North Carolina-based Allegacy Federal Credit Union is moving its core system to Fiserv’s Open Solutions-derived DNA, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

The credit union’s president and CEO, Cathy Pace, said: “We needed a comprehensive solution to support our strategy of expanding commercial and member relationships, while providing the efficiency, integration and real-time processing benefits needed to manage our ongoing growth.”

Allegacy Federal Credit Union has opened six new financial centers in the last five years, with one more scheduled for this autumn. At present, it operates out 16 locations and eight high school student-run credit unions.

Allegacy is taking a host of Fiserv applications spanning loan originations, wire services, fraud management, marketing and the creation of personalized statements. It has also signed for Fiserv’s Verifast branch biometric solution, which scans a member’s unique palm-vein pattern and instantly pulls up their account for authentication and increased front-line efficiency.

Allegacy Federal Credit Union is based in Winston-Salem and has $1.43 billion in assets. It is one of the largest credit unions in North Carolina, serving more than 151,000 members.

Founded in 1984 and based in Brookfield, Wisconsin, Fiserv teamed up with Samsung SDS America last year to jointly demonstrate Fiserv’s Commercial Center: Security with Samsung SDS biometric authentication at FinovateSpring 2018.

Allegacy FCU is the latest FI to collaborate with Fiserv. Earlier this month, Fiserv announced a trio of new Canadian credit union partners that would deploy the company’s DNA solution. Also this month, Mercury Payment Solutions and Arion Bank – headquartered in Dubai and Iceland, respectively – announced they had selected Fiserv’s AML solution, AML Risk Manager.

Fiserv has gained three Canadian credit unions for its DNA core system, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

These are Carpathia Credit Union, based in Winnipeg, Manitoba, and Toronto-based duo, Estonian Credit Union, and Parama Credit Union.

Canadian service provider, Celero, has been recruited to work on the projects, having implemented Fiserv solutions at other Canadian credit unions over the years.

Drivers given for the decision include a desire to automate and streamline operations, simplify the creation of new products, and activate a full range of integrated digital services for their members.

Among other reasons for the selection, Nick Rawluk, CEO at Carpathia Credit Union, cites, “the proven track-record of continuous investment in DNA”.

DNA, which Fiserv acquired with Open Solutions in early 2013, is used by more than 100 credit unions in Canada, including 60 of the top 100 based on assets, serving more than 1.2 million members.

The Microsoft and Oracle-based system started life in the early 1990s as The Complete Banking Solution (TCBS). From the outset there was a credit union version with the same code base, The Complete Credit Union Solution (TCCUS), and this has always been a strong sector for the system.

Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Some of the company’s recent partners include Eurasian Bank, NBT Bank, and Hellenic Bank.

Kazakhstan-based Eurasian Bank has signed with Fiserv to streamline and automate its cash management processes with technology from Fiserv, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The bank is implementing a range of cash and logistics solutions to enable web-based cash supply chain management and provide real-time visibility into cash needs.

This can allow the bank to centralize currency management, giving the bank a unified view of cash needs “rather than needing to piece together multiple sets of information.” Staff can then more accurately forecast cash needs across the bank’s ATM and branch network based on customer demand.

“Kazakhstan has a cash-based economy, and our customers have to be able to reliably access cash in order to conduct their daily lives,” said Natalia Iliyashenko, head of operations at Eurasian Bank. “With Fiserv, we will be able to gain a better view of where cash is across our entire network, so we can make sure money is available when and where our customers need it.”

“Access to cash is a defining component of banking convenience for Eurasian Bank customers,” said Lee Cameron, managing director of EMEA at Fiserv.

“Being able to optimise cash levels at our branches and self-service devices allows us to reduce our overall operating expenses,” continued Iliyashenko.

When cash sits idle in a bank or in a self-service device, like an ATM, it is costly for the financial institution because that money cannot be used for another purpose, such as funding a consumer loan.

Yet if there is not enough cash in the device for a customer to make a withdrawal, there is increased risk that a customer will take their banking business elsewhere. Through technology, banks can make certain the right supply of cash is available at branches, ATMs or any other self-service devices.

Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Some of the company’s recent partners include Eurasian Bank, NBT Bank, and Hellenic Bank.