IBS Journal November 2015
Desert Schools FCU goes live with new core system
Arizona-based Desert Schools Federal Credit Union has replaced its legacy core processing platform, Fiserv’s Signature. The new system is Keystone, supplied by anoth- er domestic vendor, Corelation. The $3.8 billion credit union was keen
to move away from its batch process- ing system onto a real-time core, it says, to improve services to its members and increase efficiency. As a result, the account opening process
has been reduced from 45 to five minutes, an automatic account retrieval via debit card swipes has been created and transaction receipts are now being emailed rather than physically posted (which aligns with Desert School FCU’s strategy of going paperless). New online and mobile banking servic-
es have also been launched. Desert Schools FCU is the largest Key-
stone user.
Corelation: a brief summary Corelation was set up in 2009, with its HQ in San Diego, California. Its founder and CEO, John Landis, helped to write the Episys core system that now
resides within the Symitar division of a US banking software heavyweight, Jack Henry. The majority of Keystone users today
are converts from Fiserv. Around seven came from Symitar. They tend to be in the smaller tier (up
to $600 million in assets). The first two takers of Keystone were
Cabrillo Credit Union and Harbor Federal Credit Union, both in California. Other entities followed, including
Michigan First Credit Union, Orion Federal Credit Union, Chula Vista City Employees Federal Credit Union, Aspire Federal Credit Union and SafeAmerica Credit Union. To date, there are around 40 takers of
Keystone, half of which are already live on the system. Among those waiting to go live are:
• Sidney Federal Credit Union ($390 mil- lion) – go-live set for December 2015;
• PennEast Federal Credit Union ($141 million) – January 2016;
•
First Service Credit Union ($506 million) – March 2016;
• Bellwether Community Credit Union ($397 million) – April 2016;
• Riverfront Federal Credit Union ($167 million) – May 2016;
• NW Preferred Federal Credit Union ($124 million) – September 2016. Tanya Andreasyan
Kony Inc develops new mobile banking service, signs ORNL Federal Credit Union
Mobile application developer Kony Inc has announced the launch of a new cloud- based service for mobile retail banking. Kony’s Mobile Retail Banking Quick
Start, the company claims, will allow banks and credit unions to rapidly implement a ‘new, fully-functional and personalised mobile app’ for their customers. The system is a personalised service that offers banks a mobile banking template to help mod- ernising firms the chance to quickly get a mobile app set up. The product comprises a retail mobile
banking app template, personalisation and integration services, and mobile app plat- form runtime. Its functional features cov- er 35 key areas. It is provided on a hosted basis, and the service includes the ongoing support and annual upgrades to the latest versions of the iOS and Android operating systems.
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Kony is also promising potential clients
that a customised app will be produced for them in under 100 days. The finished application delivered to
clients, says Kony, will feature account and user management, payment and transfers, deposits and security services. Among the early adopters of Kony’s
new offering is ORNL Federal Credit Union. The Tennessee-based financial institution, which holds around $1.7 billion total assets and has 167,000 members, devised ‘a new enterprise mobility strategy’ underpinned by Mobile Retail Banking Quick Start. For its core processing needs, ORNL is a long-standing customer of Jack Henry’s Symitar division. Colin Anderson, president and CEO at
ORNL, says that the credit union’s custom- ers desired better service on their mobiles than they were getting from the big banks.
As well as developing a mobile strate- gy and application for ORNL, Kony helped it create two unique features in the form of a cash management service and a commu- nity events feature. Kony claims 30 million mobile bank- ing users of its Mobile Retail Banking Quick Start offering, across 38 countries. Amongst its clients are Citibank, BBVA Compass, DBS, Qatar National Bank, Huntington Bank, Partners Federal Credit Union, Scotiabank and Suntrust. The vendor says its solution is compati-
ble ‘with all major core-banking systems’. Kony also claims that some of its mid-
sized bank clients have ‘realised a ROI [return on investment] of 150% over three years’, while some have recouped their investments in a Kony mobile solution ‘within approximately 6-8 months’.
Alex Hamilton
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Phoenix, home of Desert Schools FCU © DGustafson, Wikipedia
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