WASHINGTON — The credit union/bank clash over member business lending, now fiercely fought this week before Congress, may be overshadowing some inter-industry tech collaboration, according to a senior executive of a Connecticut core platform vendor, Open Solutions Inc.
“The ABA and the independent bankers may be swarming the Capitol this week along with credit unions but the fact is we’re witnessing new levels of sharing and cooperation on core platform apps,” said Lizette Nigro, vice president and core business leader for the Glastonbury firm.
Nigro, in an interview this week at CUNA’s Governmental Affairs Conference in Washington, picked out the $3.1 billion Redstone FCU of Huntsville, Ala. as one drawing widened interest – and income – from banks and other credit unions through the company’s DNAappstore, a place for users of its DNA platforms and company developers to share and sell information and software add ons.
The Alabama CU now offers 14 DNAapps to other financial institutions to improve efficiency, lower costs and enhance service quality. Open Solutions launched the online app store last spring.
“If you recall the concern a year ago on how credit unions and banks would be handling overdrafts under Dodd Frank, Redstone took the lead in making available its overdraft research tool and now that has been downloaded more than 140 times, a pretty impressive number,” said Nigro.
Open Solutions itself said it was marking what it called a milestone this week by increasing the total number of DNAapp downloads to 500 from a start of 32 in May 2011 when it launched the system.
Some of the more popular apps, the company said, have been Wallet Share, which provides a graphics representation of member relationships, DNA Skins, which offers customization to the user interface, and ACH Posting Totals Inquiry, which lists ACH-related data on debit/credit counts which it said eliminates the need for manual postings.
About 450 credit unions now run on the company’s core platforms.