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Share One’s NewSolutions Selected by Ten Members of the SCCUA
MEMPHIS, TN – Share One’s NewSolutions core processing system was selected as the new vendor/core processing system by ten members of the Southern California Credit Union Alliance (SCCUA) after an extensive core vendor search. The SCCUA is a group of credit unions that organized in 2008 with the idea of collaborating with a common goal of reducing costs of operations and leveraging buying power. In 2012, 24 SCCUA Credit Unions combined forces to search for a new core processor. After a thorough review process over several months, a group of 10 credit unions determined that Share One’s NewSolutions would be their selection and each of them would in turn, sign contracts to implement the NewSolutions Core Processing System at their credit unions.
Jon Hernandez, founder of the SCCUA and CEO of CalCom Federal Credit Union, City of Downey Federal Credit Union, and Mattel Federal Credit Union, explained the search process, “The Group sent RFP’s to 10 core processors and based on their responses, coordinated onsite demonstrations for the top four systems as voted on by the members of the Core Processing Group,” he said.
When asked what made Share One stand out from the competition Hernandez said, “Share One’s flexibility, reputation, level of service, and the competitive pricing made NewSolutions stand out from the other core processors that demonstrated their systems for the group. We also received a lot of great feedback from existing users of the system when one of the members of the Core Processing Group attended the Share One Annual Meeting and interviewed several of its users last year,” he said. Hernandez elaborated on the group’s goals, “Our initial goal was to generate cost savings and enhance the search process by working together as a group. And once everyone completes the conversions we hope to be able to work collaboratively and consolidate our back office processing functions and share employees amongst credit unions on the system when there is a need.”
The credit unions in contract with Share One include:
$58 million asset Calcom Federal Credit Union, Jon Hernandez, President/CEO, converting from Fiserv CUSA
$8 million asset Family Federal Credit Union, Lucia Moreno-Linares, President/CEO, converting from Fiserv CUSA
$12 million asset Federal Employees West Federal Credit Union, Ana Ordonez, President/CEO, converting from Fiserv CUSA
$14 million asset L.A. Healthcare Federal Credit Union, Annice Kim, President/CEO, converting from Fiserv CUSA
$65 million asset La Loma Federal Credit Union, Gary Nelson, President/CEO, converting from Fiserv XP
$28 million asset Mattel Federal Credit Union, Jon Hernandez, President/CEO, converting from Fiserv CUSA
$70 million asset Nikkei Credit Union, Eric Orellana, President/CEO, converting from Fiserv CUSA
$14 million asset San Francisco Recreation and Parks Federal Credit Union, Michele Sosa, President/CEO, converting from Fiserv CUSA
$60 million asset Santa Ana Federal Credit Union, Jill Mahany, President/CEO, converting from Jack Henry Symitar.
One of the credit unions from the group that signed a contract with Share One has requested anonymity due to an existing contract.
San Francisco Recreation and Parks FCU was the first to convert in 2012 and Nikkei credit union converted in January 2013. Each of the rest of the group will implement NewSolutions throughout 2013 and will complete the final conversion in 2014.
“Share One is very pleased to be selected by this group. Because Share One is a CUSO, we can relate to the benefits of collaboration and shared resources. Individually, each credit union will realize immediate benefits for staff and members by implementing NewSolutions and once each credit union is converted, they will also see the advantages of a core system in common,” said Roy Stewart, VP Sales-Western Region, for Share One.
Share One, Inc., a CUSO operating out of Memphis, TN., is a leading developer of credit union core processing and serves an expanding client base of credit unions with assets ranging from $10 million to $1.5 billion. The NewSolutions core processing system provides a full range of advanced features, including comprehensive support for consumer, mortgage, and commercial loans, a full suite of electronic services delivered via the Internet, a fully integrated, member-centric imaging system, and exceptional operational efficiency. For more information call 800-888-0766 or visit the company website at www.shareone.com.