SAN DIEGO – Credit union core processing vendor Corelation said it has signed Pottstown, Penn.-based Diamond CU to its Keystone solution. The credit union cited the core processor’s open architecture to third party vendors, allowing credit unions to pick and choose their preferred technology partners to integrate with KeyStone, as a primary reason for the decision.
"his freedom allows credit unions like Diamond to control their business decisions based on member needs and future financial technology strategies. Diamond will convert April 2019," the company said in a statement.
According to Diamond CIO Jim Daly, since the late 1980’s, the credit union’s current core data processor had met its needs for a significant period of time. However, Daly and his team had become increasingly concerned that the system architecture did not readily support third party software systems – thus, limiting choices for best of breed considerations, the company said.
“This situation placed serious concerns about the viability of the system as we continued to grow and the needs of our organization continued to grow into the future,” Daly says. “Frequent changes in ownership resulted in frequent changes in direction, vision and priorities, which essentially halted all meaningful progress.”
Corelation, on the other hand, brings a view to the industry that a credit union should be able to make decisions on how to run their business that works best for the credit union and the credit union’s strategic goals – and does not limit core access to the credit union or third parties in achieving those goals.
A few of Diamond’s goals using KeyStone include: easier and faster training of new hires; ability to grow the credit union with better systems in place; no restrictions on a third party solution if Diamond feels that the third party brings a best-of-breed or competitive advantage to the organization; and using modern technology.
In addition to the third party integration benefit, Daly adds that Keystone seems easy to learn, and provides front line staff with all of the information they need to assist a member in one screen. Since Keystone is browser based, that makes updates much easier for Diamond’s I/T team moving forward. With their new core, he also expects front line staff to spend more time listening to and assisting members and less time clicking around on a page to find information.
“Corelation has demonstrated a willingness to collaborate with a credit union in developing the core so that they can make the core better for everyone, and builds those solutions in a timely manner,” he says. “Corelation is poised for growth as a young company, but has significant credit union experience and expertise which allow them to act like a much more mature organization.”
In a statement, Daly also said he was impressed with the positive, collaborative culture and the people at Corelation, as they make a new credit union feel welcome, and want to have everyone succeed. “They are at a size right now where everyone can know everyone else, and develop strong, healthy relationships with clients and vendors alike to bring a positive change to the credit union industry,” he says. “It’s not often that a newer entrant to a highly matured market can influence positive news, but Corelation is doing just that.”