Stanford Federal Credit Union said it would become the third U.S. financial institution to install Ovation, a client/server core banking system from Prologic Corp.
Stanford Federal has a technology-savvy reputation. The credit union says it has been offering financial services over the Internet since 1986, before creation of the World Wide Web, when it was used mainly by academics.
Officials said the Microsoft Windows NT-based Ovation system would let it add products quickly.
"For several years, I have been advocating open systems that will give credit unions the ability to add 'best of breed' software as technology changes," said Warren E. Marshall, president of Stanford Federal. The other U.S. customers of Vancouver, Canada-based Prologic are Compubank in Houston and Northfield (Vt.) Savings Bank. Another 200 institutions in 28 countries use the software.