Credit Union Core Processors
Credit Union’s leverage Credit Union core data processors to develop and maintain a core data system for core Credit Union clients to expand service offerings to support membership.
The core data processor services include EFT Processing, Debit Signature Processing, Debit Pin, Credit Card Processing, Online Banking, Mobile Banking, Online Bill Pay, E-Statements, Remote Deposit Capture, Online Account Opening, Online Loan applications and electronic applications.
Though Credit Union Core Processors is not considered a new idea, managing risk and limiting membership user data is paramount today.
Preventing fraud and taking charge of risk management is mission critical for credit unions, but luckily, they don’t have to go it alone.Currently, federal regulators are attempting to clamp down on the fraud prevention holes in financial institution infrastructures. The FFIEC Cybersecurity Assessment Tool is a great example of new solutions to help manage risk. The core processor vulnerability is no exception.
Credit Unions with a core processing system being among a credit union’s biggest IT expense
To gauge just how providers fared, the 2014 Core Data Processing Satisfaction Survey Report sent questionnaires to 3,832 credit unions. Some 309 executives at 298 credit unions sent in their responses. The report was compiled by Samuel Brownell, founder of CUCollaborate LLC, a Washington-based credit union advisory company. The former associate vice president at Callahan & Associates left the firm earlier this year to launch CUCollaborate.
The Callahan & Associates designed the 2014 Market Share Guide to Credit Union Core Processor to assist credit unions through the understanding the changing landscape of Credit Union core processors landscape.
As detailed in the Credit Union Core Processors 2014 Supplier Market Share Guide upwards of 32 different companies serve the nation’s 3,562 credit unions that have more than $20 million in membership assets.
Top 20 Credit Union Core Processor
Harland Financial Solutions (Ultradata)
Member Driven Technologies
Computer Marketing Corp (CMC/Flex)
Share One, Inc.
United Solutions Company – DataSafe
R.C. Olmstead, Inc (RCO)
Enhanced Software Products, Inc (ESP)
Electronic Recordkeeping Services
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