Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GRAND RAPIDS, Mich. – Credit Union Service Organization CU*Answers and Corporate One FCU have signed a letter of intent to form a new CUSO for image exchange. The new CUSO will offer depository services using Corporate One’s image exchange solution, Automated Capture & Exchange. It will also offer share draft processing. Both organizations said they are open to expanding ownership in the new CUSO. “Our mutual vision to vest credit unions in the Check 21 business instead of just watching them become clients of a bank-dominated vendor process excites everyone here at CU*Answers,” said Randy Karnes, CEO of CU*Answers. CU*Answers, best known for its data processing services, also offers online banking and other technology services. It has 125 CU clients. Corporate One has $4.1 billion in assets and serves 800 credit unions. Butke said with Corporate One and CU*Answers each having roughly 250 branch capture machines in branches, this deal doubles the scale. “We bring these two volumes together and the fixed cost and some of the overhead we decided to go ahead and put on to meet the needs of Check 21, and overnight our fixed cost is being spread out,” said Corporate One CEO Lee Butke. Butke hopes other item processors will see the value and join the CUSO. Corporate One clears approximately 8.5 million items a month and CU*Answers 1.6 million.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.