“We are absolutely delighted to have a partner like Sharetec.”
That’s Kevin Boyles, President and Managing Partner of Superior IRA & HSA, on the company’s new partnership with Sharetec, the core and digital banking provider that works exclusively with credit unions. The deal is aimed at one of the least glamorous corners of credit union operations: IRAs and HSAs.
Why these accounts cause so much grief
Individual Retirement Arrangements (IRAs) and Health Savings Accounts (HSAs) come with some of the heaviest compliance and tax reporting demands of any product a credit union sells. One missed form or botched distribution can turn into a real problem. Staff time, costs and regulatory risk pile up fast.
Superior is a fintech company that modernizes IRA and HSA administration, compliance and reporting for financial institutions. Its platform was built from scratch around modern transaction and tax reporting methods, with branch staff in mind. It is SOC 2 Type 2 compliant with no exceptions (that’s an independent audit of how well a vendor protects data). It also offers:
- Ready integration with e-signature providers
- Custom user roles
- Branch-level administration
What credit unions get
The partnership targets three persistent pain points: cost, staff workload and compliance risk. Guided compliance workflows walk branch employees through transactions so they get them right the first time. The platform also handles required minimum distributions, recurring distributions, withholding notifications, beneficiary claims and tax document filing.
Boyles calls it a turnkey solution that is “much easier for staff” and cuts both cost and compliance risk. Sarah Lambert, Director of Strategic Partnerships at Sharetec, framed it as part of a bigger job. “Our credit unions count on us for solutions that cover everything it takes to run their institution and serve their members well,” she said. She added that Superior pairs modern technology with decades of IRA and HSA compliance expertise and the responsive service clients expect.
Support is a selling point too. Beyond phone help, Superior offers live online chat and email, so staff can get compliance and operational answers faster. Its leadership team brings more than a century of combined experience working with IRA and HSA business at depository institutions.
What to watch next
This isn’t starting from zero. Several Sharetec credit unions already use Superior for their IRA and HSA programs, and the two companies plan to work together to support credit unions on both platforms. Keep an eye on how many more Sharetec clients sign on, and whether the promised drop in staff workload shows up in day-to-day branch operations.