FRAMINGHAM, Mass. (3/31/10)--The market share for large credit union core processors shifted during the five-year period between 2004 and 2009, according to recently released market research. Bradway Research analyzed its market share of credit union core processing vendors between Dec. 31, 2004 and Dec. 31, 2009 and recently published its report. The report shows evidence of a dramatic decline in total credit union charters and focuses on the market share shift among the largest credit unions with assets exceeding $1 billion, said the firm. The universe of credit union core processing vendors has consolidated by acquisition. However, the remaining number of vendors is still abundant, particularly for smaller credit unions, said Bradway. As of Dec. 31, more than 50 core processing software or outsourcing vendors were still in business and handling more than one credit union. The five biggest core processing vendors by revenue--Fiserv, FIS, Symitar, Open Solutions, and Harland Financial Solutions--all have more than one core processing platform for credit unions, lead by Fiserv, Bradway said. The number of large credit unions expanded to 159 from 99, or 60%, from 2004 to 2009, while the total credit union market decreased by 3,034, or 28%. Fiserv maintained a large market share position for 2,031 credit unions with $50 million or more in assets but slipped to No. 2 in providing core processing solutions to the largest credit unions. “The market share gain by Episys from Symitar was distributed against several other credit union core platforms,” said Bill Bradway, founder and managing director of Bradway Research. “Episys’ market share moved from 23% to 33% during the five-year period.” Other vendors notching multiple takeaways during the period include Open Solutions and FIS. “The takeaway momentum decreased dramatically during 2009, most likely due to the credit crisis and the arrival of two new core processing platforms for credit unions from Fiserv and Harland Financial Solutions,” Bradway added.