GRAND RAPIDS, Mich. (5/7/12)--Xtend Inc., a Grand Rapids, Mich.-based multi-owned cooperative credit union service organization, will roll out a monthly settlement service later this year for credit unions participating in its shared-branching network.
The optional service would provide a monthly electronic settlement among credit unions based on member activity the previous month.
"The network has reached 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," said Scott Collins, Xtend president
The company will work with software partners at CU*Answers Inc. to develop pricing for the service, Collins said.
Also, Xtend announced last week that it handled the largest number of call center transactions during a 30-day period in its history. The CUSO's contact center took more than 25,000 calls and web chats.
The company said it would invest in additional staffing during the next six months to meet increased demand for its products and services.
TORONTO (5/7/12)--Davis+Henderson Corp. (D+H), a Toronto-based technology firm, has acquired Avista Solutions Inc.of Charleston, S.C., a cloud-based mortgage loan origination provider to credit unions and banks.
The purchase price is $40 million, payable in cash, funded from D+H's existing credit facilities.
The acquisition adds to D+H's customer base and expands the range of integrated technology solutions the company offers by complementing the software-as-service consumer point-of-sale mortgage origination platform it delivers to more than 1,100 U.S. credit unions and banks through its Mortgagebot subsidiary.
Similar to Mortgagebot, Avista's loan origination system (LOS) technology is delivered through the Internet as a service and revenues are generated by subscription fees under long-term contracts.
Avista has more than 150 financial institution clients and a technology suite that includes a LOS with a product and pricing engine, document imaging, work flow capabilities, and a network of integrated third-party mortgage service providers.