The National Federation of Community Development Credit Unions announced a deal Tuesday that will allow the trade group to develop a common core processing platform for member CDCUs.
The deal, with the Birmingham, Ala.-based software CUSO EPL Inc., will produce a processing platform that accommodates ongoing innovation, facilitates collaboration and shared services, and increases the impact of CDCUs, the National Federation said.
Earlier this year, Dedagroup SpA, an Italian firm with a history in core processing, purchased a majority position in EPL and refinanced the CUSO.
“This is the next chapter in the evolution of community development credit unions,” National Federation President/CEO Cathie Mahon declared. “With the ability to integrate new products and services into the core data system in an affordable and timely manner, CDCUs will be able to remain nimble and respond rapidly to community needs. We will be able to develop asset-building and pro-consumer products, and provide a consistent level of service, creating opportunity for members across the nation. This is a huge win, not just for credit unions, but for all of our partners working in low-income communities.”
The new platform will accomplish three objectives, the National Federation said. First, it will allow CDCUs to more easily develop and adopt product enhancements for the lower income communities they serve.
Second, it will allow CDCUs to more easily track and report community development outcomes and impacts. Finally, it will allow for the development of a shared back-office, leading to greater economies of scale and efficiencies.
“EPL is thrilled to join the Federation in their ongoing efforts to support the growth and technological advancement of credit unions operating in underserved communities,” EPL President/CEO Wayne Benson said. “Our team brings both decades of experiential know-how and a comprehensive core solution, i-POWER, that will add depth, functionality and expanded capabilities to the CU Impact platform. This partnership will not only help CDCUs effectively manage growth, but also provide an enhanced technical offering paired with a level of customer service deserving of any credit union member.”
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