Many credit unions recently completed or signed for core system conversions, upgrades or renewals, or other major tech upgrades. Here is a look at some of the latest reported technology moves.
The $430 million, Mountain Home, Idaho-based Pioneer Federal Credit Union will implement mobile video banking with the Salt Lake City-based BankOn Mobile Video. The credit union plans to leverage video across all channels – mobile, web and in the branch. BankOn Mobile Video allows members to conduct most banking needs from personal mobile devices. Members can initiate calls through a branded app or web portal.
The Louisville, Ky.-based BSG Financial Group added the $188 million Holyoke (Mass.) Credit Union as the first customer of its CoreCD, which helps price and sell time deposits. The CoreCD system consists of a suite of services, training and products, ranging from simple tools implemented in a matter of days to a full suite of state-of-the-art pricing analytics and sales processes.
The San Diego-based Corelation Inc. announced five credit unions plan to implement KeyStone, its credit union core processing system: AEA Federal Credit Union ($252 million, Yuma, Ariz.); Centris Federal Credit Union ($681 million; Omaha, Neb.); Marshland Credit Union ($141 million, Brunswick, Ga.); Del Norte Credit Union ($577 million, Santa Fe, N.M.) and SIU Credit Union ($342 million, Carbondale, Ill.).
Corelation also announced a multi-year extension of its partnership with credit union online banking vendor Wescom Resources Group to deliver a hosted processing solution. Corelation also plans to integrate KeyStone with the Phoenix-based Billing-Tree's myPayrazr to expand credit union access to self-pay channels and merchant services.
The Brookfield, Wis.-based Fiserv announced a series of signings.
The $3.5 billion, Albany, N.Y.-based SEFCU and the $870 million, Austin, Texas-based Amplify Credit Union both selected DNA from Fiserv as their platform. DNA provides a modern technology stack, the ability to scale and real-time, 24/7 processing capabilities. SEFCU will move from an in-house to an on-demand delivery model. Both credit unions expect to benefit from DNA's member-centric architecture.
The $11 billion, Sacramento, Calif.-based Golden 1 Credit Union chose Fiserv's Accel debit payments network to its flexible point-of-sale interchange programs, and nationwide ATM access and coverage, as well as PIN and PIN-less transactions.
Converting to the Portico platform from Fiserv are: Montana Health Federal Credit Union ($25.5 million, Billings, Mont.); Port Conneaut Federal Credit Union ($27 million, Conneaut, Ohio) and Southwest Oklahoma Federal Credit Union ($94 million, Lawton, Okla.). In addition to core processing, each will add integrated digital solutions including mobile and online banking, loan processing and management, card processing and other solutions.
FLEX will continue as the core provider for two merging Connecticut credit unions: The $10.5 million, East Hartford Federal Credit Union and the $20.4 million America's First Network Credit Union in Trumbull. Also, the $48 million, Bridge City, Texas-based Wellspring Federal Credit Union completed its core conversion to the FLEX data processing system to streamline its processes.
The Muskego, Wis.-based InterLutions, Corporate Central Credit Union's business solution CUSO, added eight credit unions, all Wisconsin-based, to its revenue enhancement service, CU-Save, which helps credit unions mitigate card processing costs and enhance revenues. They are: Educators Credit Union ($1.75 billion, Mount Pleasant); Fort Community Credit Union ($237 million, Fort Atkinson); Members' Advantage Credit Union ($105 million, Wisconsin Rapids), N.E.W. Credit Union ($90 million, Oconto Falls); Prospera Credit Union ($235 million, Appleton), Ripco Credit Union ($125 million, Rhinelander), Unison Credit Union ($209 million, Kaukauna) and Winnebago Community Credit Union ($100 million, Oshkosh).
Jack Henry & Associates announced an agreement to provide SAS' cloud-based analytics solution to financial institutions, including credit unions, with less than $30 billion in assets as well as JHA's core clients. SAS traditionally serves tier one and tier two financial institutions. Jack Henry introduced JHA Enterprise Risk Mitigation Solutions, a hosted platform that centralizes intelligence from multiple sources, combining transactional and user data for more complete customer risk assessments. The first module emphasizes AML data such as risk ratings, transaction monitoring for AML patterns and due diligence.
The $2.3 billion, Lone Tree, Colo.-based Public Service Credit Union announced a surge in its digital retail and business member adoption. The credit union leverages the Austin, Texas-based digital banking provider Malauzai's MalauzaiOne ability to co-mingle, or aggregate accounts, providing a consistent user experience across all channels. Members can manage their finances and view personal and business accounts from one access point.
The Wilmington, N.C.-based nCino announced the $3.1 billion, Portsmouth, N.H.-based Service Credit Union selected its Bank Operating System to streamline and automate business deposit account opening and commercial lending processes. SCU gains a single, secure cloud-based platform, which combines CRM, loan origination and deposit account opening, workflow, enterprise content management, business process management, digital engagement and instant reporting.
Founders Federal Credit Union ($2.1 billion, Lancaster, S.C.) and Teachers Credit Union ($3.1 billion, South Bend, Ind.) signed renewal agreements for credit and debit card processing services with the St. Petersburg, Fla.-based PSCU, the CUSO announced. PSCU also finalized a partnership with the Birmingham, Ala.-based CUSO EPL, which will refer credit union clients to PSCU for card processing and bill pay services.
The San Antonio, Texas-based financial services company SWBC partnered with the $1 billion, El Paso, Texas-based FirstLight Federal Credit Union to integrate SWBC's Call Center Services into the credit union's client platform. These services provide cost savings for credit unions, as well as reduced member credit decisioning and closing times.
The Atlanta-based Porter Keadle Moore announced the $355 million, Lawrenceville, Ga.-based, Peach State Federal Credit Union is leveraging the firm's audit services to evaluate internal accounting procedures and operational controls. Peach State required an experienced accounting and auditing firm to evaluate its internal controls and ensure it was scaling appropriately.
First Community Credit Union ($1 billion, Coquille, Ore.) chose the San Diego-based Xpress Data, Inc. for its statement processing contract because of XDI's business integrity and transparent price structure. XDI openly shares its price list with prospects and uses the same pricing structure for every client. The credit union also cited XDI's exclusive credit union clientele, ease of implementation and affordable range of document solutions across all media types.
The $8 billion, Marlborough, Mass.-based Digital Federal Credit Union selected the Marco Island, Fla.-based Yippy, Inc., which specializes in enterprise search and data unification, to replace Google as its primary vendor for enterprise search and discovery. Google previously announced that it was sun-setting the Google Search Appliance and would transition to a 100% cloud-based solution. For financial institutions such as DCU, a cloud-based solution is not an option due to data security and compliance issues.
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