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News Now

CU System
NEW Corporates creating CUSO to transition CU payment systems
KANSAS CITY, Mo. (FILED 1:30 p.m. CT 11/15/10)--The corporate network will create a credit union service organization (CUSO) to provide a path for the transition of the critical credit union payment systems, according to the Association of Corporate Credit Unions (ACCU). The new network solution will capitalize on various core services used by more than 7,200 credit unions. The services include products such as automated clearinghouse (ACH), national settlement (or automated settlement), international services, and custody/safekeeping, as well as services offered through subsidiaries of U.S. Central FCU. The concept will help ensure an orderly transition of existing contracts and distribution networks of each participating corporate into a new CUSO model, ACCU said. The CUSO will be jointly owned by corporates and other potential credit union system participants, and would work to maintain scale and greater efficiencies. The objective would be to minimize any impact or interruption to payment system services and delivery. Corporates are in agreement that the payment systems developed and operated by U.S. Central--systems both supported and distributed by the corporates--are an invaluable resource for the credit union network, ACCU said. "Consensus is that these systems are critical to keep intact, as they represent significant scale and offer a great example of industry collaboration," ACCU said in a press release. For more information, contact Larry Harmon, ACCU executive director, at lharmon@qversal.com. In other actions, the National Credit Union Administration today announced the creation of two new bridge corporate credit unions to assume the operations of Members United Corporate of Warrenville, Ill., and Southwest Corporate of Plano. Texas. More detail will be in Monday's News Now.


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