COLUMBUS, Ohio–Corporate One FCU has joined the TranzCapture partnership, which is designed to provide credit unions nationwide, and their members, with quality check processing services well into the future.
Corporate One joins Plano, Texas-based Catalyst Corporate FCU and Naperville, Ill.-based Alloya Corporate FCU in funding the TranzCapture CUSO and will transition its inclearing and deposit processing to a common platform hosted by Catalyst Corporate.
“Corporate One has been closely following the rapid decline in check volumes in recent years,” said Tammy Cantrell, Corporate One’s EVP, Asset/Liability Management, in a statement. “And we have determined that it is in the best interests of our members to adopt a co-sourced operational service model for our check processing services, so we can continue to offer these critical services cost effectively to our members now and in the future.”
“As a collaboration between three of the largest corporates in the nation, TranzCapture’s integrated processing capabilities and state-of-the-art technology offer exceptional processing solutions,” added Lee Butke, president/CEO of Corporate One. “We now have the opportunity to take check processing to the next level, working together to provide extraordinary service to our member credit unions.”
Next Generation Deposit Capture
Catalyst Corporate established the TranzCapture, LLC software development CUSO in November 2015, responding to what it said was a need for “next generation” deposit capture services. The web-based TranzCapture service suite – which currently includes branch, teller, ATM/ITM/intelligent kiosk, mobile and merchant capture applications – virtually eliminates credit union resources required for product implementation and ongoing updates.
“Other innovative features include real-time cross-channel duplicate detection, real-time and batch Early Warning Deposit Chek deposit fraud protection, and shared branching returns routed to the proper credit union,” Catalyst Corporate said.
Corporate One’s decision follows a similar move by Alloya in late 2016 to transition its inclearing and deposit processing to Catalyst Corporate – a conversion of more than 900 credit unions that is now complete, the organizations reported. Although Catalyst Corporate handles infrastructure and processing functions, TranzCapture’s multi-tiered design enables each corporate credit union to maintain direct relationships with its own member credit unions, including product implementations and member service.
Single Administrative Model
All TranzCapture services are accessed through a single administrative module housed within each corporate’s online account management system, Catalyst Corporate said.
“During 2017, Alloya converted over two billion check images to this new platform and deployed 1,557 TranzCapture branch capture software licenses across its membership base,” said Todd Adams, Alloya Corporate President/CEO. “This was one of the most complex operational projects we have ever undertaken, but implementations were handled smoothly and efficiently. The investment will provide credit unions great value in the years ahead. It is an excellent example of the power of cooperation.”
According to Catalyst Corporate, the addition of Corporate One to the strategic partnership strengthened what was already the largest credit union check processor in the nation. Combined, the three corporate credit unions represent 57% (or 3,500) of the credit unions in the United States, spanning 48 states. Annual inclearings and deposit transactions for the combined entities are expected to approach 295 million and 194 million, respectively.
“We are pleased to have Corporate One as part of this collaborative effort. Check processing is a volume business, and aggregation creates organizational strength,” said Kathy Garner, president/CEO of Catalyst Corporate. “Shared ownership in the TranzCapture CUSO benefits the three corporates and member credit unions through greater control over product design, technological enhancements, time-to-market and costs.”
Transition of Corporate One’s processing services is expected to begin later this year.