Corelation’s Keystone core system reaches 50 users
US-based software vendor, Corelation, has onboarded 50 credit unions for its flagship Keystone core system. Keystone is a much newer system than most of its rivals, having hit the market just seven years ago.
Corelation has also recently moved to a new head office in San Diego, California, to an office space four times bigger than its previous location.
Recent wins and go-lives
The vendor targets small to medium-sized credit unions across the US. The bulk of its customers are in the smaller tier – up to $600 million in assets.
Its biggest client is Arizona-based Desert Schools Federal Credit Union with $3.8 billion in assets. It went live with Keystone last autumn, replacing its legacy platform, Fiserv’s Signature.
Desert FCU was keen to move away from its batch processing system onto a real-time core, says Corelation.
As a result, the account opening process has been reduced from 45 to five minutes, an automatic account retrieval via debit card swipes has been created and transaction receipts are now being emailed rather than physically posted (which aligns with Desert School FCU’s strategy of going paperless).
New online and mobile banking services have also been launched.
Bellwether Community Credit Union, a small entity in New Hampshire, has just gone live with Keystone. The day the switch was flipped to the new core, the branches balanced in 34 minutes after closing, says the vendor.
Among the latest takers of Keystone are Texas-based Lone Star Credit Union and Greater Alliance FCU from New Jersey.
- Sidney FCU, New York – went live in December 2015;
- PennEast FCU, Pennsylvania – went live in January 2016;
- First Service CU in Texas – went live in March 2016;
- Riverfront FCU, Pennsylvania – go-live set for May 2016;
- NW Preferred FCU, Oregon – go-live set for September 2016;
- True North FCU, Alaska – December 2016;
- Camino FCU, California – February 2017;
- Pacific Marine CU, California – February 2017;
- Capital Educators FCU, Idaho – March 2017;
- People First FCU, Pennsylvania – April 2017;
- Argent FCU, Virginia – May 2017;
- Lehigh Valley Educators CU, Pennsylvania – May 2017.
Corelation: what’s the story
Corelation was set up in 2009, with its HQ in San Diego, California.
Its founder and CEO, John Landis, helped to write the Episys core system that now resides within the Symitar division of a US banking software heavyweight, Jack Henry.
The majority of Keystone users today are converts from Fiserv. Around ten came from Symitar.
The first two takers of Keystone were Cabrillo CU and Harbor FCU, both in California.
Other entities followed, including Michigan First FCU, Orion FCU, Chula Vista City Employees FCU, Aspire FCU and SafeAmerica CU.