GRAND RAPIDS, Mich. (6/15/15)--Grand Rapids, Mich.-based cooperative credit union service organization (CUSO) CU*Answers has signed a core processing agreement with the newly formed rkGoBig CUSO, based in Middletown, Pa.
rkGoBig is owned by six credit unions in Pennsylvania, Maryland and Washington, D.C., with a common goal of reducing expenses through synchronized operations while maintaining the unique identity of each credit union. The CUSO currently serves more than 65,000 members and $560 million in combined assets.
During the past year, participating rkGoBig credit unions collaborated on research to select a common data processing technology partner that could serve as the foundation for future development. Everence FCU, Lancaster, Pa., was the first of the six credit unions to make the switch, and completed the conversion process to an online processing environment in May.
The remaining credit unions will convert over the course of the next 18 months. The CUSO’s current strategy includes migrating all six credit unions to a consolidated in-house CU*BASE processing environment in late 2016 or 2017.
“In forming this CUSO, a primary objective was based upon the Rekindle movement, created and led by Mid-Atlantic Corporate FCU,” said Peter Barnard, rkGoBig CEO. “Rekindle works to promote credit union collaboration as an alternative to merging. rkGoBig is an offshoot of the broader Rekindle effort. As part of our global back-office convergence, one of our first steps was to identify a common core platform.”
As part of their processing agreement, rkGoBig members will be using a wide array of core CU*BASE services, including the “It’s Me 247” online banking system, e-statements, e-alerts and e-notices, mobile web, mobile text, and CU*Talk audio response.