How Credit Unions Can Protect Themselves From Staggered Contracts and Trickery

If you haven't reviewed your credit union's vendor technology agreements lately, perhaps you should. In recent years, many core providers have not only employed, but embraced a staggered contract strategy in a deliberate effort to entrap clients. Staggering contracts represent one of the credit union industry's most insidious little secrets receiving virtually no attention.

Nevertheless, given the velocity with which technology changes (think mobile banking), managerial prudence demands strict attention to the subject.

In 1946, American writer Gertrude Stein said, “Everybody gets so much information all day long that they lose their common sense.” One can only imagine Ms. Stein’s assessment of our day. We are buried under an ocean of information. The challenge, of course, isn’t obtaining information but separating it into something useful.

How Credit Unions Can Protect Themselves From Staggered Contracts and Trickery

If you haven't reviewed your credit union's vendor technology agreements lately, perhaps you should. In recent years, many core providers have not only employed, but embraced a staggered contract strategy in a deliberate effort to entrap clients. Staggering contracts represent one of the credit union industry's most insidious little secrets receiving virtually no attention.

Nevertheless, given the velocity with which technology changes (think mobile banking), managerial prudence demands strict attention to the subject.

NEW ORLEANS (April 2013) -- Orbograph, a leading supplier of recognition solutions for the U.S. check processing market inducted Utah based FLEX Core Processing into the Orbograph Hall of Fame as the 2013 New Partner of the Year at the company’s client conference in New Orleans on April 12. The ORBY Award was presented to FLEX Senior Vice President Sean Holcomb by Orbograph Vice President of Marketing Joe Gregory for playing a pivotal role in the growth and implementation of Orbograph’s solutions as well as impacting the industry through execution of new technology. FLEX has led innovation in credit union core technology for credit unions since 1978.

FLEX Selects Orbograph for Check Recognition in FLEX Check21 Teller Platform

Solution delivers automation to teller image capture for credit unions

October 22, 2012 – Salt Lake City, UT and Billerica, MA – FLEX, the newest and most architecturally advanced core solution for credit unions, along with Orbograph, a leading supplier of recognition solutions for the U.S. check processing market as well as paper and electronic payment solutions for healthcare revenue cycle management (RCM), today announced that the JAVA-based FLEXTeller Check21 image capture system is now integrated with Orbograph’s check recognition solutions. Orbograph was selected as the vendor of choice for check recognition software as an integrated and embedded component to the FLEX teller platform.

As financial institutions continue to adopt image capture at the teller line, many purchase a separate module from a non core provider which is implemented through integration with the teller system. By implementing a natively developed solution within the FLEX platform, FLEX is able to deliver an unprecedented level of interoperability between the images, account history and teller application. This provides streamlined teller operations, customer service benefits, archival standardization as well as superior software usability.