A pair of California credit unions will be the first users of a new core processing platform from a startup company formed by some well-known industry veterans.
Cabrillo CU of San Diego and $84 million Harbor FCU of Carson will go live early next year on the KeyStone system from Corelation Inc, also of San Diego.
The KeyStone platform was developed by John Landis, one of the creators of the Symitar platform and a founder of that company and the new firm. Theresa Benavidez, another original Symitar employee who went on to senior positions with a number of core processing operations, is the new company's president.
Cabrillo, now a $171 million institution, was a $16 million credit union when it became Symitar's first user in 1985. Now it is the first credit union to contractually commit to the Corelation product.
"There's a lot to do between now and then," said CEO Robin Lentz, who joined Cabrillo CU in 1979 as its general manager. "But we are very excited about the future of our credit union taking advantage of the new technology Corelation is offering."
Harbor FCU CEO Tina Fugelsang said, "Because of its design, it will be a lot cheaper to add or upgrade programs with Corelation. This cost-effectiveness presents more opportunities for us to provide new products and services for our members-and that makes us more valuable to our current members and more attractive to potential members."