Corporate America Credit Union CEO Thomas Bonds said he met with a new vendor today to begin the process of converting his corporate's payment systems platform away from U.S. Central.
The leader of the $2 billion retail corporate said his board approved utilizing Norcross, Ga.-based financial services provider Goldleaf Financial Solutions to for ACH processing. Bonds said he hasn't yet cut a check to Goldleaf, but said "I have board approval and we will move forward."
Corporate America is currently building other back office payment systems platforms in-house, which Bonds said will allow the Irondale, Ala.-based institution to interface directly with the Federal Reserve and "eliminate middle man cost." The goal is for Corporate America to be "a non-U.S. Central payment system corporate" by the end of first quarter 2010.
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The board has not yet decided whether or not it will continue to utilize U.S. Central at all, Bonds said.
"Look, we don't want to abandon U.S. Central altogether, but we can't be held hostage by an organization that tells the corporate network 'we need more capital or we'll turn off your access to payment systems,'" he said.
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