Three Canadian credit unions take Fiserv DNA
Fiserv has gained three Canadian credit unions for its DNA core system, reports Martin Whybrow.
+-These are Carpathia Credit Union, based in Winnipeg, Manitoba, and Toronto-based duo, Estonian Credit Union and Parama Credit Union.
Canadian service provider, Celero, has been recruited to work on the projects, having implemented Fiserv solutions at other Canadian credit unions over the years.
Drivers given for the decision include a desire to automate and streamline operations, simplify the creation of new products, and activate a full range of integrated digital services for their members.
Among other reasons for the selection, Nick Rawluk, CEO at Carpathia Credit Union, cites, “the proven track-record of continuous investment in DNA”.
DNA, which Fiserv acquired with Open Solutions in early 2013, is used by more than 100 credit unions in Canada, including 60 of the top 100 based on assets, serving more than 1.2 million members.
The Microsoft and Oracle-based system started life in the early 1990s as The Complete Banking Solution (TCBS). From the outset there was a credit union version with the same code base, The Complete Credit Union Solution (TCCUS), and this has always been a strong sector for the system.