core was scheduled for early July 2013. Oregon-based Mbank, with $173.7 million in assets, was also among the new takers.
There were three wins for Harland’s Sparak solution and one
for its Ultra data, at Members Heritage Credit Union. The Kentucky-based credit union, with $300 million in assets, also selected a batch of auxiliary systems from the supplier including internet and mobile banking modules.
Of the new comers, in 2012 Corelation gained a prominent
win for Keystone at Michigan First Credit Union, which represented its largest conversion to date with over 85,000 members and $624 million in assets. It also won deals at Houston-based Plus 4 Credit Union ($90 million assets, 18,200 members) and San Diego-based Miramar Federal Credit Union ($175 million assets, 7800 members).
Vsoft won its third taker for Core soft, Texas-based Point
bank Community Bank. The bank has assets of around $355 million and followed on from Carter Bank and Evans Bank.
2013
2013 saw further supplier consolidation. As mentioned, Fiserv bought Open Solutions for $55 million and a debt of around $960 million, which Fiserv also assumed. As a result, Fiserv’s Acumen core system has been sun setted, with all existing customers, including those mid-implementation, nudged to move to Open Solutions’ DNA core offering. The announcement followed the aforementioned clutch of plagued Acumen implementations including at Patelco Credit Union, Canada-based Conexus, and Gesa Credit Union.
Another merger in the US core banking space in 2013, but
with fewer complications, was the acquisition of Harland Financial Solutions by Canadian financial technology firm, Davis and Henderson (D+H). The deal cost $1.2 billion and provided D+H with its first core processing offering, Phoenix.
In terms of notable sales, in the Fiserv camp, New Jersey-
based Investors Bank, with $12.8 billion in assets, signed for Fiserv’s Signature to replace the Open Solutions-derived Total Plus for its 100 retail branches in a project scheduled for around19 months. COCC, the client-owned banking software provider based in Connecticut, signed Workers’ Credit Union in Massachusetts for its outsourced core offering, Insight, a white- labelled version of DNA. The $940 million credit union, with 71,130 members, is replacing FIS’s Miser.
One bank moving away from Fiserv is Casey State Bank
(CSB), with ten branches across Illinois and Indiana and over $250 million in assets. It selected the Nupoint core banking solution from CSI onan out source basis. This followed another bank, Busey, which implemented the system in late 2012. CSB had been using Precision on an in-house basis for over six years
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but had become frustrated with this and a combination of other systems. CSI also gained Indian a-based Home Bank, a user of FIS’s Miser, for Nupoint during the year.
Fiserv continued to gain sales of the Open Solutions-
derived DNA, some moving from Acumen and other Fiserv platforms. By September, Fiserv announced that it had gained twelve wins for DNA since the takeover, from five banks and seven credit unions. These were Heritage Bank (Washington), Community Bank of Wheaton/GlenEllyn, Evansville Teachers Federal Credit Union in Indiana, Maine- based First Federal Savings & Loan, First National Community Bank of Dun more, Pennsylvania, Greater Nevada Credit Union, Mid Florida Credit Union, the aforementioned Navigant Credit Union, NCB FSB in Ohio, Texas-based Randolph-Brooks FederalCredit Union, Vermont Federal Credit Union and Michigan-based Wildfire Credit Union. This didn’t look far off what Open Solutions had been doing under its own steam (albeit, of course, without captive user bases to sell into). By way of comparison, Open Solutions had notched 18 new-namewins in the US in 2012.
Elsewhere, $578 million asset Pinnacle Bank in Georgia
opted for Fiserv’s Precision, as did Los Angeles-basedGBC International Bank ($456 million) and Virginia-based Bank of Botetourt ($320 million). Also in the packed Fiserv core banking armoury is the Premier platform which was taken by New Jersey-based Kearny Federal Savings Bank, with $3.1 billion in assets, and Alabama-based Southern Independent Bank ($183 million assets).
Over at Jack Henry, it won Maine-based Northeast Bank
($720 million in assets) for its Silverlake system, on an out source basis. Other banks to move to Silverlake during the year included Univest Corporation of Pennsylvania (one of the larger ones, at $2.2 billion in assets); North Carolina- based New Dominion Bank; Georgia-basedFirst National Bank of Coffee County; Athens Federal Community Bank; Washington Trust Bank; Vermont-based Merchants Bank (to replace Signature); and California-based Bank of the Sierra ($1.4 billion in assets).
Jack Henry’s lower end Symitar division, with its Episys
platform, gained a fairly good haul which included Kitsap Credit Union, Indiana Members Credit Union, DuPont Community Credit Union, Arizona Federal Credit Union, State Department Federal Credit Union Alexandria, and Quorum Federal Credit Union. As one indicator of what was going on out there in 2013, Jack Henry gained 40 wins for Episys in 2013, compared with 35 in 2012. For Silverlake, it had 22 deals in 2013, compared with 20 in 2012.
FIS gained a spate of new takers throughout the year for its
multiple systems including Miser, Bankway, Bankpac and IBS. For the latter, the vendor signed four new takers including
Market Dynamics Report 2017 |
www.ibsintelligence.com
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