The $2.4 billion based Albuquerque, N.M. Sandia Laboratory Federal Credit Union selected San Diego-based, Corelation, Inc., to convert unwieldly dual core processing systems into a single, flexible and open architecture.
SLFCU chose Corelation’s KeyStone member centric core processing system to run both their retail and commercial member accounts. The credit union currently runs on two core platforms – one for retail (in-house) and one for business members.
Sandia Laboratory Federal Credit Union – New Mexico’s largest credit union by asset size – serves more than 84,000 members with eight branches in the Albuquerque area and two in Livermore, Calif.
KeyStone’s modern and open architecture drew the credit union’s approval. “To continue enhancing our member service and to combine our two core systems, our credit union requires flexibility and control with a new core platform,” SLFCU’s President/CEO Robert Chavez stated. “We feel that we can gain, retain, and even enhance our flexibility and control with Corelation’s KeyStone technology. Additionally, we see Corelation as being an excellent partner, working closely together to exceed our technology requirements that will better address the needs of our growing membership.”
“Sandia Laboratory Federal Credit Union has a unique set of circumstances – much of which stems from their dual core set up,” Corelation President/CEO Theresa Benavidez said. She added this consolidation to a single platform eliminates redundancies, consequently saving the credit union a wealth of time and effort, member service, back-office operations, staff training, compliance mandates, and vendor integration.
Corelation Director of Business Development Services Tim Maron’s snapshot of KeyStone technology highlighted its open standards, browser-based and multi-threading proficiencies; 24/7/365, front and back office access; power-failure and crash-proof capabilities, and third-party compatibility. The KeyStone core integrates with other third-party products using its KeyBridge API, based on XML- represented data.
According to SLFCU Chief Information Officer Srinivasa Sastri Siravuri the dual core set-up created some challenges, such as staff training on two separate cores and many members unable to easily transfer funds between commercial and personal accounts.
In addition, Siravuri explained any core feature and functionality improvements or other third-party interfaces, would need implementation in two separate systems thus increasing costs over time. New regulations and compliance requirements also reduced SLFCU’s information services team’s ability to deliver enhancements to keep technology on a par with commercially available core platforms.
See the full story in the print edition of CUTimes on July 19
