Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that four Puerto Rican credit unions have selected the DNA account processing platform through USICOOP, a San Juan-based cooperative.
With combined assets of nearly $1 billion, the four credit unions will use the DNA platform to improve efficiency and provide the technical foundation to attract additional credit unions to the co-op.
Serving a combined membership of over 100,000, Credicentro Coop, MaunaCoop, CamuyCoop and CoopRincón created USICOOP in 2013 to cost-effectively transform their enterprise technology. After a thorough evaluation of core platforms, USICOOP selected DNA, and with it, plans to lead a technological transformation in Puerto Rico's financial services industry.
"For many Puerto Rican credit unions, the core platform has become an impediment to growth, obstructing our ability to keep current with changing regulations, technological innovations and member needs. Fiserv changes that," said Carlos Crespo, board chairman, USICOOP and president, MaunaCoop. "DNA offers a modern, compliant platform that integrates with a vast array of Fiserv products for a truly robust, enterprise-wide solution. With DNA, USICOOP credit unions will be able to compete more effectively with the latest products and services."
Recognized by industry-leading analysts for its technology, user experience and breadth of functionality, DNA from Fiserv is the first open, member-centric core banking platform built for collaboration. DNA was developed using Microsoft's leading .NET Framework for a state-of-the-art core platform that banks and credit unions can rely on for the long-term. With DNA, USICOOP credit unions benefit from 24/7 real-time processing, robust retail, mortgage and commercial banking capabilities and a 360 degree view of their retail and business relationships.
"We evaluated a number of core vendors, but the Fiserv reputation, service-oriented approach and leading-edge technology made DNA the clear choice," said Michelle Franqui, president, CamuyCoop, a USICOOP member credit union. "The platform's open architecture broadens our hardware and software options. Better yet, with DNAcreator(TM) and DNAappstore(TM), we'll be able to pool our resources with other USICOOP credit unions to create and implement our own custom solutions."
The unique customization and extensibility opportunities made possible by DNAcreator and DNAappstore played a key role in USICOOP's decision to select DNA. With the DNAcreator development toolkit, USICOOP credit unions can create seamlessly integrated, custom core extensions called DNAapps(TM) that add new functionality, screens and processes to DNA. USICOOP credit unions can sell and share their DNAapps with other financial institutions as well as purchase and download those created by others through the DNAappstore - the first collaborative online marketplace for custom core applications.
"We are committed to helping the USICOOP credit unions serve the financial needs of the many consumers and businesses in Puerto Rico," said Steve Cameron, president, Open Solutions Division, Fiserv. "With DNA, USICOOP gains a flexible platform that can be customized to meet the changing regulatory, competitive and technological needs of its member credit unions. We look forward to working with USICOOP as it adds new members to its co-op and expands the reach of cutting-edge financial technology in Puerto Rico."
In addition to DNA, the four USICOOP credit unions will implement DNAweb(TM) for online banking, Velocity(TM) for loan origination, Voice Response, and the CRM and business intelligence suite for DNA. Credicentro Coop will additionally implement Digital Document for DNA.