Catalyst Corporate Conducts Smooth Service Migration
June 21, 2012
June 21, 2012
Catalyst Corporate Federal Credit Union met several critical milestones in May as it worked to transition services for hundreds of credit unions that were previously served by Western Bridge Corporate Federal Credit Union. Conversions of check processing, international item processing and remote deposit services were among the services successfully transitioned in recent weeks.
“We were aiming for a seamless transition,” said Brad Ganey, chief operating officer for Catalyst Corporate, “and we got very, very close.”
As of mid-May, Catalyst Corporate’s staff had helped 385 credit unions convert their check processing and an additional 212 credit unions transition their remote deposit services.
“We would have liked to have had 18 months to pull off this transition,” Ganey said, “but instead, we had just four.”
As a result of the service transition, Catalyst Corporate’s daily check processing volume nearly doubled from approximately 420,000 items per day to an approximate average of more than 800,000 items per day during May—and included one day when Catalyst Corporate processed more than one million checks.
In anticipation of the transition, Catalyst Corporate sent numerous communications to the credit unions served by Western Bridge and provided training to more than 1,000 participants via a series of webinars.
“Because of the tight timeline and the number of converting credit unions, we fully anticipated a large volume of calls and questions on the days of the major conversions,” Ganey said, and Catalyst went so far as to activate a telephone call center dedicated exclusively to assisting members who remained on hold for longer than three minutes.
But the contingency measure was not needed during the checking conversion. The average hold time was just seven seconds on the day that check processing converted, and no caller was on hold for more than two-and-a-half minutes, he reported.
The ambitious training schedule, combined with increased communications and a dedicated response team to handle individual questions, struck a positive chord among many of the transitioning credit unions.
“I have to tell you that we are so impressed with the level of service we’ve received from your team throughout this whole process,” wrote Stephanie Herrin, member support project specialist with the $1.5 billion Spokane Teachers Credit Union in Washington.
Other services have been transitioned in recent weeks as well. Between May 1 and May 11, 81 Western Bridge member credit unions, holding a total of almost 4,000 securities, were transitioned onto Catalyst’s new safekeeping system.
“We are very pleased that these critical transitions have gone smoothly,” said Kathy Garner, president and CEO of Catalyst Corporate. “Not only is this aggregation beneficial for the Western Bridge members who were impacted directly, but it also represents the fulfillment of a promise that Catalyst made to continue to pursue opportunities for growth that will result in bottom line impact for the organization and its members.”
Catalyst Corporate’s capitalizing membership stood at 1,224 by mid May—and includes more than 300 credit unions that were previous Western Bridge members.
While recent transitions represent a “key event,” numerous other product and service deadlines are scheduled in the weeks leading up to the final July 2 consolidation, Ganey said. “This month’s successful conversions set an excellent precedent and demonstrate Catalyst’s commitment to excellence on behalf of its members.”
Strategic Link is the NWCUA’s wholly-owned service corporation, providing the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Questions? Contact Sales & Marketing Associate Craig Reed: 206.340.4789, firstname.lastname@example.org.
Posted in Compliance.