Why this CU tech company chose to outsource their compliance
LAKEWOOD, CO (January 8, 2019) — Core processing company Commercial Business Systems, Inc. (CBS) has chosen CU Service Network, a CUSO based in Denver, CO, to provide their internal compliance services. This is a unique business partnership, as IT firms do not typically look for services from CUSOs.
CBS, based out of Goldsboro, NC, has been providing IT services to the credit union industry for 40 years. The goal of their CAMS-ii core is to provide an affordable and complete IT solution, in turn minimizing internal technical and operational overhead. “We as a company work very, very hard to give credit unions the technology to compete,” says Lisa Livingston, Project Manager at CBS.
Why would an IT company be interested in outsourced compliance services? “We needed a knowledgeable and affordable resource to help us to ensure our system is in compliance, which benefits us and our clients,” explains Livingston. CBS has a unique perspective on credit union compliance. They take a preemptive stance and integrate compliance features directly into their solution. Livingston notes, “Our clients look to us to understand how compliance issues impact their credit union from a core processing perspective. They depend on us to ensure that their core system is a reliable partner in managing compliance.”
Franklyn Brathwaite, VP of Support for CBS, comments, “We wanted to make sure our core platform is complete. Our goal is to get these common compliance issues already accounted for in our product. When compliance is already plugged into the product, it takes the pressure off the credit union.”
The benefits they saw in hiring CU Service Network as an outsourced compliance partner were compelling. CU Service Network (CUSN)’s compliance service, whose team has been working together for eight years, has proven a popular option due to its unique flexibility, customization and “hand-holding” components, which CBS preferred. The service has expanded from coast to coast and has grown by over 50 percent in the past year alone.
One of biggest benefits CU Service Network can provide CBS is having a partner they can call at any time, which is one of CU Service Network’s differentiators. “We wanted to offer the outsourced compliance marketplace a new and fresh approach, one that isn’t so heavy on digital tools and instead more reliant on a human element. We found a great match with CBS because they, too, value being able to pick up the phone and directly call one of our dedicated compliance experts,” says CUSN’s SVP, Daniel Burk.
While the executive team at CBS will gladly share each of their 25-year-plus histories in the credit union industry, they are first to admit where their strengths lie. “We are not compliance experts. Credit union compliance changes as fast, if not faster, than technology. To stay up-to-date on compliance is constant continuing education,” says CBS VP of Business Development Ken Hunt. “To have a team of compliance people to help us – it just makes sense to outsource it.”
Indeed, why would CBS hire an in-house compliance team when they could get full services from CU Service Network for a quarter of the cost of one FTE? “Often clients will call us and ask, ‘We are being audited. How do we fix this? Can you help us?’ and we are able to have a team to make recommendations for handling these situations,” continues Franklyn. CU Service Network will be able to step in and help CBS help their clients navigate the compliance area, allowing CBS to focus on improving their software, which is what they do best.
“It’s a great investment. The cost is very little to spend really, to think of what we will get in return. We know CU Service Network will be on top of all the compliance changes. It was honestly an easy decision,” says Ken.
For more information on CU Service Network’s compliance services, please visit compliance.cusn.com, or contact CU Service Network at hello@cusn.com / (720) 945-7235.
About CU Service Network
CU Service Network, LLC, established in 1992, is a Credit Union Service Organization (CUSO) owned by 50 credit unions, and serves nearly 200 participating clients. We provide a variety of progressive solutions that drive credit union success, from back office services, like accounting and compliance, to delivery channel products, like shared branching. We are leaders in credit union innovation, cooperation and research. For more information on CU Service Network’s outsourced accounting services, please
visit cusn.com/outsourced-accounting-for-credit-unions, or contact CU Service Network at hello@cusn.com or (720) 945-7235.
About Commercial Business Systems, Inc.
Commercial Business Systems Inc., founded in 1980 and headquartered in Goldsboro, North Carolina, is a privately held company that provides premium software and IT services for the Credit Union industry. These products are possible by innovative technology developed by CBS, which enables credit unions to improve focus and streamline data processing infrastructure by using a simple, standard browser-based environment. Their CAMS-ii system includes Core Processing, Internet Branching, Customer Support and Remote Management and is customized to meet the individual needs of any credit union. For more information visit camsbycbs.com.
