Credit unions have increasingly turned to fintechs for help in accelerating their digital service offerings. Credit unions don't have the same amount of resources as their banking counterparts, which puts them at a disadvantage when it comes to being a technology first-mover. By collaborating with fast-moving fintechs, which can integrate any technology into a credit union brand, credit unions can level the competitive playing field.
Global Money Transfers
Through an agreement with Thunes, United Nations Federal Credit Union (UNFCU) is able to bring enhanced cross-border money transfers to its United Nations community of customers. Thunes provides global payment and money transfer capabilities. With this integration, UNFCU customers will be able to transfer money internationally. Recipients will receive money in their local currency. The program will support 14 currencies and work with existing customers' digital wallets.
Expanding The Customer Digital Experience
Fiserv DNA is a modern core account processing platform with an open architecture. American Eagle Financial Credit Union (AEFCU), the largest community credit union in Connecticut, with assets of more than $1.9 billion, has joined Fiserv's customer profile. Fiserv will deploy its DNA technology to enhance AEFCU's digital customer experience. The end result is that it will be much easier to innovate and deploy new technologies across the credit union's platform.
Enhanced Electronic Payment Solutions
CheckAlt and Tru Treasury, two fintechs, have teamed up to provide several digital solutions to credit unions. CheckAlt is a lockbox and treasury management solution provider. Tru Treasury is a credit union service provider. Their solution will help modernize the corporate payment offerings of credit unions for both paper and electronic payment solutions.
Credit unions face several challenges in serving their commercial customers. The solutions provided by CheckAlt and Tru Treasury are meant to provide those commercial customers with modern, digital services.