Leading technology CUSO posts an 11% increase in total income and strong client growth as it remains focused on its "mission of enabling our clients to better manage and leverage their data."
PASADENA, CA / ACCESSWIRE / January 30, 2024 / Wescom Resources Group (WRG) is proud to report healthy financial and client growth results for fiscal year 2023, as it reaffirms its commitment to investing in people, process, and products in 2024.
WRG added five new UNITRI core hosting clients, representing combined assets of over $3.7 billion and more than 160,000 members. In addition, WRG added five new Tellergy® branch automation clients, adding more than 400 new teller stations to the CUSO's portfolio.
These strong client growth figures helped bolster the company's financial results, as total income grew to $5.01 million for fiscal year 2023, an 11.0% increase over 2022 and beating budget forecasts. Net income for the period was $94,386, exceeding target by 45%. Income margins remained low, reflecting WRG's long-term strategy of reinvesting its returns in additional systems and staff.
"2023 was a year of new commitments in many positive ways for our industry and for WRG," says Dave Cerwinski, President of Wescom Resources Group. "Having charted out new infrastructure platforms in collaboration with our business partners, we approach 2024 and the years ahead with renewed focus on supporting our credit union clients in managing their data - but now on new technology platforms that are faster and more reliable and efficient."
WRG deployed a new X86-based infrastructure supporting Red Hat Linux-based core system hosting in its private cloud environment, providing superior system reliability and redundancy. To lead this strategic shift, WRG also added a Red Hat Linux engineering specialist to the team.
WRG also continued its ongoing investments in the innovative Tellergy for Verifone® branch automation solution. The CUSO executed a migration to a new Host Security Module (HSM) server for PIN authentication, and neared completion of its planned migration to a new line of Verifone M440 terminals, which provides additional features and capabilities to enhance the credit union staff and member experience.
"Our commitment to expanding Tellergy's signature capabilities includes emerging platforms such as PowerFrame Docs," says Martin Pham, Senior Software Implementation Analyst. "Tellergy PIN authentication provides members with a discreet and secure way to confirm their identity. In 2023, we upgraded the hardware that powers these PIN transactions and successfully migrated our clients to maximize its value."
"Through the ease of PIN authentication and seamless form signing at branches, Tellergy's blend of security and simplicity unlocks a world of trust," adds Patti Quinteros.
Director of Projects and Implementation. "We are thankful for our clients' collaborative partnership and ongoing feedback during project implementation, which will be used to enhance Tellergy for a better member and client experience."
Lastly, WRG is thankful of its ongoing and mutually beneficial partnerships with industry leaders like Corelation, creator of the KeyStone core processing platform, and SMA Technologies, maker of the OpCon workload automation suite.
"In 2023, we deepened our business relationships with key partners like the team at Corelation," Cerwinski says. "They've delivered excellence across the board to the credit union industry - including as a strategic business partner to WRG. We're proud to work closely alongside them in delivering superior core processing to a growing list of credit union clients."
About Wescom Resources Group
Backed by Wescom Credit Union, one of the nation's largest credit unions with $5.9 billion in assets and over 227,000 members, Wescom Resources Group provides credit unions with advanced technology solutions that increase their competitive edge. Serving credit unions with a combined $135 billion in assets and over 7 million members, WRG is a leader in innovative technologies for the credit union industry. WRG offers UNITRI Managed Services, a private cloud computing solution for credit unions and other financial institutions. In addition, WRG's Tellergy for Verifone® solution revolutionizes the in-branch experience through a secure teller line solution designed specifically for credit unions. For more information, visit www.wescomresources.com.
Contact Information
Ted Goldwyn
ted@tedgoldwyn.com
914-715-2248
SOURCE: Wescom Resources Group
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