Credit union owners and clients of ProDraft Services Inc. will have access to correspondent banking services through the CUSO's partnership with Cincinnati-based Fifth Third Bank.
The Bismarck, N.D.-based ProDraft said it has been providing share draft processing since 1986. In 2007, it was purchased by Midwest Corporate Federal Credit Union to supplement the corporate's correspondent banking services. In April 2009, ProDraft was spun off into a CUSO, owned by 38 credit unions, in order to expand its service offerings.
Fifth Third Bank in Cincinnati said it works with more than 2,200 credit unions providing various correspondent services.