Navy Federal Credit Union to shift legacy mainframes to Zafin cloud core
Navy Federal Credit Union (NFCU) in the US is continuing its technology-first agenda by partnering with the Canadian Software-as-a-Service (SaaS) core modernisation and transformation solutions provider Zafin.
The credit union, which claims $171 billion in assets, is to pivot from its legacy mainframes and batch processing system to Zafin’s “deconstructed, slim, cloud-native, real-time banking core”, and will also make use of its product and pricing platform.
The Vancouver-headquartered vendor says its platform externalises product and pricing capabilities into a cross-enterprise layer and will enable its latest partner to “attract new members and deposits” through its product catalogue feature and “reduce costs associated with new product launches and ongoing product and pricing management” with its rates and fees dynamic, while also “optimising performance and productivity” through its unified view of operations.
Navy Federal’s newfound agreement with Zafin appears to cement its ongoing pursuit of digital, after it previously selected four different solutions from the Texas-headquartered software provider Oracle in January to modernise its cloud and account servicing technology, before going on to extend its partnership with Backbase’s engagement banking platform by seven years in a fresh deal announced earlier this week.
Sovan Shatpathy, CTO of NFCU, says the transformation is part of an attempt to “take advantage of the world that is changing around us”, and that with this, the credit union is placing “significant emphasis” on Zafin’s product and pricing layer.
“This layer serves as the epicentre of innovation, where new and tailored products, bundles, and offers are created to meet the diverse needs of our members.”