To drive innovation and collaboration across financial services providers, Fern Software is opening up its Abacus HUB Cloud platform to third parties.
End users can now build a customised core banking system from the library of apps available and deliver more flexible and responsive services to their clients.
This is the first time APIs have been made available in this way to third parties to offer new and disruptive apps to credit unions and other financial services providers in the UK & Ireland. This open approach to collaboration is unique to this market.
“Abacus HUB, hosted in the cloud, is the future of Credit Union financial services software,” said John McGucken, General Manager at Fern Software, Belfast. “I am very excited to launch our Abacus HUB strategy as it brings something completely different to the marketplace. Creating a platform that enables the Credit Union community to build on top of our trusted solutions and services will not only reduce their costs, it will also facilitate open collaboration, agility and innovation.”
Karen Bennett, Manager of Enterprise Credit Union, Liverpool, said: "With the continued improvements delivered by Fern, we are confident we can offer more services, maintain growth and streamline current processes for all involved. One of the key advantages of Fern, they work in tandem with ourselves to deliver the excellent services my membership expects.
“As the technology and business needs of credit unions are changing, there is a growing need for all key players to collaborate across payments, mobile and online services,” said Eamon Scullin, CEO.” Fern Software is building a continuous innovation environment that will add value to the credit unions and create new member services for all generations. Abacus HUB is already deployed in three sites with more in the pipeline. It marks the next step in the Fern Software fintech journey.”
A recent McKinsey & Company paper reports: “Adopting a cloud-based solution allows digital players to scale up their cost structure along with revenues, thus achieving a faster breakeven point.”
Abacus HUB.in the cloud, ties closely to this approach, encouraging collaboration across the whole financial services ecosystem. Fern is working with selected fintech partners to deliver a complete integrated solution. Fern is facilitating the development of third-party apps which will be available via the AbacusStore portal.
Throughout the UK and Ireland, expanding credit unions have signed up to the Fern Abacus Hub cloud solution, which incorporates the new regulatory standards - including GDPR and the 4th Directive. Existing apps, using the open APIs, include credit rating, debit cards, SMS texting, e-Signature, Online Join & Borrow, mobile, etc.