ONTARIO, Calif. (1/7/15)--Plexcity, a shared-services company that aggregates back-office functions for three state credit union leagues, officially started business operations Jan. 2.
The California Credit Union League, Maryland and District of Columbia Credit Union Association (MDDCCUA) and New Jersey Credit Union League cooperatively aggregated their accounting and finance, human resources and information technology (IT) departments.
"We made the commitment to follow through on this collaboration, to ask the right questions, and complete the due diligence to determine if this was the right course of action," said John Bratsakis, Plexcity chair and MDDCCUA president/CEO. "After 14 months of building and critiquing the business plan, we know we made the right decision."
In December, Plexcity successfully integrated human resources functions of the three organizations by standardizing employee benefits and payroll processing systems, garnering immediate savings.
"Once the accounting-finance and information technology integrations are complete, the redundant systems will be eliminated and the savings will be even greater," said Tony Kitt, Plexcity CEO.
During the next several months, accounting and finance and IT departments will be integrated.