IBS Journal June 2015


E-Central Credit Union swaps D+H for Fiserv


California-based E-Central Credit Union is undergoing an enterprise-wide revamp of its technology with Fiserv. The credit union -


ings, including the XP2 core processing system, Corillian Online for online banking, Mobiliti for mobile banking, Checkfree RXP for electronic bill payments, Mobile Source Capture for mobile cheque deposit and the Wisdom accounting platform. The contract with Fiserv was signed in


December 2014, following a year and a half of selection. ‘Big bang’ go-live is set for 1st June this year, says Mike Theodore, presi- dent and CEO of E-Central. The credit union is making good


progress, he says, with all data already cleansed and extracted from the old sys- tems and now being migrated to the new core. Onsite training is in full swing, ‘and our people love the new set-up’, Theo- dore comments. The new system is brows- er-based, ‘exceptionally logically laid out’ and user-friendly, he explains. ‘It has a modern look and feel, which particular-


you need is a mouse and a browser and you are good to go.’ In parallel, the credit union is reviewing


and products to align them with ‘best prac- tices that Fiserv brings’. ‘We do not want to just move to new software and contin- ue working the way we always have. That


-


dore states. A project manager from Fiserv is onsite


helping the E-Central team with the con- version and ‘is doing a fabulous job’, The- odore adds. ‘Fiserv has a comprehensive implementation strategy.’ The credit union also recruited an independent consultant


The credit union is moving its environ- ment from an onsite deployment to service


technology company,’ Theodore states. On the way out is the Ultradata core system from Fiserv’s domestic rival, D+H Corpo- ration (formerly Harland Financial Solu- tions). It was implemented in 2005 and ‘has served E-Central well’, he notes. ‘It is a good system, and if I went back in time I would


wrong’.


in 2003/04, says Theodore, and then again in 2008. ‘We have kept an eye on the sys- tem over the years as it has been moving in the right direction with its development,


The project team liked the web browser- based nature of the solution and its DB2 database. Another notch in Fiserv’s favour was its ‘strong balance sheet’, he adds. ‘And importantly, top executives at Fiserv are accessible, even for small clients such as E-Central [the credit union has $161 mil- lion in assets and 17,000 members]. I can always pick up a phone and get through


executive.’ © IBS Intelligence 2015 www.ibsintelligence.com 15


IN BRIEF


Central Bank of Nigeria’s (CBN) lengthy search for a common core banking system for the country’s


-


etly mothballed, it is understood. The initiative belonged to the for- mer governor of the CBN, Lamido Sanusi, who implemented a raft of banking sector reforms after tak-


the attention turned to the MFI industry: CBN felt that the sector was beset by operation challeng- es, narrow operating margins, bar- riers to entry for new players and the lack of regulatory reporting transparency, in part due to ‘the escalating cost acquisition and multiplicity of IT operating plat- forms’. The new IT platform was to


Mike Theodore, E-Central CU


have selected it at that point again.’ The- odore has been in charge of the IT at the credit union for 15 years prior to becoming CEO. ‘But things have changed dramatical- ly, everything has become too complicat- ed. There are many risks associated with the old environment, fewer and fewer peo- ple know the core system, and there are concerns over the delivery of products to clients.’ Furthermore, the credit union has ended up with multiple vendors, so ‘there


create ‘a lasting solution’ to these problems, CBN concluded, calling on vendors to propose a common IT system for Nigerian MFIs. The tender was announced in early 2014. A number of vendors were known to have expressed interest, including Temenos with its T24 Colvir Software Solu-


tions with CBS. However, Sanusi was sus-


recklessness and misconduct’ by the country’s president at the time, Goodluck Jonathan, for alleging corruption in the country’s oil sec- tor. Sanusi said that out of $67 bil- lion made in oil revenue between January 2012 and July 2013, $20 billion had gone missing. This claim and the following suspen- sion caused shockwaves across Nigeria, with FX, bond and money markets suspending trading. Shortly afterwards, Godwin


of Zenith Bank (one of Nigeria’s largest banks), was appointed as the new governor. The idea of pro-


industry with a common technol- ogy platform has withered on the vine following Sanusi’s departure.


ibs news


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