3 Core Processing Conversions Announced
Fiserv Inc. figured in all three core processing conversion announcements made in the past several days, losing one credit union to a competitor, gaining one from another competitor and extending its relationship with an existing customer converting to a different platform.
Corelation Inc., the San Diego-based startup, said it will be converting the $127 million Discovery Federal Credit Union in Wyomissing, Pa., to its KeyStone platform next February.
That credit union currently runs on the Fiserv Advantage solution, according to data from Callahan & Associates. Discovery cited KeyStone’s person-centric database design that displays a member’s entire relationship with the credit union, in its decision and said it will use the company’s new CRM module.
Discovery FCU is its first Pennsylvania client. Launched in 2009, the San Diego-based Corelation now has nearly 20 credit unions either live on its system or waiting to convert. The company has just completed the conversion of Michigan First Credit Union, at $676 million its largest client to date.
About 40 credit unions are on the Fiserv Advantage platform, Callahan data show.
Meanwhile, the $304 million Abri Credit Union in Romeoville, Ill., said it plans to convert to Fiserv’s XP2 platform and the $250 million Mid-Minnesota Federal Credit Union in Baxter, Minn., plans to convert to the DNA solution, Fiserv said.
Abri CU currently runs on Fiserv CUBE, Callahan data show, while Mid-Minnesota runs on UltraData from Davis + Henderson, the Canadian company that recently acquired Harland Financial Solutions.
In the company announcement, Abri cited enterprise-wide integration and commitment to continued product development as key factors in its decision to convert to the XP2. Mid-Minnesota cited DNA’s person-centric design, flexibility and scalability.
UltraData is used by about 310 credit unions. XP2 is at about 185 credit unions and Fiserv CUBE at 16, Callahan data show. About 120 credit unions are on DNA. As a whole, Fiserv provides core processing to approximately 2,700 credit unions.