news
IBS Journal October 2015
Big deals and a big kill in the latest US community banking and credit union market news
Pacific National Bank (PNB) has imple- mented Jack Henry’s Silverlake core processing platform to prop up its digital and in-branch banking systems. CFE Federal Credit Union in Florida goes live with Episys’ Symitar. Meanwhile, Jack Henry’s rival, Fiserv, has onboarded Georgia’s Own Credit Union for its flag- ship DNA platform.
Jack Henry and Pacific National Bank PNB, a small community bank based in San Francisco, provides personal and corporate services. The vendor says it was in need of ‘a highly integrated, flexible system’. PNB’s legacy system, installed in 1985, was dependent on workarounds and bolt-ons that, according to the bank, often presented issues. Senior vice-president and chief opera- tions manager at PNB, Pamela Wendel, says that the bank needed to convert its core systems, as well as its peripheral systems, in less than three months. After what it describes as ‘a rigorous
selection process’, the bank decided to outsource its new processing system through Jack Henry’s JHA Outlink Processing Services. The deal was struck in October 2014.
Fiserv and Georgia’s Own Credit Union Georgia’s Own Credit Union has selected Fiserv’s DNA core platform. The credit union, one of the largest
in Georgia with $1.7 billion in assets and over 17,000 members, has been relying on Fiserv’s technology for two decades. In 2011, it signed to implement Fiserv’s
new offering at the time, the Acumen core processing platform. However, two years later, Acumen was shelved by Fiserv (see below for further details). Georgia’s Own CU is the latest in the
string of Acumen users moving to DNA. In addition to the core, the credit union has also taken a host of Fiserv’s CRM and BI products, plus several DNAapps from Fiserv’s app-store and the DNAcreator toolkit to develop custom apps and market them to other financial institutions via the DNAappstore.
20 © IBS Intelligence 2015
Episys and CFE Federal Credit Union Florida-based CFE Federal Credit Union (CFE FCU) has gone live with the Episys core offering from Symitar, a subsidiary of Jack Henry. The latest conversion follows an earlier
attempt to move to Fiserv’s Acumen process- ing system, only to discover that they system was no longer supported by the vendor. The deal with Episys was inked in October 2013. Kevin Wright, senior vice-president of IT
at CFE FCU, says: ‘Through this partnership, we have been able to change the way we oper- ate IT, eliminating nearly 90 man hours each month in processing time; giving those hours back to our staff has been greatly appreciated.’ In addition to partnering with Symitar
for Episys, CFE FCU will also implement sev- eral complementary solutions for ‘further cohesiveness and functionality’. These include Imagecenter for Check 21
processing; Remitplus Remittance/Lockbox; Synergy Document Management; Synapsys
for customer relationship management; and Advanced Reporting for Credit Unions (ARCU) for data warehousing and reporting. Wright adds: ‘Added reporting capa-
bilities has removed a data bottleneck and allowed a larger set of information from which to pull – enabling us to provide a faster reaction. Synapsys alone is bringing in more business with home banking and account opening; we’re experiencing $1 million a month in referrals already.’
The big kill Acumen was shelved by Fiserv in 2013, following the acquisition of rival vendor Open Solutions and its DNA platform. DNA was deemed strategic going forward, whilst Acumen was sunsetted. As a result of Acumen’s kill-off, Jack
Henry was among the main beneficiar- ies. The majority of those domestic credit unions that opted to leave Fiserv (the com- pany did offer its DNA core platform as an alternative), went for Episys. These credit unions include Christian
Community Credit Union (the first taker of Acumen in the US), Trustone Financial FCU, and Suncoast Schools FCU. Episys is a long-standing solution that
has proved to be a popular solution for credit unions in the US. Alex Hamilton & Antony Peyton
IN BRIEF
Houston-based Allegiance Bank has launched Q2 Holdings’ Q2 platform for its online and mobile banking services. Allegiance Bank, which holds $1.9 billion in assets, selected Q2 to offer its cus-
tomers an improved online service. According to Q2, the new platform will enable Allegiance Bank to provide advanced alerts, password reset, enhanced security set- tings and improved treasury support to its users. The push to have a multi-device mobile app led Allegiance Bank to choose the
Q2 platform, according to its president, Ray Vitulli. The integration of such an app, for both consumer and corporate customers, he believes, will set the bank apart from other community-based institutions in the region. Q2 Holdings, headquartered in Austin, counts regional and community banks as its
main customers and aims to aid them in increasing their online and digital effectiveness. It also provides the digital banking platform for US-based First Trade Union Bank, a deal in which it replaced the channel front-end of the bank’s core banking system supplier, FIS. —Alex Hamilton
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