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NEW Corporates explore U.S. Central Bridge service options
LENEXA, Kan. (UPDATED at 10: 45 a.m. CT 9/2/11)--Representatives from many of the nation's corporates met in Lenexa, Kan., this week to explore options for continued operation of payments products provided to corporates by U.S. Central Bridge. Their conclusion: rather than charter a new corporate credit union, the group will continue working cooperatively to create partnerships that allow uninterrupted products and services to the bridge's credit unions. Recent efforts focused on organizing a new corporate credit union to purchase U.S. Central Bridge's various businesses to provide ongoing service to corporates. However, the group determined that would not provide the most efficient outcome for the Credit Union System. “The efforts to organize an ongoing corporate credit union to acquire U.S. Central Bridge operations was an effort that needed to be explored, but it has been determined that partnering with leading vendors within the payments industry is the appropriate course of action at this time," said Brandt Peterson, executive vice president of SunCorp and a member of the Organizing Council. "Our primary goal always has been to ensure continuity of services to participating credit unions. We are much closer to a solution that will meet the needs of credit unions both in the short term and well into the future. The most important message for participating credit unions is that our solution will ensure minimal disruption to credit unions,” Peterson said. The group reaffirmed the importance of aggregation during the meetings with potential partners held during the past two days. Credit unions are cooperatives, and to that end, aggregating volumes and pooling resources provides the best outcome for the collective over time. Participating members include Alloya Corporate FCU, Catalyst Corporate FCU, CenCorp, CO-OP Financial Services, Corporate One, FirstCorp, Kansas Corporate, Kentucky Corporate, Missouri Corporate, SunCorp, Southeast Corporate, The Members Group, TriCorp, VolCorp, and Western Bridge Corporate FCU.


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