Two Partnerships, Two Solutions for Credit Unions Announced
Check processing and Bitcoin partnerships fill a growing need for credit unions and members.
The Naperville, Ill.-based Alloya Corporate Federal Credit Union entered into a strategic partnership with TruLync to help credit unions have access to a more reliable check processing service.
The partnership, announced earlier this month, stated that Alloya Corporate will acquire TruLync’s item processing services. TruLync is a wholly-owned subsidiary of the Minnesota Credit Union Network (MuCUN).
“We are thrilled about this partnership with Alloya,” Mark Cummins, president/CEO of TruLync and MnCUN, commented. “Credit unions continue to depend on affordable, reliable and efficient check processing services. With check volumes in a steady decline over the past decade, it was time for TruLync to evaluate its strategic options. We know credit unions need a solution for the future and Alloya’s TranzCapture suite will ensure access to exactly that for many years to come.”
TranzCapture, which launched in 2016, is a CUSO co-owned by Alloya Corporate. According to the announcement, TranzCapture was created to give credit unions a credit union-owned solution to support check processing “that will ensure credit unions have an efficient, secure and cost-effective option.”
“Alloya is honored to have been selected by TruLync. We share common values and both businesses represent strong examples of the power of cooperation,” Todd Adams, CEO of Alloya Corporate, remarked. “At Alloya, our mission is to support credit union success by simplifying back-office operations. Many of TruLync’s credit union members already use Alloya’s Premier View technologies. Through this acquisition, check processing will simply be one more feature those credit unions can efficiently access through the platform. Working together, we anticipate a smooth transition.”
The deal is expected to be completed by the third quarter of 2021.
Partnership #2
The Austin, Texas-based fintech and marketing provider Kasasa announced a new partnership with NYDIG to bring Bitcoin to its network with new wallet capabilities.
NYDIG, founded in 2017 as the digital asset subsidiary of Stone Ridge Holdings Group, provides a complete end-to-end institutional-grade platform for secure custody, execution, asset management, derivatives, financing and research.
“Since Kasasa’s inception, it has proven to be an industry leader in helping financial institutions innovate and stay ahead of the curve,” NYDIG Head of Bank Solutions Patrick Sells said. “This partnership with Kasasa only further cements its role in the industry as one of the leading conduits for digital transformation, as we seek to bring Bitcoin and banking together in powerful ways.”
Both organizations said they believe Bitcoin’s rapid adoption makes now a perfect time for this partnership.
According to a survey by NYDIG, 22% of U.S. adults over the age of 18 own Bitcoin today. “Through this collaboration, Kasasa financial institutions will have the ability to offer Bitcoin products, powered by NYDIG,” the announcement said.
“Clearly, Bitcoin is here to stay, and consumers are demanding that Bitcoin offerings be made through their trusted financial institutions,” Kasasa Chief Innovation Officer John Waupsh said. “With this new partnership, we’re looking across the products and services that Kasasa currently offers, as well as future product and service ideas. With NYDIG we can evaluate new offerings such as a buy-sell-hold wallet while also incorporating Bitcoin into our core rewards business.”