According to Diane Kilgore, Manager of the CUSOs SRS Bookkeeping unit, “our team handling the foreign ACH process for our credit union partners is one more way that we can help them keep things in balance on a daily basis. IATs as well them, are becoming a more common occurrence for our credit unions, and by adding new procedures to our daily run sheets, we are able to execute in an effective and timely manner.” According to Xtend President Scott Collins, this new service “will be included in our base service at no additional charge until we have several months of volumes to help us assess the impact on our daily workflow.”

Currently, Xtends SRS bookkeeping team provides daily back office support for more than three dozen credit unions that utilize the CU*BASE core data processing system from CU*Answers, Inc.

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Solid results in each of its key business units contributed to the overall success according to Scott Collins, the CUSO President. “We were expecting the first half of our fiscal year to be solid following the strong finish we had in 2008,” says Collins, “and through the first five months each of our key business units has exceeded expectations. The success of our two newest business units, Xtension Call Center and Audit Link compliance monitoring, has gotten us off to this fast start for the year, but we have experienced positive overall growth in each of our branded services.”

February results for the CUSO’s established services, which include its SRS Bookkeeping, Mortgage Support, and Member Reach initiatives, reflected year-on-year growth in each. The group was led by Mortgage Support with a 609% increase over the same period in 2008, followed by SRS Bookkeeping at 13.7% and Member Reach at 12.7%. Collins notes that these increases are “filling a definite need in our marketplace” and that the increased revenue “a direct result of bringing more clients on board during the past year, especially in the mortgage support arena.”

Not to be outdone, Xtend’s new compliance and call center units were major contributors to the record results. Audit Link (compliance monitoring) is the CUSO’s newest service but one of its fastest growing, doubling in size since the beginning of the fiscal year. Their Xtension Call Center, which provides inbound and outbound call support for more than 20 industry partners, has already established record quarterly numbers for both call volumes and revenue with a month remaining in the quarter.

The CUSO offers a diversified array of shared resource services, including marketing, call center, e-communication, compliance, and back office mortgage support that are utilized by credit unions throughout the country. Adds Collins, “We have something to offer just about any size credit union, and I believe our strong results reflect that we are a trusted partner who can help our partners not only survive, but thrive in today’s marketplace.”

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Although the space was occupied as recently as 2008 by a major national mortgage company, it still required a major “demolition and reconstruction” project in order to meet the needs of a diversified and growing company. Scott Collins, President of Xtend says “Our Company is still relatively young but we have been growing steadily. This new center has over 7,000 square feet of space, which allows us to bring the entire operation together for the first time in our seven years. The team and I are excited to say the least.”

Xtend plans to move its SRS Shared Resources and Staff business unit (compliance, bookkeeping, and mortgage support), the Xtension Call Center, and Member Reach ecommunication service to this new headquarters location as early as February 1st.

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The Xtend Financial Services CUSO is now supporting more than three dozen credit unions through its SRS (Shared Resources and Staff) Bookkeeping Services business unit. These clients are utilizing Xtend SRS for a variety of daily balancing and reconciliation services. Xtend offers this service to credit unions starting at $150 per week. Clients utilizing this service range in asset size from $5 – $200 million.

Currently, these services are provided to clients utilizing the CU*BASE processing system. They are intended to help credit unions achieve higher levels of productivity by outsourcing routine balancing tasks, which typically require dedicated staff time. Services include balancing member records and change fund, corporate check and money order reconciliation, ACH, ATM and Share Draft settlement, reviewing dormant account activity, exception reports, mortgage escrow analysis, and more.

Xtend claims utilizing this service is allowing credit union staff to be more focused on revenue generation and one-on-one member service activities. Each member of the Xtend SRS Bookkeeping team performs balancing services for an average of 6-7 credit unions daily. Moreover, the SRS team is also supporting every newly-converted CU*BASE credit union for an initial 90-day period.

Scott Collins, President of Xtend says, “Our SRS Bookkeeping continues to fill a valuable service niche for the CU*BASE ownership community. The success of this business unit has laid a solid foundation for future SRS service offerings. Our involvement in new client conversions has given us a new perspective on value that we can add for our partner organizations.”

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Xtend, Inc., a multi-owned cooperative CUSO and strategic business partner of CU*Answers, has experienced unprecedented demand for its bookkeeping services over the past six months. These services, marketed under Xtend¡¦s SRS branding, have recently been expanded to include mortgage servicing, credit card servicing, and conversion services. These additional offerings, which were developed in response to growing demand from its CU*Answers client base, have helped both Xtend and its credit union partners to enter new markets. It is also provided many credit unions an opportunity to partner with and or enhance a variety of internal service offerings without having to hire additional internal staff. For many, this has provided significant cost savings.

Some key highlights for Xtend include:

• The flagship SRS Bookkeeping Service (daily balancing of share draft, ACH, and ATM) now supports 28 credit unions in 10 states. By the end of summer, it is anticipated that 1-in-4 credit unions on the CU*Answers core data processing system (CU*BASE) will have outsourced these daily tasks to Xtend.
• SRS Bookkeeping Services are now an integral part of each CU*BASE new client conversion project. Experts from Xtend¡¦s SRS team provide up to 90 days of share draft, ACH, and ATM balancing as part of the CU*Answers Conversion Promise.
• Credit unions converting to the FIS on-line credit card platform integrated into CU*BASE receive conversion support from SRS Bookkeeping Specialists.
• Xtend recently entered the mortgage servicing arena, with its SRS business unit providing escrow analysis, escrows payable, agency reporting, etc. for five credit unions and a total portfolio approaching $25M.

Scott Collins, President of Xtend says, Our SRS business unit has given a tremendous boost to both our CUSO and the credit unions we serve. Credit unions of all sizes are realizing the benefits of outsourcing back-office tasks to a trusted and proven cost-effective partner. This has allowed many to get back into the mortgage and credit card businesses with minimal impact on their staff. Our SRS team has tripled in just 18 months in response to the growing demand for our services, and we look forward to growing along side our credit union partners in the coming years.¨

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