Corporate One Federal Credit Union on Tuesday said it has joined the TranzCapture, LLC strategic partnership.
According to its backers, TranzCapture is designed to provide credit unions nationwide, and their members, with “quality check processing services well into the future.” Columbus, Ohio-based Corporate One joins Catalyst Corporate FCU, Plano, Texas, and Alloya Corporate FCU, Naperville, Ill., in funding the TranzCapture credit union service organization.
The $3.7 billion Corporate One FCU said it will transition its inclearing and deposit processing to a common platform hosted by Catalyst Corporate. The transition of Corporate One’s processing services is expected to begin later this year, it said.
The three corporate credit unions represent 57 percent (or 3,500) of the credit unions in the United States, spanning 48 states. Officials said annual inclearings and deposit transactions for the combined entities are expected to approach 295 million and 194 million, respectively.
“Corporate One has been closely following the rapid decline in check volumes in recent years,” Tammy Cantrell, Corporate One’s EVP, asset/liability management, said in a statement. “We have determined it is in the best interests of our members to adopt a co-sourced operational service model for our check processing services, so we can continue to offer these critical services cost effectively to our members now and in the future.”
“As a collaboration between three of the largest corporates in the nation, TranzCapture’s integrated processing capabilities and state-of-the-art technology offer exceptional processing solutions,” said Lee Butke, president and CEO of Corporate One. “We now have the opportunity to take check processing to the next level, working together to provide extraordinary service to our member credit unions.”
The $2.6 billion Catalyst Corporate established the TranzCapture, LLC software development CUSO in November 2015, when it said it was responding to a need for “next generation” deposit capture services. Official say the web-based TranzCapture service suite – which currently includes Branch, Teller, ATM/ITM/Intelligent Kiosk, Mobile and Merchant Capture applications – virtually eliminates credit union resources required for product implementation and ongoing updates. Other features include: real-time cross-channel duplicate detection, real-time and batch Early Warning Deposit Chek deposit fraud protection, and shared branching returns routed to the proper credit union.
Corporate One’s decision follows a similar move by $4.4 billion Alloya Corporate FCU in late 2016 to transition its inclearing and deposit processing to Catalyst Corporate – a conversion of more than 900 credit unions that is now complete.
Direct relationships with member CUs
Although Catalyst Corporate handles infrastructure and processing functions, officials say TranzCapture’s multi-tiered design enables each corporate credit union to maintain direct relationships with its own member credit unions, including product implementations and member service. All TranzCapture services are accessed through a single administrative module housed within each corporate’s online account management system, the CUSO said.
“During 2017, Alloya converted more than two billion check images to this new platform and deployed 1,557 TranzCapture branch capture software licenses across its membership base,” said Todd Adams, Alloya Corporate FCU’s president and CEO. “This was one of the most complex operational projects we have ever undertaken, but implementations were handled smoothly and efficiently. The investment will provide credit unions great value in the years ahead. It is an excellent example of the power of cooperation.”
“We are pleased to have Corporate One as part of this collaborative effort. Check processing is a volume business, and aggregation creates organizational strength,” said Kathy Garner, president and CEO of Catalyst Corporate. “Shared ownership in the TranzCapture CUSO benefits the three corporates and member credit unions through greater control over product design, technological enhancements, time-to-market and costs.”