This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Quorum Federal Credit Union Chooses NetSuite OneWorld To Support Business Growth

SAN MATEO, Calif., July 23, 2014 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Quorum Federal Credit Union ( www.quorumfcu.org), one of the nation's strongest credit unions with members in 50 states and a network of more than 86,000 ATMs and 12 service centers, has selected NetSuite OneWorld to manage its financials, help support its rapid growth and power its business transformation. The Purchase, N.Y.-based company is replacing multiple, siloed software applications and a multitude of spreadsheets with NetSuite OneWorld to run its core financial management operations including general ledger, purchasing, accounts payable, fixed assets, multi-company financial consolidation, budgeting, forecasting and electronic payments. With an 80-year history and origin as the Kraft Foods employee credit union, Quorum has grown and evolved rapidly in recent years, including the recent launch of a new brand and a slick, new online and mobile banking platform to better serve its members. Adopting NetSuite OneWorld can enable Quorum to transform its business operations and gain the visibility, agility and flexibility it needs to grow the business, while eliminating version lock, and the costly upgrades and maintenance of its previous on-premise legacy systems.

Credit unions today face a number of challenges, including fierce competition with large regional and even international banks, regulatory reform, and evolving customer needs. At the same time, many credit unions are running on legacy, on-premise business systems that are ill-equipped to deal with today's constant pace of change and rising customer expectations. All too often, credit unions have had to rely upon multiple, disparate systems and spreadsheets to manage their finance organization.

In stark contrast, NetSuite enables credit unions to:

  • Free up resources and drive efficiencies by delivering a single unified software solution that combines all financial management processes.
  • Streamline reporting and gain real-time access to key business performance indicators and analytics needed to support timely, data-driven decisions.
  • Leverage NetSuite SuiteCloud, a robust, scalable, and flexible development platform designed for fast growing organizations to quickly and easily adapt to unique business changes, through customization and integration.

In 2010, despite the economic turmoil in the financial industry, Quorum launched several innovative growth and experience enhancement initiatives that helped it grow its membership from about 50,000 members to more than 67,000 members today. However, the member-owned organization faced the new challenge of maintaining legacy on-premise systems that are costly, cumbersome to maintain and difficult to scale as their business expanded. In addition, the previous accounting system Quorum was using for its general ledger was no longer being supported, creating additional pressure on the credit union to change systems.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs