If you had asked me ten years ago what the future was for corporate credit unions I probably would have said: they have one?
There were reasons for cynicism: You remember Wescorp, right? There are links in the show notes if you need memory refreshing.
But – and this is a huge but – there are literally thousands of small credit unions that needed and still need a corporate credit union to provide crucial assistance in a range of functions, from payments (especially contemporary ultra fast money movement) to short term liquidity.
I covered the corporate credit union beat for a few years at Credit Union Times and, while I cannot say the sector every thrilled me, little by little I grew to see corporates as essential in today’s credit union universe. Were the credit union sector to shrink down to a few hundred behemoths corporates likely would vanish.
But in a world with 5000+ credit unions, many minuscule, the need for corporates remains.
Have they modernized? Are they part of 21st century financial services or are they more of a curio shop of dusty processes and tools?
Today you hear the answer.
That’s because in this podcast you will hear from Eric Dotson, EVP at fintech Aptys, and Jaime Agonstino, Vizo’s Director of Marketing and Business Development.
Vizo is the product of a merger of Mid-Atlantic Corporate Credit Union and First Carolina Corporate Credit Union.
Aptys enters this picture because it was tasked with modernizing Vizo’s payments technology, which had been something of a rat’s nest of tangled threads from the two merged in partners. The tools just would not suffice in what is becoming a realtime payments world, Vizo knew it, and so it brought in Aptys to produce something new, bigger, better.
It was a multi-year process. Hear the details here.
Along the way you will also hear mention that some other corporates – Alloya and Catalyst – are doing similar with their payments.
The message is plain: corporate credit unions are making changes to seek to stay relevant.
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