Corporate One and Southeast members to benefit from enhanced offering
By: Robert Coyan, Corporate One's SVP, Marketing and Operations
As we have communicated before, U.S. Central Federal Credit Union (the wholesale provider of financial services to the corporate network) is winding down its APEX-ACH platform. I’m pleased to announce to you today that Corporate One has executed an agreement to offer upgraded ACH services for ACH Receipt and Origination transactions using Fundtech’s PAYplus® ACH and CASHplus® platforms. By choosing Fundtech, Corporate One is replacing the APEX-ACH platform offered through U.S. Central with a solution that will offer several enhancements over APEX-ACH, and with pricing that will be more favorable to both Corporate One and Southeast members.
The Fundtech platform is a user-friendly, best-in-class system that will provide many benefits above and beyond our current system. Some of these benefits include outstanding risk mitigation and monitoring capabilities, and a very robust third tier, allowing Corporate One and Southeast members to more easily add select employee groups (SEGs) and small businesses who wish to originate ACH transactions. Best of all, with Fundtech’s solution, Corporate One is able to provide enhanced pricing over the fees associated with the existing platform.
Corporate One has already developed a promotion that will include waiving all fees associated with bringing on new SEGs through 2013. Additionally, as part of our standard pricing on the Fundtech platform, there will be a 15% - 22% reduction in ACH SEG/small business Origination fees, based on volume, and a 40% reduction in monthly SEG maintenance fees for all members over the existing solution.
We view the move to the new Fundtech platform as more than a replacement for our existing system, but as an opportunity to provide Corporate One and Southeast members with a more valuable solution with which they can successfully serve their own members.
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 we expect to have all members transitioned by that time. Additional details will be forthcoming very soon.
SVP, Marketing and Operations