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U.S. Central Wind Down Update

NCUA continues the process of winding down the operations of U.S. Central Bridge Corporate FCU with a targeted completion date of December 31, 2012. Currently, SunCorp is executing plans to transition services previously provided by U.S. Central Bridge to other providers.

Listed below are the U.S. Central Bridge services that SunCorp is moving to other providers, including a progress update.

Automated Settlement

Termination Date: May 31, 2012

In January, SunCorp contacted all vendors utilizing automated settlement with SunCorp member credit unions. Many of the vendors have converted these payments to ACH or direct settlement transactions.

Securities Safekeeping

Termination Date: May 31, 2012

SunCorp completed conversion of Securities Safekeeping to JPMorgan Chase on March 23, 2012.

International Services (International Wire Transfers and Foreign Items Processing)

Termination Date: March 30, 2012

SunCorp completed conversion of International Wire Transfers and Foreign Items Processing to JPMorgan Chase on March 26, 2012. SunCorp’s Information Technology Team is currently building an International SunWires Application that will reside behind the single sign-on SunCorp Application Portal and automate the order entry process for members.

CNCC/ADT (Cash Concentration)

Termination Date: March 30, 2012

SunCorp worked with member credit unions on an individual basis and completed conversion of CNCC/ADT Cash Concentration Services to ACH on February 29, 2012.

APEX-ACH

Termination Date: December 31, 2012

After much research and due diligence, SunCorp has reached an agreement to have ProfitStars power its new ACH solutions. The process for conversion to the new
mACH™ (Members ACH) system is planned for the next couple of months with completion targeted for June 30, 2012. Late last year, the NCUA and U.S. Central Bridge Corporate Federal Credit Union announced there will be an 80% price increase for APEX-ACH on July 1, 2012. SunCorp is taking the steps necessary to successfully complete a smooth transition before this price increase is implemented. In the coming months, please look for more communications from us regarding the conversion plans for APEX-ACH services to mACH™.

 

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