News

Puerto Rican CU cooperative moves to modernize

January 14, 2014

Credicentro Coop, MaunaCoop, CamuyCoop and CoopRincón created USIcoop in 2013 as a means to cost-effectively transform their enterprise technology. Their ultimate goal: Introduce a new core platform to the Puerto Rican market that would spark a transformation of the island's entire financial services industry.

Today, financial services technology provider Fiserv announced that the CUs, whose combined assets total nearly $1 billion, have chosen its DNA platform. The four FIs expect that DNA will help to improve efficiency and provide the technical foundation to attract additional credit unions to the co-op, said a news release from Fiserv.

"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," said Carlos Crespo, board chairman of USICOOP and president of MaunaCoop. "With DNA, USIcoop credit unions will be able to compete more effectively with the latest products and services."

DNA from Fiserv is the first open, member-centric core banking platform built for collaboration. The software was developed using Microsoft .NET framework for a modern core platform that provides 24/7 real-time processing and a 360-degree view of their retail and business relationships.

"The platform's open architecture broadens our hardware and software options," said Michelle Franqui, president of  CamuyCoop. "Better yet, with DNAcreator and DNAappstore, we'll be able to pool our resources with other USIcoop credit unions to create and implement our own custom solutions."

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