Canadian credit union to replace in-house core banking system with service bureau solution
BROOKFIELD--Fiserv Solutions of Canada Inc., a subsidiary of Fiserv, Inc. announced that V.P. Credit Union of Vancouver, British Columbia has chosen to implement its advanced Acumen™ account processing solution. V.P. Credit Union is the 14th organization in Canada to select Acumen since January 2008.
“The growing list of Canadian credit unions choosing Acumen from Fiserv can only enhance the progressive credit union movement across Canada”
Serving the employees of the Vancouver Police Board and other municipal peace officers and their immediate families since 1944, V.P. Credit Union selected Acumen to increase productivity and add functionality. V.P. is moving from an in-house core banking system to a service bureau with the implementation of Acumen.
The $120 million credit union needed a partner committed to ongoing development, innovation and integration with all future channels. Leaders for V.P. Credit Union recognized that Fiserv has the financial resources and stability of a market leader, as well as a wide range of ancillary products and services. Recent selections of Acumen by other leading credit unions in Canada also influenced the credit union’s decision.
“With the installation of Acumen, our credit union will be switching from an in-house core system to the Acumen service bureau environment. Increased legislative and regulatory requirements surrounding data privacy and data operations convinced us that our needs would be more fully met by outsourcing the IT operations, and we know that Fiserv will ensure the integrity of our data operations,” said Larry Hill, General Manager of V.P. Credit Union.
Designed to support the business initiatives of market-leading credit unions, Acumen (formerly known as iSpectrum™) was built from the ground up as an open platform using the latest Internet technologies. With unlimited scalability, real-time processing, global capabilities and 360-degree member views, Acumen delivers unsurpassed flexibility that credit unions cannot outgrow. Acumen is available throughout Canada via in-house, service bureau or resource management deployment models.
“The growing list of Canadian credit unions choosing Acumen from Fiserv can only enhance the progressive credit union movement across Canada,” said Kevin Sparks, Fiserv segment executive for the Acumen product line. “We believe V.P. Credit Union’s selection is further proof that Acumen is the choice for credit unions seeking a long-term technology partner.”