The $1.2 billion Stanford FCU in Palo Alto, Calif., is converting from an older Open Solutions Inc. core processing solution to the Connecticut firm’s flagship DNA solution, the company and credit union said.
The new platform will replace the Wealthview Banking System the 47,000-member credit union has been using since 1999 to process deposit and transaction accounts.
The DNA relational core platform is now in use at approximately 450 credit unions. Stanford FCU said it will run it in-house, along with ancillary solutions it chose, including DNAvoice, DNAmobile, DNAweb, document management, business intelligence and marketing software.
The credit union will also implement automation platform from Open Solutions alliance partner UC4.
“The best practices that we gain from this upgrade will allow us to better serve our community, become more relevant to the market, and help support our growth, allowing us to ultimately take our business to the next level,” said Jim Phillips, the credit union’s senior vice president and chief information officer.
“As our client community continues to grow, Stanford FCU has the ability to extend its innovative heritage by collaborating with other banks and credit unions using the DNA platform in limitless new ways,” said Open Solutions Chairman/CEO Louis Hernandez Jr.
Stanford FCU was founded in 1959 and now serves Stanford University and more than 100 local companies, including a number of leading technology firms. It lays claim to being the first financial institution to offer online banking, beginning in 1994.