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We would like to wish LorMet Community Federal Credit Union, based in Lorain, Ohio, a “Happy Anniversary!” Our friends at LorMet have been enjoying the benefits of our core processing solution for 5 years, and we would like to recognize their loyalty to Sharetec and their success as a financial institution.
Since 1936, LorMet has called Lorain County its home, and the credit union is proud to serve all of Lorain County, Bay Village, Rocky River and Westlake, Ohio. They are also proud of the variety of personal banking and lending products and services they offer to their more than 20,000 members.
We are pleased that Sharetec’s many innovative features and benefits have assisted Lormet, ultimately enhancing its efficiency, productivity and customer service. They have been able to grow with their members’ ever-changing financial needs, and we are thrilled that our system has played a key role in their growth and success.
We congratulate LorMet Community Federal Credit Union on 5 successful years of Sharetec, and we look forward to continuing our relationship and supporting their success in the years ahead!
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Gas & Electric Credit Union, located in Rock Island, IL, took advantage of Sharetec’s powerful Ultimate Checking module to launch a successful high yield checking account. “This was a product that we felt we had to have in order to compete. We pay 4% interest when various requirements are met and our members have really embraced it,” remarks CEO, Daryl Empen. “Our debit card revenue grew 19% our first year and over 27% our second year. We have enjoyed 7% growth in checking accounts directly tied to this service, which has lead to more loans and other services.”
To read more of this case study, click here.
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Sharetec offers credit unions a unique payment solution with the help of Allied Payment Network.
- P2P Payments Members can send money to family and friends with just an email address or phone number.
- PortalPay Web Based Loan Payments Web based loan payments for member loan payments or indirect lending without needing to authenticate.
- Integration to iPay for PicturePay Members can now snap a photo of a bill and have it processed through iPay.
- A2A Users can securely transfer money to or from another institution checking or savings account.
- FlexPay Real-time internet bill pay.
Allied attracts $4 million Plymouth investment
To learn more or sign up for these services through Allied Payment Network, This email address is being protected from spambots. You need JavaScript enabled to view it. today.
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Many credit unions have to deal with general ledgers that rely on a lot of manual intervention, third party posting files, or vendor-compiled reports. With Sharetec’s integrated and real-time general ledger, credit unions can automate postings and gain a 360-degree view of the institution’s financial standing.
Working within Sharetec’s General Ledger credit unions can see how items are posted from all different parts of the system. Journal entries, AP, fixed assets, investments and lending transactions are posted to the GL in realtime. The system automatically posts member transactions when tellers close their drawers throughout the day. This keeps transaction audit trails clean and prevents unnecessary traffic from muddying account histories.
Each committed transaction brings metadata into the GL giving credit unions unique insight into each posting. Data like member number, date, GL voucher number, and batch information show users exactly where each transaction comes from and how it has affected other accounts. By providing a member number, credit unions can more easily research what member accounts a transaction originated from. This gives the credit union a more complete picture of each GL posting.
None of this would matter much if the credit union had a limited amount of transaction history in the system. Fortunately the Sharetec core processing platform is designed to give credit unions ultimate control of their data. There is no limit to the amount of GL or member transaction history each credit union can have on their Sharetec system.
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We at Sharetec are pleased to be hosting our annual Users Conference on September 15th-18th at Disney's Yacht & Beach Club Resort® - and this year’s event promises to offer invaluable opportunities as well as a real value for all that is jam-packed into our three-day event!
If you are still trying to decide on whether or not to attend, we invite you to do the math! Sure, there are registration, lodging, travel, transportation and meal expenses to work into your budget. But when you add up those costs, you will arrive at a total that is comparably less than industry standards. To help you compute the value of a Sharetec Conference, we’ve developed a handy Cost Savings Worksheet with cost saving tips that can be viewed at: http://www.sharetec.com/cost-savings-worksheet
Where else can attendees enjoy a full schedule of Breakout Sessions - including a hands-on lab, one-on-one meetings with account reps, a guest speaker and access to Sharetec business partners - all while benefiting from a valuable exchange of thoughts, worthwhile networking and helpful discussions with Sharetec experts? Your golden opportunities are nearly unlimited!
Sharetec prides itself on meeting the needs of its credit unions and making sure they have the tools and technology to succeed. And the opportunities at this year’s event are sure to be worth their weight in gold as they support everyone’s objectives in this highly competitive industry. We hope to see you there! (Calculators are optional!)
