Magazine article American Banker

EDS, Corporate Credit Union Strike Electronic Banking Deal

Magazine article American Banker

EDS, Corporate Credit Union Strike Electronic Banking Deal

Article excerpt

Constitution State Corporate Credit Union has agreed to let Electronic Data Systems Corp. build and manage a data center to provide other credit unions with electronic banking processing services.

The Wallingford, Conn.-based corporate provides correspondent banking and technological services to more than 240 credit unions serving 900,000 members. It is focused on selling services mainly to its member credit unions in Connecticut.

"We want Connecticut credit unions to look to us first for technically sophisticated products, properly structured payment services, and solid investment products," said president and chief executive Raymond Dowling.

Under the 10-year agreement, EDS has built a state-of-the-art data center for the credit union, and will manage back-office operations. The Plano, Tex., company will also provide the credit union with its corporate enterprise system, which includes customer information and data warehousing applications.

Constitution said it struck the deal in an effort to help Connecticut credit unions succeed in the emerging electronic banking marketplace.

"Our member credit unions are telling us that to compete with commercial banks in Connecticut, they need new convenience-oriented services such as telephone bill paying, home banking, and debit cards," Mr. Dowling said. "Our strategic goal is to be the leading provider of these services to credit unions."

Constitution State's new relationship with EDS is the centerpiece of its long-term strategy. …

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