CUSO To Roll Out New Settlement Service

Based on feedback from clients, Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that it planned to deploy a monthly settlement service later this year for the credit unions participating in its shared branching network.  This optional service would provide a monthly electronic settlement between credit unions based on member activity during the previous month.

Scott Collins, Xtend President, outlined the design of the proposed service during a recent meeting of the network’s Shared Branching Advisory Council.  Following the meeting, Collins said “The network has gotten to 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.  Our goal was to engage our software partners at CU*Answers, Inc. to enhance the core tools that drive the network so that my team could execute at no-brainer pricing.  And since the focus group was overwhelmingly positive, we will work toward a solution launch later this year that meets both of those goals.”

The Xtend Shared Branching Network is a self-managed consortium that currently consists of 91 credit unions with 216 locations across 12 states.  Its underlying technology is the CU*BASE core data processing platform from CU*Answers, Inc., a Grand Rapids, Michigan-based cooperative CUSO partner of Xtend.