Corelation signs new clients for Keystone core system
Corelation busy with core banking tech projects across the US
Six small credit unions from across the US have recently signed with Corelation, a California-based core processing software provider, for its flagship Keystone platform.
The completion dates are scheduled through June 2020, according to the vendor.
The new takers are:
- Cross Valley Federal Credit Union ($160 million assets) in Pennsylvania;
- Wheelhouse Credit Union ($283 million assets) in California;
- Fort Financial Federal Credit Union ($227 million), Indiana;
- Appalachian Community Federal Credit Union ($234 million), Tennessee
- Mutual First Federal Credit Union ($95 million), Nebraska
- HFS Federal Credit Union ($570 million), Hawaii
The new deals follow hot on the heels of the H2 2018 signings, among which are three low-tier credit unions, Seasons Federal Credit Union ($159 million) in Connecticut, Linn Area Credit Union ($423 million) in Iowa, and Solidarity Community Federal Credit Union ($252 million) in Indiana.
However, Corelation also managed to reel in bigger players last year, namely Coast Central Credit Union, a $1.4 billion entity in its home state of California, Anheuser-Busch Employees Credit Union ($1.7 billion) in Missouri, and Achieva Credit Union ($1.7 billion) in Florida.
The latter went through an 18-month core selection process with the help of Cornerstone Advisors. It opted for Keystone as it “aligns with Achieva’s strategic vision of being ready for the future”, according to the credit union’s president and CEO, Gary Regoli. The credit union is moving from its legacy tech – Ultradata from Finastra (formerly D+H) – that has been in place for almost three decades at Achieva.
Once (in 40 years)
Meanwhile, New Mexico-based Sandia Laboratory Federal Credit Union ($2.5 billion assets), went live on Keystone at the end of 2018, following an 18-month implementation project.
It had been 40 years since the credit union experienced a core processor change, and for many personnel, this was their first conversion experience.
“Many braced themselves for the horror stories they had heard about conversion and ‘first day live’, but to their pleasant surprise, conversion weekend was much smoother than they had expected,” remarked the credit union’s SVP and COO, Rick Anderson, three weeks post-conversion. “We’re still mostly unscathed.”
For the first time, the credit union personnel were able to access consumer and commercial profiles in one system. They were previously housed in two different platforms, Corelation explains, preventing employees from understanding the full relationship a person had with the organisation.
In its turn, Sandia Laboratory FCU, which has a substantial commercial portfolio, was “instrumental” in developing Keystone’s commercial loan servicing functionality, the vendor says.
