Somebody is winning. Somebody is losing. Just don’t expect an easy to decipher who will win the battle in this update on the credit union core systems war.
Credit union core systems are old, truly antique in computer terms, but they also seem to be immortal in most institutions.
Core processing systems can often do more than they're typically used for, but less than what's needed.
Big banking tech companies recently have been hungrily gobbling up smaller companies and the question is, Will this consolidation continue? The other question, Is this good, or bad, for credit unions?
The announcement last month by Fiserv that it would acquire Open Solutions Inc. for roughly $1 billion, most of that in debt assumption, has sent some shivers through the credit union core processing world.
The out-of-the-blue October closure of Pano Logic, a Redwood City, Calif.-based provider of virtual end user systems, shocked its clients, which included at least three credit unions–the $3.4 billion Redstone Federal Credit Union of Huntsville, Ala.; the $701 million Vantage Credit Union of Bridgeton, Mo.; and the $1.35 billion Central...
While Fiserv Inc.’s purchase of Open Solutions Inc. marked the end of an era, it also sparked conversation about how the financial services technology giant will handle the addition of another handful of core account processing platforms to its portfolio.
The out-of-the-blue October closure of Pano Logic, a Redwood City, Calif.-based provider of virtual end user systems, shocked its clients.
Get an in-depth look at the Fiserv takeover of Open Solutions in this preview from next week's print edition.
Credit unions of $250 million and up are invited to participate in the next benchmarking study from Cornerstone Advisors in Scottsdale, Ariz.