Catalyst Corporate Completes Western Bridge Consolidation
July 5, 2012
July 5, 2012
Catalyst Corporate Federal Credit Union has completed its consolidation with Western Bridge Corporate, taking the final successful steps last weekend in a conversion process that has been underway since early this year. Weekend activities included transferring core systems, billing, wire services and Internet connectivity.
“Each phase of this very complex conversion process has gone smoothly,” said Catalyst Corporate President and CEO Kathy Garner. “Because of the efforts of the integration teams at both corporates, we are well-positioned to provide the full Catalyst value proposition to each of the 315 Western Bridge members that transitioned to Catalyst as capitalizing members, and to serve the needs of all Catalyst members well into the future.”
Garner lauded the efforts of credit unions during the process.
“A lot of paperwork and preparations had to be handled at the credit union level,” she said. “But hundreds of Western Bridge members took the opportunity to participate in Catalyst’s scheduled training. This engagement, combined with Catalyst’s efforts to handle as much of the conversion as possible behind the scenes, allowed the transition to take place without any serious snags.”
Several new members were quick to comment on the positive experience.
“This has been the smoothest transition/conversion/data move that we have experienced in more than three years. And we have been through about four now,” said Renee Robertson, vice president of finance for PrimeSource Credit Union in Spokane, Wash. “I really appreciated all the pre-planning that [Catalyst] put into the transition. And the training was easy to follow and available for reference whenever we needed to review it.”
The consolidation included a series of service conversions that took place over the past several months. Catalyst Corporate’s staff helped hundreds of credit unions transition such services as Automated Clearing House (ACH), remote deposit and check processing.
As a result of the item processing transition, Catalyst Corporate’s daily check processing volume jumped from approximately 420,000 items per day in April to an approximate average of nearly 700,000 items per day during June—and included one day when Catalyst Corporate processed more than 1.2 million checks.
Other services were transitioned in recent weeks as well. For instance, Catalyst converted 57 credit unions to its ACH origination service and 135 credit unions to its ACH receipt service. And in early May, 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 the entire consolidation process has gone so smoothly,” Garner said. “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.”
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