TUKWILA, Wash. — Six years after signing on with Corillian, BECU is again expanding its relationship with the Oregon-based provider of online banking and related e-commerce solutions.
The $6.8 billion CU is now ramping up its deployment of the company's small business banking platform and is planning to strengthen its fraud defenses this year with Corillian's Intelligent Authentication solution.
A number of BECU's members already were using online consumer banking for their small businesses, the CU says, and easily made the transition to the new platform, which offers such services as tiered access authority, and balance and transaction reporting.
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Next up will be full-synch integration with QuickBooks, along with ACH, stop payments, payroll and tax payments.
"Our members were asking for online business banking services," says Arnie Gunderson, BECU's director of small business services. "Leveraging a common platform across our consumer and small-business member base provides us with significant advantages, cost savings and synergies."
Offering services securely as well as expanding them will be a priority in 2007, the big credit union says.
BECU already uses Corillian's Fraud Detection System, widely used by a number of top-tier banks as well as credit unions to pre-empt phishing attacks. Now it will join other financial institutions strengthening user-side security in response to FFIEC and consumer demands by deploying multi-factor authentication at log in.
Corillian's Intelligent Authentication system is transparent to the user and re-reads online signatures to authorize specific transaction types, and can detect session hijacking and man-in-the-middle attacks, the company says. It also eliminates the need for additional hardware or software or to register the PC or use tracking cookies. "Our members actively use online banking," says Kyle Welsh, BECU's director of technology services. "With Corillian's robust functionality and good performance standards, we definitely recommend this channel to our membership."
They seem to be listening. BECU reports a penetration rate of 44%, with roughly 205,000 of its 460,000 members using online banking, including 175,000 defined as active, signing on at least once a month.
The growth also has been steady. BECU had 130,000 active members at the end of 2004 and 149,000 at the end of 2005. BECU's original conversion to the Corillian Voyager online banking platform occurred at a crucial point in the credit union's technology evolution–in 2002 while it was replacing six other systems at the same time. BECU used a core middleware system from qbt Software, a company later acquired by Corillian, to join the disparate software in a wagon-wheel approach that the CU says worked seamlessly, including with the crucial online banking piece. "We asked our staff to provide their thoughts on the new system. The most frequently used descriptions were 'fast,' 'stable,' 'reliable,' 'flexible' and 'easily interfaces with other products,'" recalls CIO Butch Leonardson.
"The conversion to the Corillian Voyager platform was an important project for BECU and we met our goals." –[email protected]
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