Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

Products Archive

Products

UPLEX Global seeks beta testers for secondary loans

 Permanent link
INDIANAPOLIS (7/13/11)--UPLEX Global, an online loan trading platform, is inviting lending portfolio professionals at credit unions and other financial institutions to participate as Beta testers for its new online commercial loan portfolio management and trading platform at www.UPLEXGlobal.com. In exchange for testing the system for buying and selling whole loans, participations or portfolio assets, UPLEX will offer a free 18-month subscription, valued at $8,100, with no monthly account fee through 2012. Also, any trade made during 2012 will count toward the 2013 rebate of fees. The platform enables financial institutions to buy and sell commercial loans on a global basis. Simulators can experiment with the system, conducting simulated trades with mock loans at no charge. Or they can buy and sell real loans during the Beta period, paying a low per-transaction fee of 0.3% to 0.5%, based on the asset size traded. "We've designed this system specifically to eliminate the high cost and inefficiency barriers most smaller institutions face when looking to buy and sell individual loans, loan participations or loan portfolios," said Paul Giefing, CEO and founder of UPLEX Holdings. The service cuts out the middleman by letting buyers and sellers drive the transaction and the price, he said.

Synergent Symitar sign core-processing agreement

 Permanent link
PORTLAND, Maine (7/13/11)--Synergent and Symitar have expanded their partnership to bring in-house and service-bureau processing platforms to New York state and New England credit unions. Credit unions running the Episys core-processing platform in a service-bureau environment will be served by Synergent. Credit unions operating Episys in-house will be served by Symitar. Synergent is the largest provider of Episys in a service-bureau environment, according to the two companies. Synergent will bring new applications to market in the service-bureau environment, including enhanced member and loan applications from Symitar, said Gary Glenn, Synergent senior vice president. The two organizations also will appear together at trade shows, collaborate on white papers and share additional resources to serve their credit union partners. Synergent, a subsidiary of the Maine Credit Union League, provides credit unions with technology services, shared branching, statement processing, card services, check processing, support services and direct marketing. Symitar, a division of Jack Henry & Associates, based in San Diego, is a core processing solution provider, serving more than 700 credit unions

Celent reports monitor core banking vendors for CUs

 Permanent link
BOSTON (7/13/11)--Celent Banking Solutions has released two reports providing a comparison study of the core processing market for credit unions. As a benefit of affiliation, the Credit Union National Association provides member credit unions with access to research reports from Celent. “Core Banking Solutions for Large Credit Unions” compares solutions among providers who count at least 10% of their clients as credit unions with $500 million or more in assets. Celent has created a map of service providers and ranks them. It presents XCelent Awards to the leading solutions within four categories. The second report, “Core Banking Solutions for Small Credit Unions” compares solutions among providers who count at least 10% of their clients as credit unions with less than $500 million in assets. Last year, around 10% of credit unions studied sought to switch their core system, up from historical averages of 4% to 5%. Opportunity exists where smaller credit unions look to upgrade an outdated legacy system or to consolidate processing to a single vendor following a merger or acquisition, according to Celent. Celent is a research and advisory firm that works with financial institutions in formulating comprehensive business and technology strategies.