Catalyst News

Catalyst Corporate CEO Shares Innovations During Cornerstone Roundtable

by Catalyst Corporate | Jun 19, 2020

Increased access to the Central Liquidity Facility (CLF) and acquisition of an industry-leading payments company were among innovative initiatives highlighted by Catalyst Corporate Federal Credit Union’s CEO Bruce Fox during a recent edition of the CEO Roundtable program. The hour-long, online program was developed by the Cornerstone Credit Union League to keep member credit unions updated on important issues during the COVID-19 environment.

Fox told Cornerstone’s CEO Caroline Willard and the 50 or so credit union leaders participating in the virtual event that Catalyst Corporate’s operations have remained “strong and steady, with no unusual disruptions in service levels or workflows, as 95 percent of the company works from home.” That stability has allowed Catalyst Corporate to focus on helping member credit unions during these challenging times.

Fox reported the acquisition of Georgia-based Aptys Solutions, a leading provider of real time processing and electronic payment solutions for correspondent service providers. Aptys Solutions provides a suite of services including ACH origination and receipt, wires, fraud tools for checks, and faster payment technologies to more than 2,800 financial institutions nationwide.

Catalyst is in the process of moving 600 credit unions that use its ACH services to the Aptys platform and will leverage Aptys’ technology to provide additional enhancements and services going forward.

Fox also said recent changes to legislation, regulations and operating enhancements to the Central Liquidity Facility (CLF) enabled Catalyst Corporate to make an investment into the CLF. That investment now allows access to CLF funds by more than 800 credit unions with assets less than $250 million, should they need it. 

In addition, Fox touched on other initiatives, such as Catalyst Strategic Solutions advisors working to help credit unions deal with excess liquidity, and Catalyst Corporate’s recent launch of a money market overnight sweep program. Fox added that Catalyst Corporate is also currently waiving mobile capture implementation fees to help qualifying credit unions offer remote deposit services to their members.

The full interview with Fox can be found here. (see Fox’s segment at 19:30-28:30)