CUSO To Roll Out New Settlement Service
Grand Rapids, Michigan – April 30th, 2012 – Based on feedback from clients, Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that it planned to deploy a monthly settlement service later this year for the credit unions participating in its shared branching network. This optional service would provide a monthly electronic settlement between credit unions based on member activity during the previous month.
Scott Collins, Xtend President, outlined the design of the proposed service during a recent meeting of the network’s Shared Branching Advisory Council. Following the meeting, Collins said “The network has gotten to the size where the process of settling between the individual institutions can be very time consuming, especially for those who have a small staff but whose members use dozens of partners in the network on a monthly basis. Our goal was to engage our software partners at CU*Answers, Inc. to enhance the core tools that drive the network so that my team could execute at no-brainer pricing. And since the focus group was overwhelmingly positive, we will work toward a solution launch later this year that meets both of those goals.”
The Xtend Shared Branching Network is a self-managed consortium that currently consists of 91 credit unions with 216 locations across 12 states. Its underlying technology is the CU*BASE core data processing platform from CU*Answers, Inc., a Grand Rapids, Michigan-based cooperative CUSO partner of Xtend.
About Xtend (www.xtendcu.com)
Xtend, Inc. is a 100% credit union-owned CUSO formed in 2002 with headquarters in Grand Rapids, Michigan. Xtend provides a wide array of managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes. In short, Xtend is an aggregation point for shared resources that allows credit unions to deliver products and services more cost-effectively. Their strategic offerings include bookkeeping services, member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, compliance monitoring, and insurance services. Xtend provides services for over 150 credit unions representing more than 800,000 members and $7.2B in assets. The CUSO is currently owned by 65 credit union partners.