Credit unions across the country recently announced core system conversions and renewals, four of which have signed on with the Monett, Mo.-based Symitar.
Symitar announced that the $5.4 million, Littleton, Colo.-based F.C.I. Federal Credit Union will implement CruiseNet through JHA OutLink Processing Services, Symitar's outsourced offering. F.C.I. FCU executives estimate that CruiseNet will save them an average of 20 hours per month by automating manual processes. CruiseNet, which is built on .NET architecture, facilitates processes for integrated loan collections, relationship pricing, risk-based lending and loan decisioning, accounts payable and fixed asset accounting.
The $6.3 billion, Tampa, Fla.-based Suncoast Credit Union also selected Symitar's Episys for its core processing, stating that it wanted to maximize its core's capacity to serve the credit union's more than 641,000 members across 17 counties.
In another announcement, the $522 million, Allentown, Penn.-based APCI Federal Credit Union selected EASE, the outsourced delivery option for the Symitar Episys core processing system. According to Symitar, the credit union is the latest of more than 125 Symitar EASE clients. EASE provides the same flexible infrastructure, technology advancements and compliance adherence afforded by the in-house version of Episys, while eliminating the resources required for credit unions to manage the hardware and software on their own, Symitar said.
The Portland, Maine-based Synergent declared that the $205 million, Watertown, N.Y.-based Northern Federal Credit Union, which has 28,593 members, recently renewed a seven-year agreement for the Episys Core Processing Solution with Synergent Technology Services.
The San Diego-based credit union core processor Corelation said it signed three new credit unions and converted another to its KeyStone open architecture core processing system. The new clients coming onboard are the $123 million, 9,285-member, Tigard, Ore.-based Northwest Preferred Federal Credit Union; the $150 million, 10,839-member, Pasadena, Calif.-based Pasadena Federal Credit Union and the $387 million, Sodus, N.Y.-based Reliant Community Federal Credit Union. Converting to KeyStone is the $132 million, Wyomissing, Penn.-based Discovery Federal Credit Union. Correlation describes its core processing solution as a member-centric system that empowers credit unions to offer the best member service possible. To date, Corelation has signed 38 credit unions with 21 live on KeyStone.
Share One, Inc., a CUSO operating out of Memphis, Tenn., reported an increase in gross sales at a rate of 75% and new system sales rate increase of 87%. According to the CUSO, the growth stems from its NewSolutions core processing technology, an extensive offering of after-market ancillary products, as well as its ability to create and maintain a personal partnership with each credit union client. ShareOne's current client count stands at 118, and from 2013 to 2015 the CUSO increased its client roster by 27 new credit unions.
In 2015, the big changes in the EFT space have prompted more than 22 of ShareOne's existing clients to convert their internal credit card portfolios and/or ATM and debit programs to alternative vendors.
The Atlanta-based VSoft Corporation announced that the $94 million, Wisconsin Rapids, Wis.-based Members' Advantage Credit Union deployed its OnView Mobile Deposit solution. VSoft's solution accepts check images and transmits deposits to its data center for secure processing, where amount confirmation engines, image quality tools, image-based reject repairs and duplicate detection filters are then applied.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
