FedComp Stays Committed to Small Credit Unions
After 30 years in business, the Fairfax, Va.-based core data processing system provider FedComp Inc. made the decision to move the 130 credit unions using its Internet banking product VirtualCU onto the Boise, Idaho-based Database Management Services’ more modern HomeCU. That’s left FedComp to put more resources into its flagship product, the FedComp Platinum core data processor, as well as add-on services the company has developed over the years.
Originally written in DOS mode, FedComp’s core data processing product launched in 1982, according to Bob Duff, CEO/founder for FedComp. Duff has worked in the credit union industry since 1974, and his staff members are industry veterans as well. Combined, FedComp staff has just under 300 years of credit union industry experience, said Karen Rys, vice president of operations.
West said her credit union values Platinum’s custom report writer, which allows users to select desired fields and create custom reports, the system’s ease of use, and the fact it gives tellers a full picture of each member on a single screen.
The $70.3 million, Houston, Texas-based Southern Federal Credit Union began working with FedComp in 1988, when the credit union decided to move from a batch-based data processing system to a Web-based system, according to CEO Jeanne Walker.