E-Banking Provider Adds Core Processing
John Pantaleon saw the writing on the wall at credit union after credit union he visited.
The founder of Worldwide Interactive Solutions LLC had built a client base of more than 300 customers of his company's online and mobile banking, bill pay and audio response technology in the past 10 years, but as systems became more integrated, he saw core processors increasingly pursuing that part of the market themselves.
So, the Orlando, Fla., company bought a core processing operation-125-client CUMAS out of Texas-and spent the past two years enhancing the core code and integrating it with multiple third-party document, ATM, lending and other solutions, Pantaleon said.
The result is a newly named division-CUtopia-and an integrated collection of services that includes full-featured core data processing and an e-suite solution set, Pantaleon said.
"We saw the market really starting to converge and our biggest competition becoming the data processors, so, as a strategic move, we needed to become one, too," Pantaleon said.
He said the strategy for the new CUtopia is to provide a 360-degree member view to small- to mid-sized credit unions, as well as "a robust, reliable and fully compliant on-premise or hosted solution at a significantly lower cost of ownership."
Pantaleon said the savings can be significant, claiming, for instance, a projected $200,000 savings in the next two years for one Florida client who is replacing four vendors to use CUtopia for online and mobile banking, bill pay, IVR and core processing.
Working with key vendors such as IMM also helps to "create more of a 21st century experience by allowing you to blend your delivery channels, because that's the way your members expect it, and by going paperless," Pantaleon said. "The whole goal is a green platform. People don't want receipts anymore. Most just crumple them up when they get them, anyway."
Finding members' receipts in ashtrays and other assorted spots in town helped convince Barbara Campbell to make the switch.
The president/CEO of the $45 million, 8,600-member Dodge Central Credit Union in Beaver Dam, Wis., has just converted to the CUtopia platform.
"We're kind of in the middle of nowhere and everyone pretty much knows everyone. It's just not a high-crime area, but I kept finding my members' receipts in ashtrays outside the grocery store where we have a branch and places like that," Campbell said.
The ability to stop wasting paper and increase member security at the same time involved a software change-to both suppress personal data from receipts and making the core stop printing receipts automatically.