The $141 million Emery Federal Credit Union in Cincinnati is the first user of a hosted version of the NewSolutions core processing platform from Share One.
The hosted system offers reduced costs for disaster recovery and business continuity while improving redundancy and eliminating backup tapes, the Memphis, Tenn., CUSO said.
“The equipment that hosts our core is not physically located in our offices. However, we have complete control. We recently experienced a power outage at one of our locations due to a storm. We were out of power, but we never lost our core system because it operates out of Memphis,” said Emery FCU President/CEO Joe Lind.
Hosting is a hybrid of in-house and service bureau environments, said Daryl Tanner, Share One president/CEO. He said Share One is using an Arizona co-location site along with its Memphis facility.
“Our clients appreciate the peace of mind this redundancy provides for disaster recovery as well as the high marks received when their examiners arrive,” he said.
Share One now serves 86 credit unions ranging in size from $10 million to $1.4 billion, the CUSO said.