Fundtech, a market leader in global transaction banking solutions, today announced that Corporate One Federal Credit Union has executed an agreement to purchase Fundtech's CASHplus and PAYplus-ACH in order to provide its nearly 800 members with the industry's most feature-rich and easy-to-use ACH payment system.
By choosing Fundtech, Corporate One will be replacing the APEX-ACH platform offered through U.S. Central Federal Credit Union (the wholesale provider of financial services to the corporate network) with a solution that will offer several enhancements, and have pricing that is more favorable to its members.
According to Robert Coyan, Corporate One's SVP of Operations: "After extensive vendor research, we are very pleased to announce the selection of Fundtech as our new ACH system provider. Fundtech offers a user-friendly, best-in-class solution that will provide our members many benefits above and beyond the APEX-ACH system. Important enhancements include: outstanding risk mitigation and monitoring capabilities; and for those originating ACH transactions, a very robust user interface (GUI) allowing our members to more easily add select employee groups (SEGs)."
Mary Ellen Putnam, EVP and head of Fundtech's Banking Products - Americas said: "We are delighted that Corporate One has selected Fundtech systems to support their ACH business. By combining the award-winning user interface of CASHplus with the feature-rich functionality of PAYplus-ACH, Corporate One will be able to offer its members the industry's best ACH payment services. As a long-standing client of Fundtech's PAYplus Connect, there will be valuable synergies achieved from having Fundtech providing such a large portion of Corporate One's payment systems."
According to Lee Butke, president/CEO of Corporate One, "The selection of Fundtech's ACH platform is a natural fit for our members and for our organization. This partnership will provide our member credit unions an exceptional ACH solution with many new features and benefits over the APEX-ACH system, and at a more competitive price. Additionally, the Fundtech solution gives Corporate One the ability to process ACH transactions for any other corporate credit union that would like to pool their volumes with us to take advantage of the power of aggregation for their own membership. I see this new partnership with Fundtech as a win-win for Corporate One and its members, and for any natural person credit union or corporate credit union looking to offer a powerful ACH solution to their members."
Corporate One will soon begin the process of working with its members to transition them to the new ACH platform. Per a previous announcement from U.S. Central, U.S. Central is poised to institute price increases on the APEX-ACH system beginning June 30, 2012 and Corporate One expects to have all members transitioned by that time.