Two Texas CUSOs aim to close the technology gap for credit unions, one by helping to manage infrastructure and the other by meeting the demanding needs of digital and mobile lending.
Houston-based Pure IT Credit Union Services, which launched as a CUSO in September this year, makes it easier for credit union clients to design and maintain their systems for compliance, security, audit, and technology advancement.
Pure IT began as a partnership between a credit union and a group of technology services professionals who joined together to help move credit unions toward cost effective, cutting edge and business enabling technology. The outcome was a successful engagement that resulted in a partnership.
“What we do is a combination of things all the way from professional services or more from a consulting perspectiveto actual remediation andmanaging the results for the client,” Jack Smith CEO and co-founder Pure IT, said. This include all around infrastructure and systemsoperation.“We do not really focus on the core system, we focus on where it meets other things within the technical environment.”
Pure IT, offers IT-issue solving remedies by helping credit unions identify gaps in their infrastructure and then working with them to resolve those gaps. Its staff of experienced architects provide clear documentation and have open and transparent conversations to help organizations comprehend what is working, what needs improvement or updating, and what may be a business or security priority, as well as how much those improvements may improve their return on investment.
In addition, the CUSO helps to improve remediation uncovered during an assessment and architecture to support the credit union’s goals. Its managed services include infrastructure-as-a-service, disaster recovery as a service, virtual desktop infrastructure, monitoring and management, regular updates (tested and verified against the client software requirements), and policy management based upon business needs.
In Austin, Texas, Sync1 Systems, LLC., Inc., launched as a CUSO in December, with $4 million in private equity and debt financing. As part of the funding round, the company merged with FI-Mobile, an Austin-based provider of mobile banking solutions.
Sync1 Systems, the newest venture of Austin entrepreneurs Steve Maloney, Bruce Callen and Dan Chaney, who in 2002, founded credit union lending technology provider Teres Solutions. Global credit data and technology provider CRIF successfully acquired Teres in 2008.
Together with the resources of FI-Mobile, the team at Sync1 Systems plans launching a newly architected digital banking and loan-origination platform in early 2017.
“On the heels of the financial crisis of 2008, the world of credit union lending was transformed. Consumers are now seeing digital, lending requirements changing once again, and the marketplace for customers has broadened,” Steve Maloney, CEO of Sync1 Systems, said. “For nearly two decades, we’ve helped credit unions to successfully navigate these shifting tides. Sync1 Systems is an entirely new technology platform architected form the ground up to help credit unions succeed in this new world.”
Sync1 Systems will launch its integrated digital banking, mobile and loan origination platform for credit unions in the first half of 2017.
