13 CUs Sign On With CUSO For Correspondent Solution
BISMARCK, N.D. – Thirteen credit unions have selected ProDraft Services, Inc.’s correspondent services solution as an alternative to the corporate CU services.
The CUSO reported that another 16 credit unions are in the process of reviewing the service. “ProDraft’s solutions were developed to provide correspondent services to credit unions who did not want to re-capitalize corporate credit unions, but, who still wanted to be part of a credit union system solution,” ProDraft Solutions said. The service leverages ProDraft’s relationship with Fifth Third Bank, which the CUSO said “has demonstrated to be a credit union friendly bank with vast resources that will bring added value to the service.”
“We fully expect for our service alternative to grow quickly as credit unions become more aware of it, especially when they realize they can receive services through a credit union organization without the risks associated with capital accounts in corporate credit unions,” said VP Doug Wolf. “While many corporate credit unions looked to salvage the corporate credit union system as it was, we believed that a new business model was needed to deliver the same services without the same risks of capital deposits and we have done just that.”
ProDraft Services, Inc. is owned by 38 credit unions and provides item processing, remote branch capture and correspondent service solutions.