Greylock Launches Tech CUSO
The $1.1 billion Greylock Federal Credit Union said it is targeting both credit unions and community banks with its new technology services CUSO, Greylock Technology.
In addition to providing custom programming, training and DNAapp development for financial institutions that use the Fiserv DNA core system, the CUSO will also create and sell DNAapps through the DNAappstore to other institutions that use Fiserv DNA.
There are currently nine GTG DNAapps in the DNAappstore and more than 100 custom DNA direct licensing reports, according to the Pittsfield, Mass.-based Greylock.
Since the launch of an app last year that helps loan officers assemble data and automatically produce criticized assets reports, Greylock's business banking department said the tool has saved Greylock more than 1,000 employee hours.
“GTG is a way to share (custom programming solutions) knowledge with the community banking industry and generate revenue for Greylock Federal Credit Union,” said GTG President Kevin Zimmer.
The launch of the new CUSO comes after Greylock introduced new electronic services in 2013 that included a new mobile banking app that provides members faster access to do their banking on-the-go, the credit union said.
Last year, Greylock also rolled out a tool that allows members to sign for loans and deposits electronically, as well as a security software program that protects members’ financial information and transactions.