Usually the larger credit union’s core processing platform stays after a merger but that wasn’t the case when the $113 Idaho State University FCU merged the $17 million Pocatello Teachers FCU.
The now $130 million institution said it will be using the CUProdigy Core system from Credit Union Data Processing Inc. and has bought a 16% ownership stake in the Farmington, Utah, CUSO.
PTFCU already was using the CUProdigy system, CUDP said, while ISUCU currently runs on the CUnify platform from Open Solutions Inc.
“I was initially suspicious of using the core system of PTFCU because they were so much smaller than ISUCU. My staff became impressed with the CUProdigy’s functionality and they continued to urge me to take a closer look at what CUDP had created,” said Robert Taylor, ISUCU CEO. “CUProdigy is truly the first open system I have ever encountered and CUDP has demonstrated the ability and willingness to adapt the system to our credit union’s needs.”
Taylor said he also was impressed enough to persuade his board of directors to purchase a 16% stake in CUDP.
“Who’d ever heard of Google or Facebook before they became mainstream? That’s the way I feel about CUProdigy; it’s the next step in the evolution of credit union core processing systems,” he said.