Alloya, the Warrenville, Ill., corporate credit union that rose out of Members United Bridge, announced Tuesday that it had inked a deal to outsource its item processing to Duluth, Ga.-based VSoft Corp., a leader in financial services technology that claims some 1,900 financial institutions worldwide as customers.
In a prepared statement, Charles W. Furbee, acting CEO of Alloya, said, “Alloya will benefit from reduced operating costs and improved net product margins, reduced facilities expenses, and a deepened partnership with a best-of-breed company in the item processing space.”
“This transaction perfectly illustrates our go-forward strategy of partnering with quality companies to provide value added services to our members on an aggregated basis, rather than Alloya manufacturing them itself,” Furbee continued.
The announcement indicated that VSoft had agreed to hire Alloya employees who stood to be impacted by the shift of item processing to a third party.
VSoft has long been prominent in the image processing industry that arose after Check 21 became law, including laying claim to serving more than half the corporate credit union industry before its collapse.