Press
Corporate Central Credit Union announces partnership with FIMAC
MUSKEGO, WI (November 4, 2013) — Corporate Central Credit Union announced today that it has partnered with FIMAC Solutions, LLC, an experienced developer of risk management and profitability software for credit unions. The new agreement will allow Corporate Central to offer ALM, Loan / Credit Risk, and Portfolio / Bond Accounting services to members.
“We are very excited about this new partnership and pleased to be able to offer these essential services to our members,” commented Nicholas A. Fanning, CFA, Senior Vice President Investments. “FIMAC’s ability to customize services for credit unions of all sizes will be truly beneficial to our membership.”
“Joining as a Strategic Business Partner with a quality organization like Corporate Central is very exciting for us and presents wonderful opportunities for their membership,” said Greg Doner, CEO of FIMAC. “With the roll out of FIMACMountain, our new Cloud based integrated risk management solutions suite, members’ can simply access needed solutions through one website and avoid the upfront costs of traditional licensed software. FIMAC has worked very diligently to produce and provide the quality solutions and member service demanded by Corporate Central and their members.”
FIMAC’s Risk Analytics ALM Model provides financial institutions with an understanding of how changes in interest rates—and the resulting changes to the cash flows of their balance sheet instruments—affect future earnings as well as the value of their capital. Optional Balance Sheet and Cash Usage modules can also be added on to the Risk Analytics ALM Model.
FIMAC’s A/L Reporter is designed and priced specifically for small credit unions and adapts the core technology of the sophisticated Risk Analytics ALM Model. Reports are compiled from the 5300 Report and AIRES data with limited additional information from the credit union.
Credit Stress Analytics (CSA) brings incredibly robust stress testing together with an ease of use; while allowing users to select the appropriate modules for their loan portfolio. CSA allows credit unions to stress test one loan at a time, a sector of loans, or an entire portfolio.
Portfolio Accounting Analytics (PAA) provides credit unions with an easy to use platform for accounting and reporting related to their bond portfolios. PAA generates monthly reporting utilizing the most current, independent bond pricing and cash flow information. This data comes from nationally recognized providers, commonly accepted as the providers of the default “Market” pricing. Results are provided in multiple report sets geared towards Accountants, Management, Board, Regulators, or Portfolio Managers.
Corporate Central will host an introductory webinar on Wednesday, November 13, 2013 at 12:30pm CT. The webinar will provide an overview of the benefits of these newly offered services. Registration is available on Corporate Central’s website at corpcu.com/events/calendar.
About Corporate Central Credit Union
Corporate Central is a federally insured financial cooperative that is strongly committed to serving the needs of members. Built on the values of commitment to service, fiscal responsibility, and respect for the individual, Corporate Central adheres to the highest standards of integrity, professional ethics, cooperation, and teamwork. A strong focus on maintaining quality partnerships enables Corporate Central to remain firmly rooted in the tradition of “people helping people”. By partnering with leading service providers, Corporate Central is able to offer innovative correspondent products, investment services, and lending programs to members. To learn more, visit corpcu.com or call (800) 242-4747.
About FIMAC Solutions, LLC
FIMAC specializes in providing the financial services industry with banking software focusing on risk management and profitability solutions. At the core of FIMAC’s products and services are proprietary financial analytics solutions. Visit fimacsolutions.com to learn more.