Many credit unions recently completed or signed for core system conversions, upgrades or renewals, or other major technological improvements. Here is a look at some of the latest reported technology moves.
The Carmel, Ind.-based Baker Hill announced the $874 million, Vancouver, Wash.-based iQ Credit Union selected its Baker Hill NextGen Business Intelligence solution to gain deeper insights into its products, branches, staff and members. The credit union sought to optimize its data use to strengthen member relationships, increase wallet share and identify additional growth opportunities.
The $190 million, Atlanta-based Coca-Cola Credit Union recently selected the Detroit-based fintech company Bankjoy as its online and mobile banking provider. Using the Bankjoy platform as a foundation, the credit union will build an omnichannel user experience – including bill payment, mobile deposit, wire transfer, personal financial management and card services – for its membership.
The Rancho Cucamonga, Calif.-based CO-OP Financial Services announced it has secured 11 new credit union agreements for its CO-OP ATM and payments processing services: Alliance Catholic Credit Union (Troy, Mich., $443 million); Alliant Credit Union (Chicago, $9.5 billion); CPM Federal Credit Union (North Charleston, S.C., $324 million); Diamond Credit Union (Pottstown, Penn., $549 million); EECU (Fort Worth, Texas, $2.5 billion); FedChoice Federal Credit Union (Lanham, Md., $386 million); Foothill Credit Union (Arcadia, Calif., $374 million); HAPO Community Credit Union (Richland, Wash., $1.5 billion); Texans Credit Union (Richardson, Texas, $1.5 billion); NCPD Federal Credit Union (Plainview, N.Y., $727 million); and United States Senate Federal Credit Union (Alexandria, Va., $638 million).
The San Diego-based core processing vendor Corelation's latest KeyStone core processing credit union signings include the $2.4 billion, Albuquerque, N.M.-based Sandia Laboratory Federal Credit Union; the $573 million, Pottstown, Penn.-based Diamond Credit Union; and the $5 billion, Harrisburg, Penn.-based Pennsylvania State Employees Credit Union.
The $55 million, Everett, Wash.-based SnoCope Credit Union signed on to convert to the CUProdigy core system. The credit union said its previous core was very limited and to stay competitive it must add new products and services quickly and efficiently. According to SnoCope CEO Steve Ellis, converting to the CUSO's core will save the credit union money in several ways.
The Austin, Texas-based FirstClose, a provider of end-to-end technology solutions for refinance and home equity lenders nationwide, announced a partnership with the $1.4 billion Pensacola, Fla.-based Pen Air Federal Credit Union. The integration with FirstClose provides the credit union access to an end-to-end refinance and home equity lending solution, as well as a vendor management system that eliminates duplicate data entry.
The Brookfield, Wis.-based Fiserv announced the conversion of the $22.5 million, Casper, Wyo.-based Greater Wyoming Federal Credit Union to the Portico core processing platform to enhance efficiency with integrated technology. The credit union converted to the Portico software-as-a-service core account processing platform with integrated digital banking solutions from Fiserv. Whatcom Educational Credit Union (Bellingham, Wash., $1.4 billion) will implement a range of solutions from Fiserv, including the DNA core account processing platform and Architect for digital banking.
In addition, Fiserv announced six credit unions with assets of $1 billion or more have extended and expanded their relationships with the financial technology firm. Each of the credit unions selected DNA, a flexible, open architecture account-processing platform. The credit unions include: Army Aviation Federal Credit Union (Daleville, Ala., $1.17 billion); Centra Credit Union (Columbus, Ind., $1.36 billion); Collins Community Credit Union (Cedar Rapids, Iowa, $1.08 billion); FORUM Credit Union (Fishers, Ind., $1.3 billion); Franklin Mint Federal Credit Union (Broomall, Penn., $1 billion); and General Electric Credit Union (Cincinnati, $2.8 billion).
The San Francisco-based endpoint management software provider IGEL announced the $1.24 billion Utah Community Credit Union selected the IGEL Universal Management Suite and Universal Desktop UD2, UD3 and UD5 thin clients to replace an existing network of thin client devices at the credit union's Provo headquarters and branch offices located throughout the state.
The Monett, Mo.-based Jack Henry & Associates' Symitar division announced the $1.19 billion, Plymouth, Minn.-based TruStone Financial Federal Credit Union launched the Banno Mobile app to deliver an integrated digital banking experience to its more than 20,000 mobile banking members. Symitar's Banno Mobile supports a simple view of financial portfolios where members can easily adjust their display to feature preferred accounts and tools.
The Rahway, N.J.-based IMM announced its longtime customer, the $556 million, West Covina, Calif.-based First Financial Credit Union, successfully upgraded its eSignature system to IMM's eSign plus. The business rules-based eSignature platform automates eSignature transaction processes including document signing and downstream tasks such as reviews and approvals.
PSCU and the $3.7 billion, Columbus, Ohio-based Corporate One Federal Credit Union announced a long-term agreement for the St. Petersburg, Fla.-based CUSO to provide credit and debit card servicing to Corporate One credit unions and their members. The new agreement extends the scope and value of the relationship beyond payment processing and call center support. PSCU will provide processing and servicing support to a total of 55 Corporate One credit unions, representing nearly 100,000 credit and debit card accounts.
PSCU also announced the $240 million, Glendale, Ariz.-based AERO Federal Credit Union and $2.2 billion, Winston-Salem, N.C.-based Truliant Federal Credit Union joined the cooperative for debit card processing and Total Member Care call center support, respectively.
The Olympia, Wash.-based QCash Financial, a CUSO providing automated, cloud-based, omnichannel small-dollar lending technology for financial institutions, announced a partnership with the $1.5 billion, Birmingham, Ala.-based America's First Federal Credit Union to offer short-term, small-dollar loans to its members.
The Memphis, Tenn.-based CUSO Share One announced the conversion to its NewSolutions core processing system by the $74 million, Long Beach, Calif.-based PostCity Financial Credit Union and the $72 million, Williamsport, Penn.-based Horizon Federal Credit Union. The NewSolutions core processing software includes modules such as ones for cross-sell marketing, collections, credit bureau reporting (saved and available for query), a robust member-level imaging system, overdraft protection and OFAC database scrub.
The Lino Lakes, Minn.-based core technology provider Sharetec Systems announced a pair of credit unions are converting to its core system: The $25.4 million, Eugene, Ore.-based EWEB Employees Federal Credit Union and the $22 million, Carrolton, Texas-based Valwood Park Federal Credit Union.
EWEB will utilize a part of Sharetec's features to assist with member annual reviews and provide alerts. Valwood Park expects to implement new member-facing solutions available from Sharetec including mobile banking, Allied FlexPay, Allied PicturePay, E-Documents, E-Notices, E-Statements, Online Loan Applications and Text Banking.
The East Syracuse, N.Y.-based Countryside Federal Credit Union announced it partnered with TMG Financial Services to rollout a new credit card program for members of the $153 million New York cooperative. The partnership will allow Countryside to provide its members with more value without taking staff away from other key products and strategic initiatives.
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