Two Commit to Core Processing Bureaus
Two credit unions in Massachusetts and Ohio have committed to outsourcing their core processing through credit union-owned service bureaus running the Symitar core processing platform.
Synergent Corp., a subsidiary of the Maine Credit Union League, has signed the $133 million St. Jean’s CU of Lynn, Mass., founded in 1910 and now the nation’s second-oldest credit union. St. Jean’s also will use Synergent’s item and card processing services, the company and credit union said.
Member Driven Technologies, meanwhile, said it has converted the $112 million CES CU of Mount Vernon, Ohio. The suburban Detroit CUSO said it has converted 48 credit unions to its Symitar service center in the past eight years with six more scheduled this year.
Synergent said it has converted more than 50 credit unions in the past five years. St. Jean’s CU currently is an Open Solutions Inc. customer, according to the Callahan & Associates Technology Survey. CES CU currently runs on a Fiserv DataSafe platform. Symitar has 700 CU core processing customers.