A group of four Puerto Rican credit unions with combined assets of nearly $1 billion and membership of more than 100,000 have committed to the DNA account processing platform, Fiserv Inc. said Tuesday
The four credit unions – Credicentro Coop, MaunaCoop, CamuyCoop and CoopRincón – created USICOOP in 2013 to cost-effectively transform their enterprise technology and to lead a technological transformation in the island’s financial services industry, the Wisconsin-based company said in a statement.
"For many Puerto Rican credit unions, the core platform has become an impediment to growth, obstructing our ability to keep current with changing regulations, technological innovations and member needs," Carlos Crespo, board chairman of USICOOP and president of MaunaCoop, said in the Fiserv statement. "With DNA, USICOOP credit unions will be able to compete more effectively with the latest products and services."
The credit unions also cited the ability to pool their resources with other USICOOP credit unions to use the DNAcreator tool kit and DNAappstore to create and deploy customized solutions.
According to data from Callahan & Associates, 117 credit unions representing 7.5 million members now run on the DNA platform, which Fiserv acquired last year when it bought Open Solutions Inc.