CU*Answers and Corporate One to Form Image Exchange CUSO

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.