Free. That’s a price you don’t hear for a core system – particularly not one with over 100 installations globally and with a pedigree that includes executives who played central roles in bringing the DNA core to market and that core today is integral to Fiserv’s product line.
And, while “free” is available only to the first few credit union pilots in the US, that’s still a rare deal.
The company is Open Banking Solutions and you haven’t heard of it or its core because its cloud-based core is in use in much of Latin America. Now it is coming to the US.
Also in the product mix is mobile-first digital banking, an automated collections tool, and business intelligence and reporting tools.
Peter Maher, chief commercial officer, added that the company’s target market are credit unions between $50 million and $500 million in asset size.
The reason? Many of those institutions are stuck using outdated cores that just don’t let these credit unions keep pace with market needs.
He insisted the Open Banking Solutions’ product suite is exactly the fix those credit unions need.
Keep in mind, too, that these tools – developed in Latin American markets – are effortlessly bilingual, Spanish and English.
And now the company is looking for a credit union or two to pilot the debut of the core in the US market. Maher tells what they are looking for in the podcast.
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