GOLDSBORO, N.C.–Commercial Business Systems, which provides core processing solutions, has chosen Denver-based CUSO CU Service Network to provide it with internal compliance services.
“This is a unique business partnership, as IT firms do not typically look for services from CUSOs,” noted CU Service Network.
CBS has been providing IT services to the credit union industry for 40 years, with the goal of its CAMS-ii core to provide an affordable and complete IT solution, in turn minimizing internal technical and operational overhead, according to the companies.
Why would an IT company be interested in outsourced compliance services?
“We needed a knowledgeable and affordable resource to help us to ensure our system is in compliance, which benefits us and our clients,” said Lisa Livingston.
Direct Integration
According to Livingston, CBS has a unique perspective on credit union compliance by taking a preemptive stance and integrate compliance features directly into its solution.
“Our clients look to us to understand how compliance issues impact their credit union from a core processing perspective,” said Livingston. “They depend on us to ensure that their core system is a reliable partner in managing compliance.”
Added Franklyn Brathwaite, VP of Support for CBS, “We wanted to make sure our core platform is complete. Our goal is to get these common compliance issues already accounted for in our product. When compliance is already plugged into the product, it takes the pressure off the credit union.”
CU Service Network’s compliance service, overseen by a team that has been working together for eight years, has proven a popular option due to its unique flexibility, customization and “hand-holding” components, according to CUSN. The service has expanded from coast to coast and has grown by over 50% in the past year alone, CUSN reported.
Big Benefit
According to CU Service Network, one of biggest benefits it can provide CBS is having a partner the company can call at any time, which CUSN said is one of its differentiators.
“We wanted to offer the outsourced compliance marketplace a new and fresh approach, one that isn’t so heavy on digital tools and instead more reliant on a human element,” said CUSN SVP Daniel Burk. “We found a great match with CBS because they, too, value being able to pick up the phone and directly call one of our dedicated compliance experts.”
CBS said that rather than hire an in-house compliance team, it is able to get full services from CU Service Network for a quarter of the cost of one full-time employee.
“Often clients will call us and ask, ‘We are being audited. How do we fix this? Can you help us?’ and we are able to have a team to make recommendations for handling these situations,” explained Brathwaite.
CU Service Network said it will be able to step in and help CBS help their clients navigate the compliance area, allowing CBS to focus on improving their software, which is what they do best.
For info:compliance.cusn.com.