Two Large CUs Choose Summit's Net Banking System

CORVALLII, Ore. – Credit union data processor Summit Information Systems announced that the $1 billion Founders FCU, Lancaster, S.C., and the $551 million San Mateo Credit Union, Redwood City, Calif., have converted to Summit’s Internet banking solution. The two CUs will be running them as in-house solutions, though it is also available in service bureau format. They cited cost savings and tighter integration with their Summit core system as reasons for converting. Both CUs converted from Corillian. Summit’s Net banking system includes loan origination, bill payment, e-statement integration, and check imaging. Third-party apps can be integrated using Summit’s Pathways development toolkit. “We were already running the WebLoan24 online lending application from Summit, so the leap to the Summit Internet banking solution was cost effective and a natural, evolutionary step for us,” said Barry Jolette, president of San Mateo CU. “We also converted our bill payment platform using the CheckFree interfaces from Summit, and provide our members with online check images, and eStatements. With all of this combined, we expect our cost savings to be significant.” “We now have tighter integration with our core systems, which has enhanced our members’ Internet banking experience and, at the same time, provides us with a single point of vendor support for our most critical applications,” said Bruce Brumfield, CEO of Founders.