- Regional Federal Credit Union (RFCU) partners with Sharetec for core system upgrade
- Velocity solution to enhance back office operations and offer new digital services
- Reflects a broader industry trend of credit unions embracing fintech for modernization
OUR TAKE:
This partnership signifies Regional’s commitment to modernizing its operations and enhancing services for members. Sharetec’s Velocity solution offers improved processes, security, and integration capabilities. The move follows a trend of credit unions leveraging fintech partnerships for digital transformation.
— Iris Deng, BTW reporter
The regional federal credit union in northwestern Indiana, USA, partnered with Sharetech for core systems processing as it looked to “support future growth and ensure stability” by updating its technology stack.
RFCU seeks its core system update through partnering with Sharetech
RFCU has decided to cooperate with Sharetech, deploying Velocity solution from the vender to replace the credit union’s existing in-house core system. Velocity will be utilised to strengthen its back office operations and will seek to tap its open Application Programming Interface (API) for third-party fintech integrations.
Founded in 1961, RFCU offers products and services including savings and current accounts, mortgages, credit cards, auto and home equity loans, investments, gift cards, and business services.
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The cooperate will digitise the system, making services more convenient to customers
The partnership will provide a series of new digital services for Regional’s members, including recurring payments, online banking, personal financial management, and remote deposits and signatures.
Jill Banning, president and CEO of Regional, says that Sharetec’s offering will provide the firm with “improved system processes, enhanced security, and better backup solutions”.
