The moving chairs inside U.S. Central Bridge just do not stop, as now St. Louis-based Missouri Corporate has announced its plan to exit U.S. Central Bridge's ACH services and put its business with Wichita, Kans.-based Lending Tools, a leading provider of financial services to credit unions.
In recent weeks Lending Tools has announced similar deals with Wichita-based Kansas Corporate, Louisville-based Kentucky Corporate, VolCorp in Nashville, Tenn., and Tricorp in Westbrook, Maine.
Comparable announcements have been made by Warrenville, Ill.-based Alloya and Columbus, Ohio-based CorporateOne, both of which switched their business to Fundtech in Jersey City, N.J.
The activity comes amid the countdown to July 1 – the date when ACH processing fees spike upwards 80% per NCUA's timetable for shutting down U.S. Central Bridge.
Of the credit unions that, in the summer, had indicated interest in a corporate credit union consortium purchasing the ACH functions out of U.S. Central Bridge – an idea apparently shot down by NCUA – exit plans out of U.S. Central Bridge have yet to be announced by CenCorp, FirstCorp and SunCorp. All had been asked by Credit Union Times to clarify their plans. None had responded by posting time.
As regards the Missouri announcement, corporate credit union CEO Dennis DeGroodt said, "We are pleased to be transitioning to LT's correspondent solution. Their proven technology and vast transaction service will not only help us provide our member credit unions with an immediate uninterrupted ACH solution, but will also give us flexible options to grow our service set in the future as needed."
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