Bluepoint Offers Conversion Plan for CUs Exiting Western Bridge
Bluepoint Solutions has announced it is providing alternatives to help credit unions that want to exit Western Bridge, the San Dimas, Calif.-based corporate whose members have been trying to capitalize a new corporate.
The new corporate is to be named United Resources, but those efforts apparently have stalled well short of the Aug. 31 capitalization target.
A significant vendor to members of Western Bridge – especially in regard to technologies for check capture and item processing – the Vista, Calif.-based Bluepoint Solutions says it will help current IMAGEin customers move their item processing in-house or to another corporate credit union or CUSO without having to invest in new branch capture software.
In a statement, Bluepoint itemized the institutions with which it presently does business: Catalyst Corporate, Corporate America CU, Corporate One FCU, CUsource, Mid-Atlantic Corporate FCU, and Palmetto Cooperative Services to provide item processing solutions.
Credit unions also would be able to process cash letters directly with the Federal Reserve, said Bluepoint executive Andrew Tilbury. “We want to provide options to credit unions that would be impacted in the liquidation of Western Bridge.”
Tilbury added in an interview that many Western Bridge members are using Bluepoint technology and this conversion plan will bring them tangible benefits.
“The leadership of credit unions has a responsibility to look at their options. We are presenting an option that won’t impact them financially, and won’t involve retraining their staff because they already know how to use these products,” said Tilbury.
In its statement, Bluepoint elaborated on the details. “Credit unions currently using IMAGEin would be offered a free license to continue using their existing solution, minimizing the need for additional financial investment and eliminating the need to train staff on a new application.”
Added Tilbury: “Credit unions have been waiting for Western Bridge to reach its conclusion for some time. The wait-and-see period seems to be coming to an end.”
For its part, the NCUA – the agency that will make the decisions about Western Bridge’s future and when and if the corporate is liquidated – has offered no insight into its thoughts about the institution’s future and neither has it offered timelines.
Last December, Bluepoint issued a similar invitation to its branch capture clients using any corporate credit union. The company said it now provides check capture, processing and document management solutions to more than 1,000 credit unions.