smaller credit unions. What of the upstarts? Well, both Vsoft Corporation and
Corelation made progress. Vsoft gained a second taker for its new system, Coresoft, in the form of $700 million community bank, Evans Bank, beating FIS, Fiserv, Harland and Jack Henry. The system is Java-based and was originally built for 140- branch Carter Bank.
Corelation gained Orion Federal Credit Union and
Prospectors Credit Union for its Keystone system during 2011 and claimed three others. The supplier started the year without a live site but saw cut-overs at Harbor Federal Credit Union, Cabrillo Credit Union and Oregon Pioneer Credit Union. There is an in-house option and an out source one, via partner, Wescom Resources Group (two additional 2011 signings, Arkansas-basedALPS FCU and Georgia Heritage FCU, opted for the latter). Corelation is a California start-up from a number of ex-Symitar developers, and Cabrillo and Harbor signed within a week of each other as first takers in March 2010.
2012
Throughout the year, Fiserv’s Acumen seemed to pick up momentum with new-namewins including Florida’s fifth largest credit union, Midflorida Credit Union, with$1.6 billion in assets.
This institution signed in late 2012. Others included CFE
Federal Credit Union, a $1.3 billion institution in Florida (it merged with University of Central Florida FCU in late 2011), $872 million Northrop Grumman FCU, and Nebraska’s largest credit union, SAC Federal Credit Union, with around70,000 members and $570 million of assets. In mid-2012, Fiserv’s taker of the previous year, Trust one Financial FCU, apparently went live with Acumen to replace its 20-year-old Ultra data system from Harland. The credit union, with $739 million in assets, selected Acumen ahead of Episys from Jack Henry/Symitar, Open Solutions’ DNA and Corelation’s Keystone. The latter was deemed too small for Trust one.
There was, however, aloss of business for Fiserv in 2012,
with three high-profile credit union failures for Acumen. Conexus in Canada, plus US-based Gesa Credit Union and Patelco Credit Union, shelved their Acumen implementations. Subsequently, Acumen itself was shelved when the acquisition by Fiserv of Open Solutions brought DNA and Acumen under one roof (see below).
2012 also brought in new-namePremier deals for Fiserv in
the US. Among these were Capital Bank (with $420 million in assets), which signed in mid-year, and Chicago-based Oak Bank (with $220 million in assets), which opted for Premier to replace Core Director from Jack Henry. Another new win for Premier was Maine-based Katahd in Trust Company. The new
technology would enable the $577 million bank to take on larger competitors, by bringing new products and services to market, said Jon Prescott, president and CEO of Katahd in Trust.
As for Open Solutions, in its last year, it did not have a
successful time compared to 2011. In the previous year, the vendor secured four large clients ranging from $1.2 billion in assets up to $2.3 billion, but in 2012, takers ranged below the$1 billion asset mark. Among the deals of 2012 was Indiana-based United Community Bank, with $504 million in assets, which selected the DNA platform and a number of ancillary products from the vendor in mid-year. Marion & Polk Schools Credit Union (Maps Credit Union) also opted for DNA for its core processing needs. This $400 million asset credit union serves over 40,000 members across nine branches in Oregon.
FIS gained a spate of new takers throughout the year for its
multiple systems including Miser, Bankway, Horizon and IBS. For the latter, US-based Bremer Bank signed in July 2012 to replace its 25-year-old Premier system from Fiserv. IBS was chosen ahead of competition from Jack Henry. Bremer Bank also looked at upgraded versions of Fiserv’s offerings, but did not see the solid functionality compared to FIS’s core system.
Jack Henry’s deals were mainly in the lower- to mid-tier
sector throughout 2012, with numbers well in the double digits. Around 20 of the wins went to Silver lake and more than 30 to Episys, whist Core Director picked up four new takers. One of the largest wins for Jack Henry was First National Bank of Bastrop, with $400 million in assets. The Texas-based bank acquired the Silverlake system plus a host of the supplier’s other applications. Another deal for the vendor was at Libertyville Savings Bank, an Iowa-based bank with $195 million in assets. The banks elected the Core Director offering, on an outsourced basis, to replace its 25-year-old onsite system from a domestic supplier, Nebraska-basedModern Banking Systems. The bank selected 41 complementary products and services from the vendor and go-live was scheduled for 20th May 2013. Other deals for Jack Henry included Bank of Michigan, Touchmark National Bank and Security Federal Savings Bank.
Throughout the year, Harland’s deals were mainly for its
Phoenix system, with six wins – down from eight in 2011. Among the new takers was one of the largest lenders in Vermont, New England Federal Credit Union, with$920 million in assets. Jim St. Peter, senior IT and operations executive for the credit union, cited ‘modern, open architecture, strong support for mortgage and business lending, and 360-degree member relationship view’ as the system’s advantages. Hawaii National Bank also selected Phoenix to replace its legacy Premier platform. It was chosen ahead of Data Center’s iCore360, FIS’s IBS, Fiserv’s Precision and Premier platforms, Silverlake from Jack Henry and Open Solutions’ DNA. The conversion of the
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