FSI Adds Core Processing, Moves Into Credit Union Space
Financial Services Inc. of Glen Rock, N.J., said it has added 11 credit unions to its client list of about 150 financial institutions during the past year or so and now has added core processing to its products and services that also include item processing, e-statement, board portal, Internet and check fraud services.
Core processing is being offered through a new partnership with EPL Inc., the Birmingham, Ala., provider of the i-Power platform, FSI said.
New credit union clients range from the $5.8 million Health Care of New Jersey FCU in Mount Holly to the $2.8 billion Desert Schools FCU in Phoenix, which has contracted with FSI to provide item capture services to its more than 50 branches, the company said.
Health Care of New Jersey FCU had been a CompuSource Services core processing client, according to Callahan & Associates’ Technology Survey. The 2,200-member credit union now runs EPL’s i-Power platform through FSI, the company said.
“A conversion can be a scary thing,” says the credit union’s board chairman and president, Robin Keys. “FSI made our core data processing transition as smooth and seamless as possible, with no impact on our members at all. The only change they will experience, is cleaner, more efficient processing.”
FSI said three other credit unions, all in New Jersey, have recently signed new item processing contracts: the $203 million Garden Savings FCU and the $69 million Jersey Trades FCU, both in Parsippany, and the $67 million Central Jersey FCU in Woodbridge.
Credit unions became part of the family-owned New Jersey company’s target market in the past 12 to 16 months, FSI said.
Credit union-owned EPL said it now serves about 135 credit unions.