Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Teachers Federal Credit Union (TFCU), based in Hauppauge, New York, has selected the DNA account processing platform and over 20 complementary Fiserv solutions to accelerate growth.
The $4.9 billion asset credit union will use the integrated Fiserv solutions to drive efficiency and service for its members.
As one of the top 25 credit unions in the nation and a Bauer Financial 5-star rated institution, TFCU wanted an account processing platform that could help improve operational efficiency while enhancing service for its diverse and growing membership of over 237,000. After a thorough review of the industry's leading vendors, TFCU selected Fiserv.
"With Fiserv, we'll be able to drive efficiency through a cohesive solution set that is intuitively designed," said Robert G. Allen, president and CEO of TFCU and a 2014 Credit Union House Hall of Leaders inductee. "At the center of it all, DNA will give us real-time access to the data and tools we need to expand member relationships with targeted products and services. We'll be able to respond quickly to a changing market with leading solutions from a single provider we can trust."
TFCU selected DNA for its open architecture and member-centric design - factors that will allow the credit union to easily integrate complementary solutions while maintaining a 360-degree view of its retail and business relationships. Developed using contemporary, standards-based components, DNA provides TFCU with 24/7 real-time processing, scalability and robust retail, mortgage and commercial banking capabilities.
With DNA, TFCU will also have the ability to add new functionality with integrated core extensions, called DNAapps(TM). TFCU can create its own DNAapps using the DNAcreator(TM) development toolkit or download them from the DNAappstore(TM) - the first collaborative online marketplace for custom core applications.
"For TFCU, upgrading its enterprise technology to be more flexible and scalable is essential to the credit union's growth strategy," said Steve Cameron, president, Open Solutions Division, Fiserv. "DNA and the integrated solutions from Fiserv will scale with this progressive credit union as it expands into western Long Island and enable it to improve efficiency and service through new capabilities from Fiserv."
In addition to DNA, TFCU will implement Velocity(TM) for loan origination, Prologue(TM) for financial accounting, WireXchange(R) for wire exchanges, AML Manager for anti-money laundering, Voice Response for DNA, the CRM and Business Intelligence suite for DNA, and additional solutions for item processing, card and statement production, and credit and ATM/debit cards.