While credit union core processor Corelation Inc. was converting two of its largest clients over the last couple of months, the core processor was also signing a few more credit unions to convert to KeyStone in 2016.
Those three new clients include:
• Reliant Community Federal Credit Union ($386 million; 37,000 members; Sodus, NY)
• Nutmeg State Financial Credit Union ($382 million; 36,000 members; Rocking Hill, CT)
• Industrial Credit Union ($203 million; 24,400 members; Bellingham, WA)
Converted credit union to KeyStone (November 1, 2015):
• Credit Union of New Jersey ($327 million; 43,000 members; Ewing, NJ)
According to Industrial Credit Union Executive Vice President Kim Sutton, new browser architecture, member centric, open system, functionality and “connectability” to best-of-breed third-party solutions were all reasons to sign with Corelation. In addition, Sutton says the technology provider has a proven track record of the principles and talent they have recruited, as well as their core values aligning with the credit union’s.
“It feels more like a partnership and not a vendor relationship,” she adds.
Sutton says her goals are to make the credit union’s processes much smoother and interconnected, while reducing the number of times it switches systems and moves the same data between two programs. She also looks forward to having a lending solution as part of the core and leveraging member data. Corelation’s KeyStone allows Industrial Credit Union to achieve these goals and more.
“It’s no question that 2015 has been our busiest to year by far - and we still have two months to go,” says Corelation President Theresa Benavidez. “With all this activity, you would think our multitude of conversions and signings would be a blur. It’s actually been quite the opposite, as we have savored each new client and each new KeyStone launch as if they were our first.
“I believe it comes down to how much we care about this industry and how much each client contributes to our technology,” she adds. “They each have a say which ultimately benefits everybody because our system is that much better today - and we will continue on this path as each new credit union joins our family.”
To date, Corelation has signed 40 credit unions with 26 live on KeyStone - with almost $14 billion in total combined assets. Additionally, more than 850,000 members are served by credit unions powered by KeyStone. That number will rise to 1.2 million by January 2017.