Farm Credit Illinois is becoming an owner of the Farm Credit Financial Partners, Inc., (FPI) technology organization based in Agawam, Mass. and Spokane, Wash. The other owners of FPI include AgCountry Farm Credit Services (serving parts of North Dakota, Minnesota, and Wisconsin), Farm Credit East (serving most of New York and New England), Farm Credit West (serving parts of California and Arizona), and Northwest Farm Credit Services (serving Washington, Oregon, Montana, Alaska, and part of Idaho).
The $10 million capital investment by FCI provides the opportunity to collaborate with four of the 10 largest Associations in owning the premier technology and financial services platform in the Farm Credit System. For more than 20 years, FPI has developed innovative Farm Credit solutions with a proven track record as a successful technology leader in the System.
“Joining FPI gives us access to a robust, secure, and tested platform which is continually evolving to incorporate the latest technology advancements,” says Tom Tracy, FCI President & CEO. “This collaboration demonstrates the important and valuable principle of cooperation among cooperatives.”
A strategic transition plan will continue until the final technology upgrade in August. At that point, FCI borrowers will have access to a new online banking portal and begin receiving newly formatted payment notices, statements, receipts, and loan summaries. Detailed information about these changes will be shared with member-borrowers in summer 2018.
“Like all strategic business decisions at FCI, the overriding consideration for selecting FPI as our cooperative’s new technology platform is tied directly to our core purpose. We are convinced FPI best positions FCI for Helping Farm Families Succeed today and tomorrow,” says Tracy.