Core Network Processing LLC, a CUSO that provides core processing and an Internet portal to eight corporates, has inked a pact with Alloya Corporate Federal Credit Union for technology and related services.
Alloya won the business after responding to a bid request issued by CNP after the NCUA announced that U.S. Central Bridge, the previous provider, was being shut down.
Through a service bureau, CNP helps support cash management and other correspondent services for a total of 2,100 credit unions through its client corporates. The other bidders were from outside the credit union system, the corporate-owned CUSO said.
"Over the past few years, U.S. Central has provided CNP with exceptional service and support. In Alloya, we have found a partner that has the technology expertise to ensure a seamless transition for CNP and ultimately the credit unions that use the system," said Teresa Brent, managing director of CNP in Lenexa, Kan.
Todd Adams, chief financial officer at the 1,100-member Alloya in Warrenville, Ill., said, "The CNP partnership leverages Alloya's resources to provide value to the credit union system. We are pleased that CNP gave us this opportunity."
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