News

CUSOs partner to offer digital banking development platform for CUs

February 21, 2018

Members Development Company, a CUSO that facilitates collaborative R&D for more than 50 large credit unions, is teaming up with Constellation Digital Partners LLC, an MDC strategic partner, to develop and execute initiatives from the MDC innovation lab.

A press release described Constellation as a secure, open-development platform that allows credit unions and fintech developers to access a marketplace and complete suite of financial services.

The platform won first place in "The Next Big Idea Competition" at the Annual Network Conference for the National Association of Credit Union Service Organizations last April.

The new Constellation CUSO was launched in May by Kristopher Kovacs, former Coastal Credit Union CIO, and Chuck Purvis, president and CEO of Coastal Credit Union, and chairman of the MDC board. 

"Credit unions' legacy solutions have made it challenging for them to keep up with members' desires to utilize mobile banking effectively," Kovacs, now CEO of Constellation, said in the release. "Constellation is redefining what credit unions can offer their members. With the recent launch of our first software implementation, Aquarius, we are now one step closer to offering digital banking and financial services for credit unions and members everywhere. Our patented technology allows us to quickly build prototypes, perfect them, and offer members the excellent service delivery they expect from their credit unions."

Constellation owners in common with MDC include Affinity FCU in Basking Ridge, New Jersey; Coastal CU in Raleigh, North Carolina; Farmers Insurance FCU in Los Angeles; Georgia's Own CU in Atlanta; Kinecta Credit Union in Manhattan Beach, California; Meritrust CU in Wichita, Kansas; Teachers CU in South Bend; Co-op Financial Services; and CUNA Mutual Group.

CU Solutions Group, CFCU Community CU in Ithaca, New York, and Nusenda CU in Albuquerque, New Mexico, are also Constellation owners.