Some credit unions, in deciding not to reinvest in their corporates, have also decided to move one of the core functions that led to the creation of corporates in the first place–item processing.
That's the case at the $178 million Gateway Metro Credit Union, which has moved its business from the former league item processing center (now iVia Exchange Services) at the Missouri Credit Union Association to Fiserv Inc., the longtime provider of the credit union's Portico core processing solution.
"We started considering the move after our board decided not to recapitalize our corporate and it's been one of our easier moves," said Jay Lewis, vice president of finance at the 15,600-member Gateway Metro. "They already handled our core processing, since the days of EDS, so why not have them handle our check settlement as well?"
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