The first of two Cuscal business for sale is Corvis, the retail banking platform that's been in use for almost 20 years, and arguably out of date and certainly in need of more investment than Cuscal can afford.Ultradata, a private;y held supplier of competing retail banking software to credit unions and building societies looks like the front runner in negotiations with Cuscal take control of Corvis, though Data Action, a separate not for profit credit union owned entity (but independent of Cuscal) is also in the running.Cuscal confirmed on Friday that they had narrowed the field to two parties, while John Gilbert, chief executive Cuscal, said on Friday that the Cuscal expected to pick the buyer in about a month.The supply of retail banking system to smaller deposit taking institutions is a competitive, but mainly unprofitable, business.As noted above, Cuscal's technology segment lost $272,000 in the year to June 2003.One competitor, Admerex the supplier until very recently of the Globus banking platform appointed voluntary administrators four weeks ago. Admerex (known as Global Technology Solutions until the middle of the year) reported a loss of $4.5 million in the half year to June 2003. Swiss-based Temenos, the actual creator of Globus, seems to have picked up the marketing and support of Globus in Australia to retrieve the damage.Data Action also loses money, or at least did in the year to June 2002, the most recent for which accounts are available. Data Action posted a loss of $1.1 million in 2002, from a net profit of $900,000 in 2001.Data Action, however, is on a growth curve, having found a number of converts to the Phoenix banking platform (sourced from a US vendor), with key reference sites including Melbourne and Education Credit Union and Qantas Staff Credit Union. Data Action declined to comment yesterday on its interest in buying Corvis.Another separate credit union controlled entity is also losing, or was losing money. Credit Union Technology Development, incurred a net loss of $5.8 million in the year to June 2002, and is also due to refinance a $1.6 million overdraft from Cuscal that won't be renewed. CUTD resells the Fiserv banking system, which Fiserv also market to credit unions in their own right.The exception to this river of red ink is Ultradata, which recorded a net profit of $1.1 million on revenues of $16.6 million in the year to June 2003. Ultradata did not return calls yesterday, but seem the most likely candidate to take control of Corvis.