Patelco Commits to New Fiserv Platform
The $3.6 billion Patelco CU in San Francisco will convert from its existing Fiserv Spectrum solution to the company's new Acumen platform, citing its Internet-based architecture, scalability and redundancy for its decision.
Patelco is the third credit union to contract for Acumen since it was introduced to the U.S. market last year after its development under the iSpectrum name in Canada. Patelco senior management participated in the application design review portion of that process.
"The Acumen platform provides a true 24/7 processing environment that will allow us to easily handle the high-volume transaction demands of our membership today, while providing best-in-class scalability to support the growth we anticipate in the future," said Ken Burns, CEO of the 288,000-member Patelco.
Fiserv is targeting large credit unions with the new platform, touting its scalability, integration capabilities and 360-degree member views. The first two credit unions to commit to it were $520 million Christian Community CU in Carson, Calif., and $539 million Consumers Credit Union of Waukegan, Ill.
Wisconsin-based Fiserv provides core account processing services to about 2,500 credit unions, accounting for about a third of the market.