ATLANTA, Jan. 29, 2015 – CetoLogic, a leading provider of software and analytics for financial institutions and retailers, announced that three new credit unions have selected its C3 Financial cash management and forecasting solution, including El Paso, Texas-based evolve Federal Credit Union; Burlington, Vt.-based NorthCountry Federal Credit Union; and Danville, Pa.-based Service 1st Federal Credit Union.
“evolve Federal Credit Union previously relied on outdated processes for cash management, which resulted in operational inefficiencies and excess cash,” said Ismael Mendiola, vice president of Operations for evolve Federal Credit Union. “CetoLogic’s C3 Financial has centralized our cash order processes and provided efficiencies and time savings by consolidating all our orders to submit directly to the Federal Reserve Bank’s FedLine® Web. Now, our staff can spend more time serving our members.”
Using historical data, CetoLogic’s C3 Financial provides financial institutions with the most accurate branch and ATM order recommendations to help maintain appropriate cash inventory levels. C3 Financial’s forecasting engine anticipates a branch’s or ATM’s cash needs by predicting future member activity – enabling financial institutions to better manage their cash inventory, which typically represents an institution’s largest non-earning asset.
“Financial institutions’ cash levels are typically 30 percent higher than actual need, which can lead to increased security risks, higher insurance costs and illiquid, investible assets for the institution,” said David Austin, vice president of CetoLogic. “As interest rates increase in the near future, financial institutions must be able to quickly adapt to changing market conditions to recover this excess cash for alternative investments and lending.”
About evolve Federal Credit Union
evolve FCU is a $328 million institution based in El Paso-Texas that supports nearly 39,000 members, 125 employees and eight branches. evolve’s mission is to build member loyalty through service, trust and value and prides itself in helping members bank electronically. Due to efficiency improvements and business model changes, evolve FCU projects to reduce its branch footprint in 2015 and 2016 in order to continue to support evolving member needs and further strengthen its vision of being the financial institution of choice in El Paso. For more information, visit us at www.evolvefcu.org.
Atlanta, Ga.-based CetoLogic provides software solutions and analytics to financial institutions and retail organizations. CetoLogic proudly services the needs of more than 1,500 clients in 50 states and Canada by providing “Smart Solutions that Make Dollars and Sense.” CetoLogic is the designer of C3 Financial, a web-based cash forecasting and management software. CetoLogic also pioneered Deposit Reclassification, a retail sweep program designed to eliminate reserve balances. CetoLogic’s solutions improve earnings, efficiencies, risk management and operations. For more information about CetoLogic’s solutions, call 1.877.495.0687.