The $346 million Cornerstone Community Federal Credit Union in Lockport, N.Y., said it plans to convert to the NewSolutions core processing platform from Share One in Memphis, Tenn.
Ann Hood, president/CEO of the 46,800-member credit union, said it chose the Tennessee CUSO’s platform from among a group of nine it researched, and that the switch was necessitated by the coming retirement of its current core processing platform.
“Since we knew we would be doing a conversion of some type, we felt a full review of the various credit union core processors was necessary in order to select the best product for our credit union,” Hood said.
Cornerstone Community is now one of 16 credit unions that use the Fiserv CUBE platform, according to data from Callahan & Associates.
Fiserv had told CUBE users in late 2011 that it would be gradually sunsetting the platform "because CUBE had reached an impasse in its development due to certification issues with the latest versions of both the Microsoft operating system and the SQL server database," company spokeswoman Alicia Bell said Friday.
"This change impacted fewer than 50 Fiserv clients. Fiserv has been a consultative partner with these clients throughout this process and provided ample time and support for clients to select and transition to an alternative account processing platform. We are very pleased that the majority of CUBE users are transitioning to other Fiserv account processing solutions," Bell said.
Share One said it now serves 104 credit unions.