Wescom Tech CUSO Reports 2013 Growth
Wescom Resources Group said it added 28 new credit union clients as users of its software and technology service solutions in 2013.
The CUSO of the $2.5 billion Wescom Credit Union in Pasadena, Calif., also said it generated $10.7 million in annual revenue last year.
The new signings included five new MemberEdge Online Banking clients, for a total of 70 clients nationwide, the CUSO said in its Wednesday announcement, along with 17 new mobile banking clients for a total of 90 credit unions using that solution.
WRG said four new bill pay clients were added, pushing that total to more than 50. The CUSO runs a Symitar Episys outsourcing data center and added two new service bureau clients.
Investments in 2013 included new monitoring platforms for online applications and expanding the capabilities of its tertiary data center in Denver, WRG said.
The company said it now has more than 160 active credit union clients and that this year it intends to continue convergence of online and mobile channel functions and expanding enterprise solutions including adding mobile bill pay.
According to its financial reports posted on the NCUA’s website, Wescom has been well-capitalized and in the black for more than a year, after falling as low as 4.17% net worth in March 2010. As of Dec. 31, 2013, Wescom reported an $18.5 million net profit and 7.78% net worth. According to the NCUA’s risk-based capital calculator, Wescom would be considered adequately capitalized under the proposed rule.