Head office: 2878 Camino Del Rio South, Ste. 410San Diego, CA 92108 Tel: 619 876 5074 Other offices: None Website:
www.corelation.com Contact: Theresa Benavidez Email:
info@corelationinc.com Founded: 2007 Ownership: Privately owned Number of staff: 42 Partners: WRG Service Bureau for hosting, others for complementary applications
Early takers
Delivery to date appears to be good, with no known failures and with most projects appearing to hit the planned timescales. Cabrillo Credit Union and Harbor Federal Credit Union signed within a week of each other in late March 2010 but undertook independent selections. They were scheduled to go live one after the other, with Harbor first, in the spring of 2011. As Symitar users, Landis was known to both credit unions. Harbour Federal duly cut over as the first live site of Keystone on 6th June, 2011. Cabrillo followed in September. The selection processes involved multiple demonstrations, starting at executive level. Gap analyses were performed and both credit unions had input into the early evolution of the system and the functionality to be included. Robin Lentz, CEO of Cabrillo Credit Union, said Cabrillo had no desperate need to replace its legacy set-up. ‘The system we have been on for the past 25 years has served us very well,’ she explained, at this time. ‘But until Corelation there weren’t any other great options out there that were very different to what we’re already doing. So we were not actively looking for a new system.’ She added that she was aware of Fiserv’s Acumen (which was emerging at this time onto the US credit union scene), but that ‘this is aimed more at larger credit unions’. The workload for staff resulting from the old system was
growing, said Lentz, such that ‘we could see there were going to be potential problems in future’. ‘It’s getting to the point now where we have to do a lot of fixes to comply with new regulations,’ she said. Introducing new products had become more and more time consuming. She expected Keystone
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to cut processing times by 50 per cent, and the end-of-day procedure from three-four hours to about 30 minutes. At the time of the signing of the two first recruits, there was an ambition for Corelation to perform one core conversion every other month in 2011, and then one every month the following year. In fact, there were seven credit unions live by October 2012, with the latest cutover of Memphis-based Orion Federal Credit Union ($553 million, 46,000 members), with five other projects in progress. At Orion, Keystone was chosen because it was ‘far ahead of the others in the overall operational efficiency it would provide’, said CEO, Daniel Weikenand. Three more credit unions were live by Q1 2013 (over $1.7 billion in client assets and over 182,000 members across six states and four time zones). The latest go-lives were Houston- based PrimeWay Federal Credit Union ($418 million, 50,844 members), Plus4 Credit Union, also in Houston ($90 million, 18,200 members), and San Diego-based Miramar Federal Credit Union ($175 million, 7800 members). Another fairly early Symitar recruit (March 2012) was
Michigan First Credit Union ($624 million, 85,000 members), with Fiserv’s Acumen rejected at the shortlist stage. 24x7 access to information for customers was a key requirement, which brought the selection down to these two new systems, to replace a platform that had been in place for 30 years. According to Michigan First president and CEO, Michael Poulos, Keystone was chosen as it could make the credit union ‘faster, better and larger’ providing ‘a faster service, and will offer different products and services, as well as a 24/7 call center’. A single, clean API level, rather than myriad point-to- point interfaces, was another attraction.
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company details
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