Two corporate CUs are joining forces to provide a software platform that they vow will make checking more efficient and secure and easier to administer.
Catalyst Corporate FCU in Plano, Texas, and Alloya Corporate FCU in Naperville, Ill. announced in a joint press release this week that the two have formed and funded TranzCapture, a credit union service organization (CUSO) that will integrate branch, ATM, mobile and business-merchant applications through a single administrative module and web delivery interface.
Under the partnership, Alloya will transfer its existing check images and convert share draft and deposit processing to a common Catalyst-hosted TranzCapture platform. The system will simplify credit union operations as all check deposits, regardless of source, will be accessed by credit union staff through a single sign-on process and administrative dashboard, according to the release.
As the number of checks written has declined by 70% over the past 15 years, the check-processing partnership aims to assist credit unions to continue offering check writing and deposit services, replacing aging solutions developed in response to the
"The TranzCapture CUSO was created to fill an emerging need: to provide efficient remote deposit services to credit unions on a next generation platform," Kathy Garner, president and chief executive of Catalyst Corporate, said in the release.
The joint venture initially extends TranzCapture to more than 3,000 credit unions that are collective members of Alloya Corporate and Catalyst Corporate, and other credit unions are welcomed to sign on. TranzCapture is slated for completion later this year, and most eligible CUs are expected to fully transition to the platform in 2017.
"The Alloya-Catalyst partnership is strategic to the credit union system as a whole as it ensures credit unions will have access to a cooperatively controlled check processing solution that is focused 100 percent on credit union needs," said Todd Adams, chief executive of Alloya.
