Two Texas CUSOs aim to close the technology gap for credit unions, one by helping to manage infrastructure and the other by meeting the demanding needs of digital and mobile lending.
Houston-based Pure IT Credit Union Services, which launched as a CUSO in September this year, makes it easier for credit union clients to design and maintain their systems for compliance, security, audit, and technology advancement.
"What we do is a combination of things all the way from professional services or more from a consulting perspective to actual remediation and managing the results for the client," Jack Smith CEO and co-founder Pure IT, said. This include all around infrastructure and systems operation. "We do not really focus on the core system, we focus on where it meets other things within the technical environment."
The CUSO helps to improve remediation uncovered during an assessment and architecture to support the credit union's goals. Its managed services include infrastructure-as-a-service, disaster recovery as a service, virtual desktop infrastructure, monitoring and management, regular updates (tested and verified against the client software requirements), and policy management based upon business needs.
In Austin, Texas, Sync1 Systems, LLC., Inc., launched as a CUSO in December, with $4 million in private equity and debt financing. As part of the funding round, the company merged with FI-Mobile, an Austin-based provider of mobile banking solutions.
Sync1 Systems, the newest venture of Austin entrepreneurs Steve Maloney, Bruce Callen and Dan Chaney, who in 2002, founded credit union lending technology provider Teres Solutions. Global credit data and technology provider CRIF successfully acquired Teres in 2008.
Together with the resources of FI-Mobile, the team at Sync1 Systems plans launching a newly architected digital banking and loan-origination platform in early 2017.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
