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How One Corporate Credit Union Converted Seven Payment Systems to a Single Platform

What does success look like? For Vizo Financial Corporate Credit Union, one of the largest corporate credit unions in the U.S. that servesmore than 1,200 credit union institutions, it means converting seven distinct payment systems onto Aptys’ PayLOGICS multi-channel payments platform.

Vizo Financial’s member credit unions, through its payments CUSO, MY CU Services, use PayLOGICS for originating and receiving transactions, automated anomaly detection, OFAC, risk management, warehousing and active transaction archives. The product has significantly helpedVizo Financial’s credit unions automate and streamline payment needs.

“Being able to combineseven different payments systems into one ultimately benefits our member credit unions and their members,” said Jeff Stoner, Chief Technology and Strategy Officer, Vizo Financial.

The Challenge

While this is an area in which financial institutionslike Vizo Financial are succeeding, tackling the task of effective payments transformation poses to be a significant obstacle for many. For those struggling to determine how to add and integrate real-time payments with their legacy payments, PayLOGICS enables them to process, originate, archive and reconcile all payment types with end-to-end capabilities that not only consolidate legacy payment and data into one system, but also offers modules for real-time payments.

Building a Successful Payments System

Increasingly consumers have come to expect fast and flexible payment capabilities to be embedded into the services they use every day, and disjointed legacy systems can slow down credit unions, ultimately hurting their members’ experience. PayLOGICS delivers robust payment capabilities when and where consumers want and need them while overcoming the limitations of legacy core processing systems. In Vizo Financial’s case, data has been consolidated from seven systems into one and has made risk management, compliance, and vendor management easier and faster.

Aptys gives credit unions the ability to quickly and efficiently extend real-time payment capabilities from RTP or FedNow to members. On top of simplifying payments, Aptys delivers lower operating costs. According to Vizo Financial’s Senior Application Analyst, Mike Moyer, setting up users in the system and accessing information is more efficient. Now, credit union employees have all the information they need at their fingertips, making reporting and processing much more seamless.

“Consolidating all our payment systems into one, no matter if it’s RTP, wires or ACH, allowsourmember credit unions to access a variety of payment applications from a single login, which also offers access to online transaction history and user data, through a powerful and intuitive user experience,” said Stoner. 

Multi-Channel Payments Solutionson The Rise  

As other financial institutions start adopting or accelerating digital solutions, Aptys has made significant strides in developing inclusive, digital,one-of-a-kindpayment systems.Digital payments are often the first step to accessing a wide range of financial services, such as savings, credit and insurance.

As a result of these developments and as digital payments methods and instant payments converge to transform the payments industry, Vizo Financial’s successful partnership with Aptys may be seen as an example by other credit unions seeking to add a multi-channel payments solution to help theirmember credit unions. The future is here, and Aptys isleading the wayto deliver enhanced digital payments while offering brighter prospects for new payments systems.

Aptys Solutions, leading the way in end-to-end, digital payment solutions provides the means for powerful enterprise-based, real-time processing capabilities for mobile person-to-person (P2P), wires, ACH, image cash letter and faster payments, such as real-time payments (RTP) and FedNow.

About Author:

Keith Reeves
ExecutiveVice President, Operations

Keith Reeves is executive vice president of operations for Norcross, Ga.-based Aptys Solutions, provider of enterprise software, faster payments, and mobile P2P solutions. In this role, he is responsible for the managing the entire lifecycle, from inception through delivery and support, for the solutions delivered by Aptys Solutions.

Reeves has more than three decades of experience developing and delivering high-quality software solutions. He has worked in a number of industries, including financial/banking, and has held several positions that encompass various parts of the solution development and delivery lifecycle including development, quality assurance and release management.

Prior to Aptys Solutions, Reeves served as vice president of Quality & Methods and business development technical director at Atlanta-based Alogent Corporation (which was acquired by Goldleaf Financial Solutions and later acquired by Jack Henry & Associates). As vice president of Quality & Methods, Reeves was responsible for planning, qualifying and supporting releases of Alogent’s mission-critical solutions. While business development technical director, Reeves worked closely with Alogent’s largest domestic and international partners to assist them in integrating and selling Alogent’s products as part of their own solutions. He also planned and implemented Alogent’s remote deposit solutions as Software as a Service (SaaS).

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