The $916 million New England Federal Credit Union in Williston, Vt., plans to convert to the PhoenixEFE core processing system from Harland Financial Solutions, the company and credit union said.
The 85,300-member New England FCU will be the fourth credit union among more than 200 financial institutions running on PhoenixEFE, the Lake Mary, Fla., company said.
The credit union currently runs on another Harland Financial Solutions core platform, UltraData, according to the Technology Survey from Callahan & Associates.
"The ability for PhoenixEFE Core to consolidate all of our loans – consumer, business and mortgage – into one servicing platform is a significant advantage, as it will enable us to streamline our mortgage loan servicing capabilities, which is of the utmost importance due to the volume of mortgage lending we do," said Jim St. Peter, senior IT and operations executive for New England FCU.
He said the platform's modern architecture will allow it more easily integrate with other systems using open standards rather than proprietary legacy code.
"The Microsoft technologies will allow us to create custom workflows that incorporate PhoenixEFE Core functions, thereby creating efficiencies for staff," added St. Peter. "Finally, the manner in which PhoenixEFE Core consolidates all member relationship data into a single view will help us serve our members more efficiently."
Harland Financial Solutions began marketing the PhoenixEFE last summer to the credit union market after it was piloted at three credit unions.
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