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A real-time payment application from a Finastra and California credit union collaboration goes live; and a New York credit union adds a full digital document solution from a Vermont-based CUSO.
U.K.-based global fintech firm Finastra announced new developments to its open banking platform, FusionFabric.cloud, that it said will accelerate innovation and partnership among financial institutions and fintechs in retail and payments. Finastra said these are the first apps built in collaboration with banks and credit unions to go live and include:
- A real-time bill payment application from Fort Wayne, Ind.-based Allied Payment Network, in use at the $614 million El Monte, Calif.-based Certified Federal Credit Union (previously Vons Credit Union). The app immediately moves funds from the user's account, limiting risk to the credit union, and will soon allow an instant funds push to the biller for immediate confirmation of bill payment.
- A personal automated savings tool from Atlanta-based Monotto. called RoboSave, which examines the way users spend money, calculating how much they would need in their safety net to take on life's emergencies. Using artificial intelligence, RoboSave determines how much consumers can save without affecting spending habits and automatically draws it into a personalized savings pot.
"Consumers today have so much choice in financial providers, which is driving financial institutions to find new ways to engage their clients and remain relevant. Allied Bill Payment puts the financial institution right at the center of a consumer's finances, allowing them to receive, store and pay their bills all in one place," Ralph Marcuccilli, founder and CEO at Allied Payment Network, said. "FusionFabric.cloud is a game-changer – it cut our development and integration time from 10 weeks to two days, bringing Allied Bill Payment to Certified Federal Credit Union."
James Tomasso, vice president and chief information officer at Certified, said, "While we may lack the size and resources of the national providers, FusionFabric.cloud is allowing us to collaborate with other fintechs to exceed our members' expectations with access to leading-edge innovation, and the ability to quickly adapt to future needs in this rapidly evolving technology landscape." Tomasso added, "Finastra's platform model has allowed us to work with Allied Payment Network to quickly implement Allied Bill Payment, Allied's real-time bill payment solution, exceeding the functionality that other institutions are able to provide."
The $40 million Granville, N.Y. Great Meadow Federal Credit Union, selected full document imaging from eDOC Innovations, a CUSO based in Middlebury, Vt. Great Meadow added a comprehensive digital-transaction management solution utilizing a recently enhanced integration built between eDOC and the credit union's core provider, Layton, Utah-based CUSO CUProdigy
"I'm pleased to see the collaborative work between eDOC and CUProdigy come to market and provide a tightly integrated workflow with our direct, API integration. It's an elegant solution for our credit union users and the members they serve," Bret Weekes, CEO at CUProdigy, commented.
"Great Meadow FCU is the first credit union to take advantage of the deepened eDOC and CUProdigy integration," Tim Wright, AVP at eDOC, explained. "They will be using the system to bring their CU into the paperless space, digitizing their forms and automating the flow of documents, both forms from core as well as outside of core." Existing paper files will be digitally imaged to put everything in one central location for storage and management.
Read about other recent credit union tech updates in the Oct. 9 issue of CU Times.
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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.).
