CetoLogic reports three new credit union clients

Source: CetoLogic

CetoLogic, a leading provider of software and analytics for financial institutions and retailers, announced that three new credit unions have selected its C3 Financial cash management and forecasting solution, including El Paso, Texas-based evolve Federal Credit Union; Burlington, Vt.-based NorthCountry Federal Credit Union; and Danville, Pa.-based Service 1st Federal Credit Union.

"evolve Federal Credit Union previously relied on outdated processes for cash management, which resulted in operational inefficiencies and excess cash," said Ismael Mendiola, vice president of Operations for evolve Federal Credit Union. "CetoLogic's C3 Financial has centralized our cash order processes and provided efficiencies and time savings by consolidating all our orders to submit directly to the Federal Reserve Bank's FedLine® Web. Now, our staff can spend more time serving our members."

Using historical data, CetoLogic's C3 Financial provides financial institutions with the most accurate branch and ATM order recommendations to help maintain appropriate cash inventory levels. C3 Financial's forecasting engine anticipates a branch's or ATM's cash needs by predicting future member activity – enabling financial institutions to better manage their cash inventory, which typically represents an institution's largest non-earning asset.

"Financial institutions' cash levels are typically 30 percent higher than actual need, which can lead to increased security risks, higher insurance costs and illiquid, investible assets for the institution," said David Austin, vice president of CetoLogic. "As interest rates increase in the near future, financial institutions must be able to quickly adapt to changing market conditions to recover this excess cash for alternative investments and lending." 

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