CUNA Mutual Group and its Collateral Protection Insurance (CPI) alliance partner, State National Companies, have announced they are joining forces with Akcelerant, a provider of connected software technology to the financial services industry, to improve collections activities for credit unions.
This three-way partnership will provide credit unions insured by the CPI alliance of CUNA Mutual Group and State National with a connector for the Akcelerant Framework, providing credit unions with a single platform to execute daily collection activities such as accessing CPI details, filing claims, tracking claims, and other functions. The connector is in development and will be available for credit union implementation in early 2013. The partnership was announced at the 2012 CUNA Lending Council Conference.
The Akcelerant Framework connects customers to key services with innovative service providers creating the optimal work environment for financial institutions looking to get the most out of their collections operations.
Credit unions that choose the alliance of CUNA Mutual Group and State National Companies for their collateral protection needs and use Akcelerant for their collections activities will reduce the time their staff spends managing collections and CPI-related activities, freeing them to focus on revenue-generating tasks, said Bob Trunzo, president, CUNA Mutual Group Insurance & Financial Services.
"This partnership is a perfect example of CUNA Mutual Group's commitment to deliver best of breed solutions to credit unions. We found the best in State National for CPI, and it shows in how fast our alliance is growing. Connecting with Akcelerant raises the bar even higher in the value our customers will realize from our CPI alliance," Trunzo said.
CUNA Mutual Group and State National Companies formed an alliance in 2009 to provide tracked CPI to credit unions. That alliance protects more than 340 credit unions' collateral and has grown 55 percent in three years due to strong market demand. State National Companies tracks loans for 600-plus lenders.
Members will have a more consistent experience when working with credit unions' lending and collections staff, according to Trace Ledbetter, senior vice president, State National Companies. "And Akcelerant collections users will be able to tap into the power of State National Companies' CPI program inside the Akcelerant Framework, making the use of CPI data seamless inside their normal collections workflow," Ledbetter said.
The partnership is about giving customers what they want, said Eric Snyder, Akcelerant executive vice president of business development. "Over the years, there has been consistent demand from our customer base for diverse choices and a robust library of connected services. We recognize the success of CUNA Mutual Group and State National's CPI alliance and are excited about delivering this new functionality to credit unions."