U.S. Central CU said it signed a long-term contract with Jack Henry and Associates' to replace the core processing capabilities of the corporate credit union network. The replacement of the corporate system and its related open door web-based 'front-end' functionality will be performed by Jack Henry's Symitar Systems subsidiary. Jack Henry, which is based in nearby Monett, Mo., provides data processing for more than 350 credit unions through its Symitar unit.
The plan still lacks concrete details about standards banks must meet to earn high ratings, but the agency said the new methodology would end grade inflation and could penalize banks that underperform.
CEO Wendy Cai-Lee says Piermont Bank can do it all for financial technology firms: be their commercial banker, be their banking-as-a-service provider and develop APIs and other cutting-edge products for them.