The New Zealand Association of Credit Unions (NZACU) is to use Pegasystems' technology to provide Internet capabilities to its member organisations.
The system offers participating credit unions all standard Internet banking options including account enquiry, payments and funds transfer. Credit union customers will be able to download transactions to their PC, analyse details of interest earned and charged, and view a breakdown of direct credits to their account.
The system is being implemented by Corvis (formerly the commercial IT unit) of Cuscal (Australian Credit Union Services Corporation) under the enterprise-wide license granted to it by Pegasystems in 1999. The license agreement permits Corvis to develop and market front-end retail banking applications to Cuscal's member organisations and other credit unions.
Corvisflow Web, the Internet banking application developed under the Corvis agreement, is being used by seven Australian credit unions, with another seventeen being implemented.
The system comprises PegaWORKS, Pegasystems' workflow management engine to automate member credit union service requests; PegaCONNECT, providing connectivity to legacy applications and databases; PegaREACH, a thin-client front-end graphical user interface; and PegaWEB, a Web-enabled interface to provide member self-service via the Internet.