Alloya Corporate FCU said it will be providing technology and related services to Core Network Processing LLC, a CUSO that provides core processing and an Internet portal to eight corporates.
Alloya won the business after responding to a bid request issued by CNP after the NCUA announced that U.S. Central Bridge, the previous provider, was being shut down.
Through a service bureau, CNP helps support cash management and other correspondent services for a total of 2,100 credit unions through its client corporates. The other bidders were from outside the credit union system, the corporate-owned CUSO said.
“Over the past few years, U.S. Central has provided CNP with exceptional service and support. In Alloya, we have found a partner that has the technology expertise to ensure a seamless transition for CNP and ultimately the credit unions that use the system,” said Teresa Brent, managing director of CNP in Lenexa, Kan.
Todd Adams, chief financial officer at 1,100-member Alloya in Warrenville, Ill., said, “The CNP partnership leverages Alloya’s resources to provide value to the credit union system. We are pleased that CNP gave us this opportunity.”