A number of credit unions recently completed or signed for core system conversions, renewals and some other major processing upgrades.
CU*Answers
Grand Rapids, Mich.-based CU*Answers, a 100% credit union-owned core data processor, announced that it recently completed conversions for the $174 million, Monroe Mich.-based Monroe County Community Credit Union and the $149 million, Rochester Hills, Mich.-based Chief Financial Credit Union to its CU*BASE SaaS processing solution.
CU*BASE offers deep core functionality embedded with an array of member self-service capabilities, including the It's Me 247 Online Banking system, e-statements, e-alerts and e-notices, Mobile Web, Mobile Text and CU*Talk Audio Response. The core CU*BASE system is available in either an application services provider or self-processing environment.
CU*Answers also announced the signing of newly formed Chicago-based ELCA FCU, which offers its products and services to members of the Evangelical Lutheran Church in America.
Symitar
The $90 million, Loves Park, Ill.-based Rock Valley Credit and the $673 million, Warminster, Pa.-based Freedom Credit Union both selected SymitarEASE, the outsourced delivery model of the Episys® core processing system from Monett, Mo.-based Symitar, a Jack Henry company. Episys' open architecture integrates with hundreds of vendor applications and offers the option of independently incorporating additional offerings.
Rock Valley recently launched two new retail locations designed with stand-up teller pods in high traffic areas that resulted in an abundance of new accounts and memberships. This accelerated growth prompted the credit union to look closer at its core to support short and long-term growth goals, Rock Valley said.
Freedom Credit Union said it wanted to consolidate many of its third-party solutions, including home banking and bill pay, into a single source provider.
Corelation
San Diego-based Corelation signed three new credit unions and converted two to its KeyStone open architecture core processing system. The new clients include the $386 million, Sodus, N.Y.-based Reliant Community FCU, the $382 million, Rocky Hill, Conn.-based Nutmeg State FCU and the $203 million, Bellingham, Wash.-based Industrial Credit Union.
New browser architecture, member centric, open system, functionality, and ability to connect to best-of-breed third-party solutions were reasons the credit unions said they signed with Corelation.
Additionally, the $327 million, Ewing, N.J., Credit Union of New Jersey and the $816 million, San Diego-based USE Credit Union converted to Corelation's KeyStone core processing system.
Fiserv
The $548 million, Columbus, Ohio-based Telhio Credit Union – one of the largest SBA credit union lenders in Ohio – selected the DNA account processing platform and integrated solutions from the Brookfield, Wis.-based Fiserv to support a wide range of commercial lending programs, streamline its account opening process, eliminate manual tasks and deliver a better experience to its 46,000 members.
Fiserv also announced that 13 credit unions implemented the Portico core account-processing platform from Fiserv in 2015. Portico, built on a service-oriented, open architecture framework, enables credit unions to integrate additional solutions from Fiserv and other vendors with greater ease and speed, the firm said. Credit union conversions to Portico included the $25 million, Gainesville, Fla.-based My Healthcare Federal Credit Union and the $60 million, Morton Grove, Ill.-based Northwest Community Credit Union.
In addition, Fiserv, said the $813 million, Waltham, Mass.-based RTN FCU expanded its Fiserv relationship and recommitted to the XP2 account processing platform. The $1.02 billion Utah Community Credit Union in Provo, Utah, selected the DNA account processing platform and the $18 million Milton Penn.-based Northumberland County Schools FCU will convert to the CUnify account-processing platform.
IMM
The Linden, N.J.-based IMM announced the $321 million, Baton Rouge, La.-based EFCU Financial FCU expanded its use of eTransaction Automation solutions. EFCU Financial implemented a selection of IMM's eSignature, eWorkflow and eTeller solutions including a simplified and more cost effective means for online account opening through IMM's Document Exchange. EFCU Financial developed an online e-form specifically for online applications resulting in a 30% increase in applications received.
NYMBUS
A new core processor on the credit union block is Miami Beach, Fla.-based technology provider NYMBUS, which said it offers cutting-edge software with a single point of sign-on to a central hub, developed to evolve seamlessly with financial institutions and increasingly tech-savvy customers. Since initiating sales of its core-processing platform a few months ago, NYMBUS said it has more than 16 banks and three credit unions under contract.
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