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Core War Battlefield So Far Produces No Clear Victor

Somebody is winning. Somebody is losing. Just dont expect an easy to decipher who will win the battle in this update on the credit union core systems war.

By Robert McGarvey | Updated on May 08, 2013
Somebody is winning. Somebody is losing. Just don’t expect an easy to decipher who will win the battle in this update on the credit union core systems war.

On one side there is Mark Sievewright, president of the credit union division at Brookfield, Wis.-based Fiserv, and his mantra is that it’s not over until it’s over. And Fiserv, he insisted, has really just begun to reap the gains from its January billion-dollar acquisition of Open Solutions and its DNA core. Sievewright comes into the war with a giant lead.

“We have one-third of the credit union core processing business, and we enjoy a retention rate that is at or near 99%t,” said Sievewright. That means that for every 100 cores that reach the end of their contract (typically a five to ten year term), Fiserv keeps all but one in the fold, by Sievewright’s count.

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