Over 20 Vendors, 30 Credit Unions Make System Upgrades, Conversions

A number of credit unions recently completed or signed up for core conversions, financial technology upgrades, or other system overhauls or changes. Here is CU Times’ latest roundup of some reported moves.

The Detroit, Mich.-based Autobooks, a provider of small business payment and accounting solutions, announced 25 financial institutions selected its platform, including the $1.1 billion, Farmington Hills, Mich.-based Community Choice Credit Union, which integrated small business receivables, payables and accounting into its digital offering.

The Tampa, Fla.-based Best Innovation Group, an innovation catalyst and strategic consulting partner focused on strengthening and growing credit unions, announced the completion of its data analytics strategy engagement with the $315 million, Hutchinson, Kan.-based Heartland Credit Union. HCU turned to BIG’s consulting division for help creating a program and roadmap to meet its strategic goals toward making a data analytics transformation.

Broadridge, a provider of investor communications and technology-driven solutions to finservs, announced the $103 billion, Vienna, Va.-based Navy Federal Credit Union successfully went live with Broadridge’s Mortgage-Backed Securities Expert SaaS platform. The credit union will leverage the platform’s capabilities across the front, middle and back office.

The San Diego, Calif.-based core provider Corelation signed its 100th client as Vibe Credit Union ($911 million, Novi, Mich.) selected Corelation’s KeyStone to forge ahead after a successful merger with Oakland County Credit Union in January 2019. The credit union’s core selection team identified a system that met the needs of the new partnership and had the flexibility to adapt to future requisites.

Two other credit unions recently selected Corelation’s KeyStone as well: Ardent Credit Union ($670 million, Philadelphia, Penn.), which engaged the Aurora, Colo.-based CUSO DaLand Solutions to serve as project manager and technical consultant; and Founders Federal Credit Union ($2.4 billion, Lancaster, S.C.), which began its core pursuit in 2012 after three decades of service with its current core system.

Our Community Credit Union ($412 million, Shelton, Wash.) selected the Vienna, Va.-based CUSO CU Rise Analytics’ Predictive Model Suite to help the credit union with targeted marketing efforts and build models built around OCCU’s specific needs drawn from members’ demographic details, behavioral traits, transactional history and relationship with the credit union.

The Livonia, Mich.-based CUSO CU Solutions Group, which offers products and services in technology, marketing, human resources performance and strategic advisory; and the Denver, Colo.-based CUSO CULedger, a provider of distributed ledger solutions, announced a partnership. As part of the agreement, CULedger will invest in CUSG’s fintech subsidiary, LifeStep Solutions, which houses CUSG’s mobile banking product, LifeSteps Wallet. Additionally, CUSG will leverage its existing base of more than 3,400 clients nationwide to promote CULedger’s MyCUID.

CULedger also expanded its partnership with R3 to support domestic and cross-border payments for credit unions. R3’s Corda will serve as the underlying basis for CULedger’s new electronic funds transfer product, CU Pay, which is designed to enable the connectivity of multiple payment networks but is not intended to replace existing EFT networks. CULedger will integrate CU Pay with Corda Settler, an open source CorDapp used to settle transactions with any of the world’s payment systems.

The Brookfield, Wis.-based fintech provider Fiserv announced HealthCare First Credit Union ($88 million, Johnstown, Penn.) and Portland (Ore.) Local 8 Federal Credit Union ($36 million) will move from their current core processing providers to Fiserv’s Portico core solution to prepare for future institutional needs and member expectations.

Allegacy Federal Credit Union ($1.43 billion, Winston-Salem, N.C.) also selected a Fiserv system, the DNA core processing platform, as well as integrated a suite of solutions from Fiserv including member biometric authentication, loan origination and fraud prevention solutions. Three Canadian credit unions – Carpathia Credit Union ($500 million, Winnipeg, Manitoba), Estonian Credit Union ($146 million, East York, Ontario) and PARAMA Credit Union ($335 million, Etobicoke, Ontario) – also chose Fiserv’s DNA to deliver a modern member experience and improve operational efficiency. Canadian fintech provider Celero will provide conversion and hosting services to each institution.

In addition, Fiserv announced the $1.18 billion, Tucson, Ariz.-based Hughes Federal Credit Union will enhance its digital capabilities with Architect as a foundation for a range of online, mobile and payments services. Architect from Fiserv will enable the credit union to deliver a customized digital experience.

Hughes also selected the Silicon Slopes, Utah-based fintech provider MX for its mobile platform to deliver a seamless digital experience to members. The open framework facilitates integration of additional capabilities Hughes will add over time.

The Rahway, N.J.-based e-signature provider IMM announced the $1.6 billion, Birmingham, Ala.-based America’s First Federal Credit Union, which serves its communities with 19 branch locations throughout the state, successfully deployed IMM’s Teller Item Capture. The credit union gained processing efficiencies at the teller line by truncating the paper check in real time during the member transaction.

The Monett, Mo.-based Jack Henry & Associates’ Symitar division announced the $101 million Tulare (Calif.) County Federal Credit Union’s selection of its Episys platform in an outsourced environment. The credit union will leverage a fully integrated Jack Henry suite of services to improve digital member communication, transaction processing and card management. Products include the Banno platform, modern digital services, and JHA Card Processing Solutions for transaction processing and card management.

Five credit unions – First Abilene (Texas) Federal Credit Union ($72 million), Linn-Co Federal Credit Union ($119 million, Lebanon, Ore.), Greenville (S.C.) Federal Credit Union ($247 million), CODE Credit Union ($133 million, Dayton, Ohio) and Henrico (Va.) Federal Credit Union ($280 million) – selected the Farmington Hills, Mich.-based Member Driven Technologies, a CUSO that hosts Symitar’s Episys platform through its private cloud alternative for core processing.

The $455 million, Rocky Hill, Conn.-based Nutmeg State Financial Credit Union announced a partnership with Mortgage Markets, a CUSO specializing in the provision of first mortgages. Nutmeg State plans to improve the overall efficiency and user-friendliness of its mortgage services. As a subsidiary of Finex Credit Union ($87 million, East Hartford, Conn.) since 2003, Mortgage Markets currently provides mortgage lending services to over 20 credit unions across the state.

Nutmeg State also announced Working Wheels, an auto loan program designed specifically for low-income families. The program comes as an addition to Nutmeg State’s efforts as a Community Development Financial Institution, a federal designation granted in 2016 that allows the credit union to reach underserved markets with products and services. Working Wheels allows qualified families to borrow up to $10,000 for vehicle purchases without having to resort to predatory lending options.

The Atlanta, Ga.-based fintech provider NCR Corp. announced it is implementing its Promotion Suite Premium tool to help create a better, more targeted digital member experience for the $3 billion, Folsom, Calif.-based SAFE Credit Union.

The Glastonbury, Conn.-based digital payments company Payrailz announced that the $8.9 billion, Marlborough, Mass.-based Digital Federal Credit Union will now offer its full suite and platform of payment services.

The San Ramon, Calif.-based Lumin Digital, a PSCU company, announced that Heritage Family Credit Union ($497 million, Rutland, Vt.) has chosen Lumin Digital’s cloud-based platform as the credit union’s digital banking solution for both retail and business banking.

The St. Petersburg, Fla.-based payments CUSO PSCU also announced it will begin providing debit and credit processing support to Velocity Credit Union ($840 million, Austin, Texas) in 2020. In addition, PSCU announced Chartway Federal Credit Union ($2.2 billion, Virginia Beach, Va.) has joined the cooperative for credit and debit card processing and contact center services.

The San Francisco, Calif.-based mobile engagement marketing firm Swrve announced a campaign with the $1.3 billion, Santa Clara, Calif.-based KeyPoint Credit Union to elevate member experiences and drive significant mobile member engagement.

Three credit unions – Maps Credit Union ($775 million, Salem, Ore.), Hudson Heritage Federal Credit Union ($403 million, Middletown, N.Y.) and Guardian Credit Union ($511 million, Montgomery, Ala.) – recently expanded their existing relationships with the Geneva, Switzerland-based Temenos, which has its U.S. headquarters in Malvern, Pa., to include additional modules of the Temenos Lifecycle Management Suite.

The Lino Lakes, Minn.-based core technology provider Sharetec Systems announced the $11 million Hialeah (Fla.) Municipal Employees Federal Credit Union converted to the Sharetec core system to become more efficient and grow the credit union. Sharetec also announced the successful launch of Allied Payment Network’s PicturePay and P2P digital payment solutions at the $23 million, Madison, Wis.-based Members First Credit Union to grow its checking accounts and encourage members to make the credit union their primary financial institution.

Finally, the Tampa-based analytics solutions provider Trellance announced Credit Union ONE ($1.4 billion, Ferndale, Mich.) joined the OnApproach M360 Enterprise platform to improve its decision-making, operations and member experience with actionable data insights.