Changing a core system requires preparation, execution and follow-up. With conversion to D+H's PhoenixEFE Core platform, the $1.3 billion Dupaco Community Credit Union became familiar with the importance of all three.
Not only did the Dubuque, Iowa-based Dupaco implement the PhoenixEFE Core, but also helped in its development and design for credit unions.
PhoenixEFE Core is a real time, integrated enterprise platform designed for commercially focused credit unions. The system provides real-time transaction processing and an account-servicing engine. It also integrates applications through a service-oriented architecture, and includes universal loan and deposit servicing and an integrated general ledger.
How does a credit union decide on a new core system?
“The first step is defining a need,” D+H Senior Solutions Marketing Manager of Enterprise Solutions Stan Cowan (pictured at left) said. “What does the core system do today and would like to do better? What can it not do that the credit union wants it to do? It's a great time to take a step back and look at existing processes and ask those difficult 'why do we do it this way' questions.”
Dupaco started the concept of looking for a new core in 2005, Chief Information Officer Steve Ervolino explained. Credit union executives spent the next several years looking for the right replacement system, one that would support their heavy involvement in commercial business, primarily in real estate and business services.
After narrowing the field to three choices, the credit union selected PhoenixEFE. At the time, Harland Financial Solutions was adding functionality to its Phoenix core system for community banks platform so it could also service credit unions. (D+H acquired Harland Financial Solutions in 2013.)
Dupaco received an invitation to be part of the credit union development piece to PhoenixEFE.
Cowan noted there are many elements involved to personalize the core conversion experience including business and connectivity requirements, interface/integration planning, building the server environment, training, final configuration and audit, mock conversion testing, on-site client support and post-conversion ongoing client support.
Ervolino (pictured at left) identified some key elements for credit unions considering a core system overhaul starting with creation of a core conversion team. He recommended credit unions identify experts in every area – deposits, loans, membership, financial services, collections, accounting, back office, and card processing – and commit their time early in the project.
Read the full account of Dupaco's core transition in the June 8 issue of Credit Union Times.
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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.).
