CFE Plans Symitar Conversion
The $1.4 billion CFE Federal Credit Union in Lake Mary, Fla., plans to convert to the Symitar Episys core processing platform from Jack Henry & Associates, the company and credit union said Tuesday.
The 131,000-member CFE cited the system’s scalability and integration with third-party solutions as key factors in its decision.
“CFE has been on a core system for 30 years. The system served us well, however we recognized the need to convert to a nimble, adaptive system that would support our long-term growth strategies,” President/CEO Joseph Melbourne Jr. said in the announcement.
CFE will run the system in-house, the announcement said, and the Episys platform now is in use at 88 of the 208 credit unions that exceed $1 billion in assets. Approximately 650 credit unions overall now run on Episys, the Monett, Mo., company said.
CFE currently runs on the Fiserv DataSafe platform, according to data from Callahan & Associates. There are 193 credit unions now running that core, and just more than 2,300 on Fiserv platforms overall, according to Callahan’s “2014 Supplier Market Share Guide.”
CFE had been one of the approximately two dozen credit unions that committed to the new Acumen system that Fiserv rolled out in 2009. However, Fiserv said last year it would sunset that system after buying the DNA core from Open Solutions.