Fi-linx
| Company type | Subsidiary |
|---|---|
| Industry | Financial software development |
| Founded | 2006 |
| Founder | Employees of Maps Credit Union |
| Headquarters | Salem , United States |
Area served | Credit unions |
| Owner | Maps Service Agency |
| Parent | Maps Credit Union |
fi-linx (stylized in lowercase) operates as a credit union service organization under the ownership of Maps Service Agency, which is itself a subsidiary of Maps Credit Union. The company’s main office is located in Salem, Oregon. Specializing in financial software development, fi-linx targets credit unions as its primary clientele, delivering solutions both directly and through partnerships with organizations such as the Credit Union Executives Society (CUES).
History
Established in the fall of 2006 by employees of Maps Credit Union, fi-linx emerged from the founders' inability to locate Deposit Reclassification software tailored to credit union requirements. Consequently, the team designed and implemented their own proprietary software utilizing internal development resources.
Products and services
fi-linx offers two principal technological solutions for credit unions: Deposit Reclassification and Check Checker.
The Deposit Reclassification tool automates the division of deposit accounts into checking subaccounts (which are subject to reserve requirements) and savings subaccounts (which are exempt from these requirements). This procedure has been authorized by the Federal Reserve Bank since 1993. By adopting this service, credit unions can considerably lower their Federal Reserve balances. For example, Maps Credit Union reportedly achieved annual savings of $145,000, with industry-wide potential savings estimated at $154 million if broadly implemented.
Check Checker is designed as fraud prevention software that verifies check routing numbers in real time against Federal Reserve data. Additionally, it cross-references fraud alerts issued by both the National Credit Union Administration and the Federal Deposit Insurance Corporation.
Competition
Several companies provide software for deposit reclassification and check fraud prevention. For example, Ceto and Associates delivers deposit reclassification services to over 1,500 clients across the country; however, their focus does not specifically include credit unions.