UFS Tech

Core Functionality

UFS states that as a full-service solution provider they are able to assist banks in two models: 1) Empowering banks in delivering and supporting their current environment with bank-exclusive private cloud delivery, wrapped in regulatory compliant cybersecurity and managed IT services, or 2) offering a fully integrated outsourced package of account processing and digital solutions, wrapped in tools, process, support and people in a way that allows them to manage technology efficiently in the execution of their strategy. Both have the depth to successfully meet broad technology needs of multi-billion asset organizations.

Firm's Response to Core Committee's Key Areas of Focus

Bank Access to Customer Data

From contract to behavior, UFS states that they constantly demonstrate their belief that all data is owed by the bank. There is no cost to access data, and both tools and expertise are embedded in the solution to provide needed data sharing.

UFS delivers and supports a variety of solutions that allow a bank to leverage the value of their data in the manner that best aligns with the banks’ strategy in a cost-effective manner. UFS provides services that help customers read and analyze their data. UFS partners with several industry leaders in data standardization and are leading our community on this open banking journey. UFS participates in Sheltered Harbor and FDX.

Approach to, and Status of, Open APIs

UFS states that they host, support and manage API solutions with portal and libraries on behalf of their customers. UFS does not own the ancillary products but helps connect them. Its model of empowering an integrated technology ecosystem results in flexibility and confidence in long-term alignment. This model supports its members as the industry moves toward the standardized tool sets that are necessary for consumer authorized data sharing.

From a data aggregation perspective, UFS expertise is on delivering value-added data in a way that ensures exchange of anonymized information in an encrypted way for the benefit of the community bank. UFS is excited about the network advances that will simplify exchange for bankers

Fair and Transparent Contract Provisions

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

UFS states the following:

No exclusivity provisions.
All contracts are coterminous.
Deconversion fees: contractually, customers own data, and any desired assistance is based on time and materials at published hourly rates for the bank’s defined scope.
Limitations of Liability: industry standard one year.
Detailed, industry leading SLAs included in all contracts.
No product termination fees. In a full contract termination at will, customer equally shares (50 percent) the minimum value of the initial commitment with the UFS community of banks.

Quick Facts
Headquarters Location	Grafton, Wisconsin
Website	ufstech.com
Year Established	1991
Ownership Model	Privately owned by 20 community banks.
Regionally Focused or National	A majority of customers are in the Midwest, solely because banks value the collaborative leadership model for empowering them to thrive, which requires joint investment in personal, face-to-face relationships across the community.
Number of Cores Offered	1 (outsourced, with cloud hosting of licensed solutions)
Name of Core Solution	UFS Empowered Core, leveraging Fiserv-licensed software.
Number of US Banks on the Core	Less than 100 running in the new UFS SOC1/SOC2 Tier 3 data center leveraging the most-used account processing software in community banking.
Functionality	As a community bank technology outfitter, UFS states that it delivers and support a full suite of solutions for banks that either desire a single-source packaged solution or are pioneers looking for managed integration to unique solutions that empower the bank’s strategies. In addition to a full suite of account processing, digital and cash management solutions, UFS provides bank-exclusive private cloud, cybersecurity, and managed IT solutions wrapped around many core solutions.
Target Bank Asset Size	Less than $10 billion.
Business Strategy	As a bank-owned technology outfitter exclusively for community banks, UFS states that they seek to provide all the technology tools necessary for a bank to thrive, from private cloud and cybersecurity to a full suite of digital and cash management tools, built on a unique empowered core model. With the ability to quickly integrate solutions that empower community banks to execute on their unique strategies and beta test new solutions, UFS is able to assist with implementation, testing, project management, regulatory compliance, vendor management and due diligence in a way that expedites delivery. UFS states that it wraps all solutions with a people-first approach that builds confidence in innovation and delivery.

Quick Facts

Headquarters Location

Grafton, Wisconsin

Website

ufstech.com

Year Established

1991

Ownership Model

Privately owned by 20 community banks.

Regionally Focused or National

A majority of customers are in the Midwest, solely because banks value the collaborative leadership model for empowering them to thrive, which requires joint investment in personal, face-to-face relationships across the community.

Number of Cores Offered

1 (outsourced, with cloud hosting of licensed solutions)

Name of Core Solution

UFS Empowered Core, leveraging Fiserv-licensed software.

Number of US Banks on the Core

Less than 100 running in the new UFS SOC1/SOC2 Tier 3 data center leveraging the most-used account processing software in community banking.

Functionality

As a community bank technology outfitter, UFS states that it delivers and support a full suite of solutions for banks that either desire a single-source packaged solution or are pioneers looking for managed integration to unique solutions that empower the bank’s strategies. In addition to a full suite of account processing, digital and cash management solutions, UFS provides bank-exclusive private cloud, cybersecurity, and managed IT solutions wrapped around many core solutions.

Target Bank Asset Size

Less than $10 billion.

Business Strategy

As a bank-owned technology outfitter exclusively for community banks, UFS states that they seek to provide all the technology tools necessary for a bank to thrive, from private cloud and cybersecurity to a full suite of digital and cash management tools, built on a unique empowered core model. With the ability to quickly integrate solutions that empower community banks to execute on their unique strategies and beta test new solutions, UFS is able to assist with implementation, testing, project management, regulatory compliance, vendor management and due diligence in a way that expedites delivery. UFS states that it wraps all solutions with a people-first approach that builds confidence in innovation and delivery.

UFS Tech

Functionality & Response to Areas of Focus

Quick Facts

Core Functionality

Firm's Response to Core Committee's Key Areas of Focus

ABA Core Platforms Committee interview with UFS’ Mike Tenpas

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