Credit union banks on outsourcing

In a $3 million deal, Elcom, a credit union based about 60km north of Sydney on the NSW central coast, has dumped its 20-year-old legacy system and outsourced disaster recovery planning and management of its core software system.

Elcom chief executive Robert Scott said the deal also included implementation of the credit union's core banking software solution, FiserV ICBS - a US-developed mainstream banking application that some 40 credit unions in Australia have adopted in recent years.

The five-year deal, awarded to Kaz Computers, required Elcom to move from its two-decade old, in-house developed McDonald Douglas computers to an AS/400 platform. Scott said Kaz was selected as the credit union's hardware and IT systems outsourcer for its practical experience in services and AS/400s. He said the solution was implemented within a six-month timeframe.

Other services vendors considered for the project included Syntegra and a technology consortium made up of Cuscal (Credit Union Corporation Australia Ltd) members, Scott said.

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