CHICAGO-Five credit unions, ranging in assets from $30 million to $4 billion, have selected VSoft's VServe to handle their check processing.
"One of the things we are seeing is credit unions leaving their corporates and moving to VServe, which allows them either an inhouse SaaS solution or a fully outsourced model," said David Duvall, senior solution engineer. Duvall spoke with Credit Union Journal during BAI's recent Retail Delivery Show.
Opting for VServe, which is the brand for the Atlanta-based company's global data center, are LaPorte Community FCU, Kane County Teachers CU, University CU, Greater New Orleans CU, and Teachers FCU. Many of those credit unions had already been using VServe through their corporate partner, so the transition has been "seamless," Duvall explained. "It's almost as simple as throwing a switch."
Those CUs moving directly to VServe do not need to make any hardware or software purchases, Duvall said.
Duvall said costs for the five CUs will become a bit more competitive, and that VSoft will continue to fully support all corporates with which it is currently working.
Each CU will shift several processing solutions to VServe including branch item capture, image exchange for inclearing and cash letters, as well as research and archive applications. The credit unions will also operate VSoft's home banking interface through the data center.
Separately, VSoft introduced a new core solution earlier this year, CoreSoft, which Duvall said is aimed at smaller institutions and credit unions. He said the company is in discussions with several credit unions about a core conversion. "This is an 18- to 24-month decision," Duvall acknowledged.
