Credit Unions Announce Conversions, Renewals, Upgrades
Many credit unions recently completed or signed for core system conversions, upgrades or renewals, or other major technological upgrades. Here is a look at some of the latest reported technology moves.
The $2.6 billion, Vernon Hills, Ill.-based Baxter Credit Union partnered with the Dallas-based Armor, The First Totally Secure Cloud Company, to provide data protection and compliance for Microsoft Azure instances with Armor Anywhere. This managed security solution helps address shared responsibility for public cloud workloads in hybrid cloud environments.
The $44 million, Manistique, Mich.-based Limestone Federal Credit Union went live with CU-Prodigy for its core processing. The credit union said its previous core was very limited and to stay competitive it must add new products and services quickly and efficiently. With CUProdigy's $1 per member per month pricing, they can add those extra services without spending any more money.
The $650 million, Anchorage, Alaska-based Denali Federal Credit Union selected the Toronto, Canada-based D+H to provide debit and credit card processing services. Denali is already utilizing D+H's UltraData core technology. The D+H Card Payments suite of solutions integrate with its core systems. The credit union will benefit from D+H's partnership with Vantiv, a provider of payment processing services.
D+H also announced the selection D+H's PhoenixEFE, a real-time, integrated core banking solution, by the Washington-based IDB-IIC Federal Credit Union. The platform can serve in a hosted or licensed environment.
The Austin, Texas-based settlement services aggregator First-Close added 25 new financial institution clients in the last quarter of 2016. They include the Newport News, Va.-based Langley Federal Credit Union ($2.2 billion), the Alexandria, Va.-based Signature Federal Credit Union ($293 million) and the San Jose, Calif.-based Technology Credit Union ($2.1 billion).
The Brookfield, Wis.-based Fiserv announced the conversion of the $40 million, Clute, Texas-based Brazosport Teachers Federal Credit Union to the Portico core processing platform. The integrated SaaS suite selected included Virtual Branch for online banking with enhanced bill pay, Mobiliti for mobile banking, Mobile Source Capture for mobile deposits, Loancierge for lending automation, and Wisdom for accounting and call report management.
In addition, Fiserv announced the $1.2 billion, Anaheim, Calif.-based Credit Union of Southern California selected the Architect digital banking platform, which enables CU SoCal to deliver online, mobile and tablet banking as a unified digital banking experience. In addition, Fiserv announced in 2016 almost 30 financial institutions chose ASP versions of Corillian Online and Mobiliti, including the $71 million, Malvern, Ark.-based Diamond Lakes Federal Credit Union. Both solutions integrate with the Portico core platform.
The Salt Lake City, Utah-based core processor FLEX announced the conversion of several credit unions to its data processing platform. They include the Honolulu-based Kuakini Medical & Dental Federal Credit Union ($42.7 million) and Honolulu Federal Credit Union ($251 million); the Levittown, Penn.-based Spirit Financial Credit Union ($47.6 million); the Seattle-based Waterfront Credit Union ($60.1 million); the Houston-based Transtar Federal Credit Union ($33.2 million); the Largo, Md.-based Money One Federal Credit Union ($123.9 million); the Deer Park, Texas-based Lubrizol Employees’ Credit Union ($43.4 million) and the Brigham City, Utah-based Members First Credit Union ($113.7 million).
The East Windsor, Conn.-based virtual insurance provider Insuritas announced its selection by the $1.1 billion, Ithaca, N.Y.-based CFCU Community Credit Union. Partnering with Insuritas allows CFCU to deliver a full suite of insurance solutions to its 68,000 members.
The Monett, Mo.-based Jack Henry & Associates’ Symitar division announced the $660 million, Irwindale, Calif.-based SCE Federal Credit Union; the $70 million, Long Beach, Calif.-based VA Desert Pacific Federal Credit Union and the $260 million, Idaho Falls, Idaho-based East Idaho Credit Union selected Symitar EASE, the outsourced delivery model of its Episys core processing platform. Outsourcing alleviates the need to manage on premise systems or hardware updates.
Symitar also announced the $525 million, Aston, Penn.-based Sun East Federal Credit Union converted to its Episys core system for in-house processing. The credit union needed more from its provider in both technology advancements and the ability to integrate with complementary solutions.
The Farmington Hills, Mich.-based Member Driven Technologies announced the conversion of the $85.5 million, Long Beach, Calif.-based Allied Healthcare Federal Credit Union to the Symitar Episys core processing via the MDT CUSO solution.
The Miami-based core provider NYMBUS announced the $70 million, Walnut Creek, Calif.-based Kaiperm Diablo Federal Credit Union selected NYMBUS’ SmartCore to enable growth and differentiation, and modernize the member digital experience.
The Hoboken, N.J.-based risk and compliance software provider NICE Actimize announced its selection by the $9.4 billion, Mountain View, Calif.-based First Tech Federal Credit Union to implement Actimize Essentials cloud solutions, including anti-money laundering and fraud applications.
The Rahway, N.J.-based IMM announced the $366 million, Cleveland-based Century Federal Credit Union successfully implemented the company's advanced enterprise eSignature platform, IMM eSign plus. The business rules-based eSignature platform automates operational processes including document signing and approvals.
The St. Petersburg, Fla.-based CUSO PSCU announced multiple card processing renewals by credit unions. They included Dominion Credit Union ($270 million, Richmond, Va., credit, debit and bill pay); Keesler Federal Credit Union ($2.4 billion, Biloxi, Miss., credit and bill pay); Ohio University Credit Union ($326 million, Athens, Ohio, credit and debit); Pathways Financial Credit Union ($231 million, Columbus, Ohio, credit); Quorum Federal Credit Union ($940 million, Purchase, N.Y., credit and debit); State Department Federal Credit Union ($1.8 billion, Alexandria, Va., credit and debit); Tucson (Ariz.) Federal Credit Union ($400 million, call center) and USF Federal Credit Union ($535 million, Tampa, Fla., credit).
The Detroit, Mich.-based fintech company Bankjoy signed three more credit unions: The $398 million, South Bend, Ind.-based CommunityWide Federal Credit Union, the $125 million, Pocatello, Idaho-based Advantage Plus Federal Credit Union and the $35 million One Detroit Credit Union. CommunityWide will convert to Bankjoy's home banking, mobile banking, e-statements, bill payment and budgeting tools, and data marketing technology. Advantage Plus selected home banking and mobile apps, and may add Bankjoy Voice. One Detroit chose Bankjoy's online and mobile banking products.
The Memphis, Tenn.-based CUSO Share One added the $84 million, Huntington, W.Va.-based Universal Federal Credit Union as a client. The credit union will deploy NewSolutions in a service center core environment and add new member instant address standardization, a member-level imaging module, and member cross-sell and marketing; as well as digital Share One NS3 products, NSHome, NSLoan and NSMobile, which provides integration for an omnichannel experience.
The Lino Lakes, Minn.-based core technology provider Sharetec Systems announced the $82 million, Danville, Ill.-based Landmark Credit Union's success using Sharetec's Easy Saver Program to become “top of wallet” with its members and increase Share Draft Account enrollment. Landmark's membership as a whole uses their debit cards more than any other form of payment.
The Des Moines, Iowa-based TMG Financial Services announced 11 credit unions renewed partnerships with the credit card issuer, including the $573 million, Ottumwa, Iowa-based Community 1st Credit Union.