.-based financial services provider Fundtech to “power its ACH solution,” according to Alloya spokesperson Vic Vrigian.
Designed to replace the U.S. Central Bridge ACH services that NCUA has announced will wind down this year, the Alloya-Fundtech offering “will help keep fees stable for converting credit unions,” Warrenville, Ill.-based Alloya said in a statement.
The Alloya announcement follows on the heels of an announcement last week that Corporate One in Columbus, Ohio, had inked an ACH pact with Fundtech.
In an interview, Vrigian acknowledged it was possible not all Alloya members would in fact be converted off U.S. Central Bridge ACH and into Fundtech's by July 1 – the date when fees jump 80% at U.S. Central Bridge per NCUA's announcements. But, he stressed, Alloya would cover those costs “for members who have been working in good faith to meet the deadline.”
“Our new ACH products provide a great framework to assist our members in moving off of U.S. Central's platform. It also delivers an alternative for other credit unions seeking to make a change from their current providers,” said Alloya's Kevin Brauer, senior vice president, Member Relations, in a press statement. “Our ACH platform will ensure continuity of service, a smooth transition and will provide user-friendly functionality.”
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