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Alloya Corporate and Catalyst Corporate Form Partnership
Monday, August 22, 2016 6:35 AM

Alloya Corporate Federal Credit Union in Naperville, Ill., and Catalyst Corporate Federal Credit Union in Plano, Texas, have formed a strategic partnership, which includes a CUSO called TranzCapture LLC.

TranzCapture will integrate branch, ATM, mobile, and merchant capture applications through a single administrative module and web delivery interface. All check deposits, regardless of source, will be accessed by credit union staff through a single sign-on process and a single administrative dashboard.

Alloya will transfer all of its existing check images and convert share draft and deposit processing to a common platform hosted by Catalyst.

“As technology and consumer payments evolve, the number of checks written continues to decline—down 70 percent over the past 15 years,” said Todd Adams, CEO of Alloya Corporate. “The check-processing business is moving into a mature phase of its life cycle, which means that service providers are usually forced to raise fees, cut investment, and may even fail in some cases. The Alloya/Catalyst partnership is strategic to the credit union system as a whole as it ensures credit unions will have access to a cooperatively controlled check processing solution that is focused 100 percent on credit union needs. Credit unions will be very well positioned to continue offering checking services to their members for the long-term."

"TranzCapture was created to fill an emerging need to provide efficient remote deposit services to credit unions on a next generation platform,” said Kathy Garner, president/CEO, Catalyst Corporate.