Two Credit Union Core Conversions Announced
Two credit unions – a $1 billion South Carolina institution and a $78 million Michigan institution – announced their plans this week to change core processors.
The $1 billion Sharonview Federal Credit Union in the Charlotte, N.C., suburb of Fort Mill, S.C., is planning to convert to an in-house version of the Symitar Episys platform, the company and credit union said. Sharonview FCU currently runs on the Fiserv CUBE platform, according to data from Callahan & Associates, and the credited union cited plans for that platform to be sunsetted among its reasons for the switch.
Symitar is a division of Jack Henry & Associates and now claims the business of 88 of the 208 credit unions that exceed $1 billion in assets. Approximately 650 credit unions now run on Episys, the Monett, Mo., company said.
According to Callahan data, about 2,300 credit unions use Fiserv account processing platforms, including 16 on CUBE, down from 44 on that platform in Callahan’s 2010 core processing market report.
Meanwhile, CU*Answers said it signed the $78 million Lakes Community Credit in the Detroit suburb of Lake Orion, Mich., as a user of the CU*BASE core platform. Callahan data show that 35 credit unions currently are users of that credit union’s current core processor, Apex Data Systems in Indianapolis.
Grand Rapids, Mich.-based CU*Answers has about 225 credit unions running on CU*BASE. Lakes Community will run its core processing online instead of in-house as it does now, the CUSO and credit union said.
Meanwhile, the Colorado-based CU Service Network said it has partnered with CUProdigy to offer that Utah-based CUSO’s core processing platform to the shared branching CUSO’s member credit unions. CUProdigy said its recently rewritten core platform currently is in use at 13 credit unions with five more signed.