VolCorp Signs on With Catalyst Corporate’s TranzCapture for Item Processing
PLANO, Texas–Volunteer Corporate CU (VolCorp) has entered into a partnership with Catalyst Corporate FCU to offer Catalyst’s TranzCapture item processing services to its members.
With the new partnership, VolCorp will transition its existing check processing, check collection and check imaging services to Catalyst and become a reseller of TranzCapture software services, according to Catalyst Corporate.
Created and hosted by Catalyst, the TranzCapture platform is jointly owned by Catalyst, Alloya Corporate FCU, Corporate One FCU and Vizo Financial Corporate CU.
Catalyst reported that the addition of Volcorp as a reseller expands the network of corporate credit unions represented by TranzCapture to five, and expands Catalyst’s footprint as the largest credit union check processor in the nation.
A Volume Business
“We are pleased to have VolCorp join this collaborative effort. Check processing is a volume business, and aggregating item processing creates organizational strength,” said Catalyst President and CEO Bruce Fox. “Shared partnership in the TranzCapture CUSO benefits all the participating corporate credit unions and their member credit unions through greater control over product design, technological enhancements, time-to-market and costs.”
After reviewing other item processing platforms, VolCorp ultimately selected Catalyst “based on its experience serving the unique needs of corporate credit unions and its ability to bring new, innovative products to market to help credit unions remain competitive,” according to the organization.
Understanding of ‘The Model’
“We are extremely excited to partner with Catalyst for the future of our check processing services,” said Jeff Merry, president and CEO of VolCorp. “As a corporate credit union, Catalyst also understands the cooperative business model, and their dedication to serving the item processing needs of credit unions present and future, aligns with ours.”
Catalyst, which established the TranzCapture software development CUSO in November 2015, said it did so in response to a need for deposit capture services built on new technology. The web-based TranzCapture service suite – which currently employs Branch, Teller, ATM/ITM/Intelligent Kiosk, Mobile and Merchant Capture applications – “virtually eliminates credit union resources required for product implementation and ongoing updates,” Catalyst said.
Additional Popular Features
It added that other popular features include real-time duplicate detection across all TranzCapture channels, connectivity to real-time deposit fraud protection, and the ability to route shared branch returns to the proper credit union.
With the addition of VolCorp, Catalyst said total market share of the credit union industry is above 75% and now represents more than 3,700 credit unions in 49 states, with approximately 420-million checks processed annually.
Transition of VolCorp’s item processing services to Catalyst’s platform is expected to begin in 2024.
Just Because It’s Autumn Doesn’t Mean Falling for Schemes to Overcharge You for CU Industry News. Instead, Try This Crisp Offer
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news”” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?