New Solution Provides Growth Opportunity for SEG ACH Origination
Feb. 9, 2012 –– Corporate One Federal Credit Union announced today it has executed an agreement to offer upgraded ACH services for ACH Receipt and Origination transactions to its nearly 800 members using Fundtech’s PAYplus® ACH and CASHplus® platforms. 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 over APEX-ACH, and with pricing that is more favorable to its members.
“With our new ACH platform through Fundtech, we’re able to provide enhanced pricing to our members over the fees associated with the existing ACH solution, said Lee Butke, Corporate One’s president and CEO. “Price reductions will be most significant in one of the most fertile areas for credit unions growth – ACH for SEGs and small businesses. This is an area where credit unions can really see sizeable growth. Having a partner that gives us the ability to provide a superior, cost effective solution was pivotal in our decision to move to Fundtech. We view our move to the new platform as more than a replacement for our existing system, but as an opportunity to provide even more value to our members and help them succeed at serving their own members.”
“Corporate One was an active participant in the discussions to continue some of the payment services of U.S. Central, provider of the APEX-ACH platform,” said Robert Coyan, Corporate One’s SVP of Marketing and Operations. “However, simultaneous to our discussions with U.S. Central, Corporate One was also actively pursuing other options and performing stringent due diligence on alternative ACH providers. After an extensive and thorough search, we are very pleased to have chosen Fundtech as our new ACH system provider. The Fundtech platform is a user-friendly, best-in-class system that will provide our members many benefits above and beyond the APEX-ACH system. Some of these benefits include outstanding risk mitigation and monitoring capabilities, and a very robust third tier, allowing our members to more easily add select employee groups (SEGs) and small businesses who wish to originate ACH transactions.”
Mary Ellen Putnam, Executive Vice President of Fundtech’s Payments Business Unit 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 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.”
Now that a formal agreement has been signed between Corporate One and Fundtech, Corporate One will soon begin the process of working with its members to transition them to the new 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.
About Corporate One:
Corporate One Federal Credit Union is a leading wholesale financial services provider to more than 780 of America’s credit unions. With more than $4.7 billion in assets under management, Corporate One offers correspondent services including ATM/debit and credit cards, share draft imaging, depository and electronic payment services and investments to credit unions across the United States. Corporate One also developed and manages Alliance One, one of the nation’s largest non-network-specific ATM selective-surcharging groups. For more information, visit www.corporateone.coop.
Fundtech is a leading provider of financial technology to banks and corporations of all sizes around the world. Founded in 1993, Fundtech was acquired by GTCR, a Chicago-based private equity firm. Major product lines are: payments and liquidity management; cash management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway products and mobile banking products. The company sells these systems through either a traditional software license or through a Software-as-a-Service (SaaS) contract. Fundtech operates one of the world’s largest services bureaus called Fundtech Connect, which addresses the unique needs of the financial services industry. Thousands of financial institutions and companies around the world rely on Fundtech’s innovation to improve operational efficiency, increase revenues, and to provide greater competitiveness through business-to-business services. For more information please visit www.fundtech.com
Contact: Paul Hixon
866/692-6771, ext. 9313