Credit Unions Form CUSO, Converting Core Processor
Three New Jersey credit unions have joined to form a CUSO and convert their core processing to the Corelation KeyStone platform.
The $183 million Aspire Federal Credit Union in Clark, the $333 million Credit Union of New Jersey in Ewing and the $323 million United Teletech Financial Federal Credit Union of Tinton Falls will jointly use a single IBM box at Wescom Resources Group data center, San Diego-based Corelation said Thursday.
WRG is a Corelation partner and CUSO of the $2.7 billion Wescom Credit Union in Pasadena, Calif., the company said.
The conversion is to take place in 2015, the Corelation announcement said. According to data from Callahan & Associates, the credit unions currently are Fiserv clients: Aspire on Advantage and Teletech and Credit Union of New Jersey on the DataSafe platform.
Their new CUSO is named Member Support Services and it joins several other core processing CUSOs in the industry.
The credit unions cited Corelation’s open core, 360-degree member view and its ability to handle such new tools as mobile payments and big data in their decision to convert.
“The MSS CUSO exemplifies the credit union movement as a cooperative effort that looks beyond their own needs,” said Corelation President Theresa Benavidez.
MSS LLC is intended to create operational efficiencies in core processing, telecom and call center services, purchasing and contracting and other areas, the credit unions said.
Launched in 2009, Corelation now has 25 credit unions signed and 13 live on its system, the company said.