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Cornerstone Credit Union Expands Relationship with thirdstream

Saskatchewan’s fifth-largest credit union adopts thirdstream’s Commercial Account Opening solution as part of its digital transformation initiative. Solution expected to improve the employee experience by providing faster and easier account opening.


LETHBRIDGE, AB, CANADA, July 15, 2020 /EINPresswire.com/ — thirdstream is excited to announce that Cornerstone Credit Union has deployed its cloud-based commercial account opening solution in-branch. Integrated to the credit union’s enterprise banking platform, commercial account opening for sole proprietorships, partnerships, and corporations will be fully automated, making membership and account opening faster and easier for members and employees. Businesses can expect to open accounts in well under 30 minutes, depending on the complexity of the business.


Cornerstone previously deployed thirdstream’s retail account opening solution and has been a thirdstream client for 9 years.


“What’s special about Commercial Account Opening is how it provides a fully automated data collection experience and is integrated with our banking host system. This helps our Advisors save business owners time and effort,” said Jodi Chambers, Cornerstone’s Vice President, Strategy and Technology. “With this new solution our team members will be able to capture all the information quickly and concisely. It presents us with workflows that encourage efficiency and gives us increased confidence in our ability to continually improve data integrity and meet our compliance obligations.” Chambers added.


thirdstream’s commercial account opening solution, as currently deployed with clients, is designed with comprehensive workflows to address the complexity involved in business account opening. From application initiation to membership approval to core integration, commercial account opening provides a truly end-to-end experience.


“We’re especially proud of this opportunity with Cornerstone.” Says thirdstream CEO Keith Ginter. “We know how important commercial account opening is to financial institutions. Providing convenience and simplicity is as important to businesses as it is to retail consumers. We provide solutions that deploy rapidly and give credit unions confidence we can help them in their drive to continually improve the customer experience.”


Cornerstone will join peer credit unions who have already deployed thirdstream’s commercial platform. It will also mark the sixth deployment of Celero’s XchangeTM platform. Celero XchangeTM provides the API-driven layer connecting thirdstream’s solution with Cornerstone’s core banking system, enabling real-time account creation and funding.

thirdstream provides digital account opening and retail lending point solutions to over 40 clients. Their cloud-based platform is hosted on Microsoft Azure and provides full integration to leading core processing systems.


Convenient application experience Commercial account opening can now be initiated by a single signer who provides their business information. Once the business information is confirmed, emails can be sent to additional signers, inviting them to complete their parts of the process at their convenience. Applications are processed once all information has been submitted.


Simplified document gathering processes for corporations Digital copies and verification with corporate registry repositories reduce data gathering needs for corporations, accelerating the application process. By focusing first on data and documentation that can be retrieved from third-party repositories, businesses save time and minimize aggravation.


Innovative identification verification Commercial Deposits Inbranch (and online) uses secure third-party tools to verify applicants’ identity. thirdstream’s identity verification ecosystem presents over 30 third-party sources. This helps achieve identity verification rates consistently over 90%, where many alternatives offer only a 50% success rate.


“Innovation in digital account opening is at the core of everything we do,” Ginter went on to say. “Simplifying and streamlining workflows is central to automating processes and promoting security and convenience. We look forward to our expanded partnership with Cornerstone!”


thirdstream expects to roll out a series ground-breaking of innovations in time for Q3 2020.

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About thirdstream thirdstream, headquartered in Lethbridge, Alberta, provides digital account opening solutions, online and in-branch, to over forty clients. From identity verification to account funding, thirdstream’s solution set supports consumer acquisition, business onboarding, and unsecured retail lending and credit card adjudication. The platform is cloud-deployed, designed for retail and business consumers seeking out financial institutions, and for financial institutions targeting consumers anywhere, anytime, from any device. To learn more, visit thirdstream.ca.


About Cornerstone Cornerstone Credit Union is the fifth largest credit union in Saskatchewan with approximately $1.2 billion in total managed assets. As a full-service financial institution, Cornerstone Credit Union provides financial advice and solutions that are driven by the goals and needs of the 24,000 members we serve.

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