Fiserv (FISV), a leading global provider of financial services technology solutions, announced that Farmers Insurance Group Federal Credit Union (FIGFCU), based in Los Angeles, has selected the DNA account processing platform and a host of complementary Fiserv solutions as technology cornerstones for its future growth.
The $650m asset credit union will use DNA and its integrated Fiserv solutions to better serve the employees, agents and retirees associated with Farmers Insurance, and other employee organizations throughout the country.
A member-focused credit union that has been in business for nearly 80 years, FIGFCU was looking for an account processing platform to support the growing use of digital channels among its 45,000-plus members. The platform also had to meet the commercial needs of the insurance agents that FIGFCU serves. After a thorough review of the industry’s leading vendors, FIGFCU selected Fiserv.
"We wanted a company and a technology platform that could support our credit union for the next 15 to 20 years and that’s what we found in Fiserv and DNA," said Yusef Mustafa, Chief Technology Officer of FIGFCU.
FIGFCU selected DNA for its innovative technology, open architecture and strong family of integrated solutions – features that will give the credit union the flexibility to stay current with the evolving needs of its members and with changing industry trends.
Recognized by industry-leading analysts for its technology, user experience and breadth of functionality, DNA from Fiserv is the first open, relationship-centered core banking platform built for global collaboration. Developed using contemporary, standards-based components, DNA provides FIGFCU with 24/7 real-time processing, scalability and robust retail, mortgage and commercial banking capabilities.
With DNA, FIGFCU will also have the ability to add new functionality with integrated core extensions, called DNAapps. FIGFCU can create its own DNAapps using the DNAcreator development toolkit or download them from the DNAappstore – the first collaborative online marketplace for custom core applications.
"We appreciate the confidence that FIGFCU has placed in Fiserv and we are pleased to welcome them to our growing and collaborative user community," said Steve Cameron, president, Open Solutions Division, Fiserv. "We are confident DNA along with many integrated, industry-leading surround solutions will offer FIGFCU a competitive advantage while enhancing its member service capabilities."
In addition to DNA, FIGFCU will implement DNAweb consumer and business online banking, Mobiliti mobile banking with mobile capture, Credit Card Management for DNA, CRM and Business Intelligence suite for DNA, Prologue Accounting suite, Vantage Risk and Budgeting Manager, ConvergeIT telephone banking, WireXchange wire transfer, Financial Crime Risk Management Platform, and Profitability Analysis for DNA. FIGFCU is an existing user of the Checkfree RXP bill payment and Popmoney personal payments services.