What Is A Shared Service Center

A Shared Services Center (SSC) serves as a centralized hub for shared services within a department or organization. Its primary function is to provide cross-departmental services to diverse internal customers, resulting in a networked service delivery model. The range of services offered by SSCs includes personnel account management, reservation processes, HR services, accounting, and more. These services can be simultaneously utilized by various organizations.

The fundamental amenities provided by shared service centers encompass:

• Accounting

  A shared service center functions as a back office, delivering accounting services to numerous agencies and organizations.
  

• Human Resource

  Shared centers also operate as recruiting agencies, supplying human resources to organizations, along with offering employee training and certification services.
  

• Payroll

  The service center manages payroll services and addresses queries related to employee funds on behalf of diverse business corporations and organizations.
  

• Legal Aid

  Shared service centers provide legal aid services to corporations, offering guidance on government rules and policies.
  

• Purchasing

  The shared service center assists various departments and companies in matters related to goods purchase, payments, and delivery.
  

What are Financial Shared Services?

Financial Shared Services is a centralized point that provides shared services to various financial business organizations by functioning as an outsourcing agency, thereby reducing the financial cost of different processes. Many organizations have embraced Financial Shared Services to adopt a centralized working model. Financial Shared Service Centers offer various benefits, including:

1. Increased Efficiency

   By investing in technology, retaining a sense of control, and reducing labor costs, financial shared services contribute to increased operational efficiency.
   

2. Increased Effectiveness

   Organizations can enhance effectiveness by improving decision support, efficiently managing warehouse data, and fostering a more controlled environment.
   

3. Standardization

   The Financial Shared Service Center (FSSC) achieves process standardization by meticulously following every step of the workflow from initiation to completion.
   

4. Control

   The shared service center provides significant control over financial costs by comparing previous data and industry benchmarks.
   

5. Decreased Costs

   Through the provision of a centralized team of dedicated employees, companies eliminate the need for large accounting departments across all organizations, resulting in decreased costs.
   

Credit Union Shared Service Centers

Credit Union Shared Service Centers, also known as shared branching, are collaborative organizations formed by credit unions. Shared branches enable members of one credit union to perform various financial tasks at any other participating branch within the network. The concept of shared branches aims to offer members a centralized location to access financial services from any branch within the network.

These shared credit union branches provide an economical way for members to access banking services without the necessity of visiting a specific branch. This system allows for affordable banking services to be extended to credit union members across different locations. Shared branches can be particularly convenient for members who need to access banking services while traveling or during business trips, as they can utilize any participating branch within the shared network. This collaborative approach enhances accessibility and convenience for credit union members.