Fiserv Inc. continued its string of recent signings for its Acumen account processing platform, this time the $879 million Northrop Grumman Federal Credit Union in Gardena, Calif.
The 49,600-member credit union, which operates 17 branches in six states, cited modern architecture and workflow processes that would allow better management of decentralized operations in its decision announced Monday.
“When we evaluated Acumen, it was evident that its intelligent design would deliver a higher level of business agility to help us move more quickly to adapt to market changes and update our operations,” Matt Herbert, president and chief operating officer at Northrop Grumman FCU, said in the announcement.
Northrop Grumman also chose document imaging, accounting and asset liability management solutions from Fiserv. The credit union currently is on a Fiserv Spectrum platform, as were several of its other recent signings.
The Acumen solution was introduced to the U.S. market in late 2009 after it was developed in Canada under the iSpectrum name. The first U.S. commitment was from the $522 million Christian Community CU in San Dimas, Calif., in early 2010.
More than 30 credit unions have now committed to Acumen, and more signings are expected to be announced soon as the flagship platform continues to gain traction, said Mark Sievewright, president of Fiserv's Credit Union Division.
“We're seeing a very healthy mix of existing and new Fiserv clients for Acumen, and it's not a cannibalization effort by Fiserv,” Sievewright said Monday in an interview with Credit Union Times.
“Acumen, from the core processing point of view, is the largest single investment we've made as a company, but it doesn't mean the other solutions are any less important. We have over 2,000 clients using these and we have solutions for all types of credit unions,” he said.
“And from the technology point of view, each of these conversions are different and are very complex, so whether it's a longtime Fiserv client or someone coming to us from another company, we're building up a new knowledge base from these conversions and it's going to be very positive for us,” Sievewright said.
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