Lafayette Federal Credit Union ($882 million assets; 29,999 members; Rockville, MD) has experienced remarkable growth in recent years, with their eye on soon joining the ranks of the billion-dollar credit unions.
In order to stay competitive in the Washington, DC financial market, the credit union is investing in a new core processor and making the switch to Corelation’s KeyStone after more than 30 years with their current core vendor.
“It is imperative for us to partner with a company that will enable our continued success. With KeyStone’s ‘More in the Core’ approach, person-centric model, and more efficient processing on the back end, we can concentrate on giving our members the best possible banking experience,” stated Jeff Ference, Lafayette FCU’s Senior Vice President of Operations. “KeyStone’s open API [KeyBridge] coupled with their newly added support for the Linux operating system will offer exciting future growth potential for Lafayette FCU.”
Lafayette FCU took their time with the core selection process, performing a thorough review and assessment of several core solutions. Ultimately, Corelation stood out as the company they could form a lasting partnership with for decades to come through a cooperative effort towards mutual success.
“Through a highly systematic evaluation of the credit union core processors on the market, we selected Corelation and KeyStone because they excelled in many important categories including features and functionality, reputation, and future growth of the company,” explained Sam Nassiri, Lafayette FCU’s Vice President of Project Management. “We are particularly excited about the prospect of working with one vendor and one support team for many different aspects of our operations.”
According to Lafayette FCU’s Principal VP of Information Technology, Andrew W. Mason, KeyStone’s technology highlights include eliminating the need for multiple servers, affordable High Availability Disaster Recover (HADR), fully supported and documented SQL/reporting tools, and the truly web-based client application that puts an end to cumbersome updates and installations.
Lafayette FCU is scheduled to convert in February 2022.
“The enthusiasm for providing truly top-notch member service that Lafayette FCU demonstrates on a daily basis has made them one of the premier financial institutions in the Washington, DC area,” noted Corelation Chief Technology Officer Jeff Dent. “KeyStone’s architecture will serve as a catalyst for future growth for Lafayette FCU and we are thrilled to support them on this journey.”