Electronic Data Systems Corp. will upgrade the network it designed for U.S. Central Credit Union of Overland Park, Kan. EDS will add Web-based capabilities to U.S. Central's Corporate Credit Union Network, which serves 11,000 credit unions. EDS developed the network in 1983.
The enhancements should let the credit union members, which have a combined $25 billion of assets, complete wire transactions, stop payments, and perform other financial transactions more rapidly.
Last year the Corporate Credit Union Network, which forms an electronic payments backbone for the credit union financial system, processed $5 trillion of transactions.
"With EDS, we are creating an electronic processing platform that incorporates leading-edge data management technology and browser-based electronic commerce connectivity over U.S. Central's wide area network," said Chuck Purvis, senior vice president of the wholesale credit union operation.