NEW YORK (10/1/15)--Continuing its work to serve low-income individuals, the National Federation of Community Development Credit Unions announced this week an agreement with EPL Inc. to develop a banking platform to help credit unions serve those who need financial services the most.
Called CU Impact, the shared core platform will scale up the delivery of innovative products and services offered by credit unions that specifically cater to low-income and underserved communities, the federation said.
“This is the next chapter in the evolution of community development credit unions (CDCUs),” said Cathie Mahon, federation president/CEO. “With the ability to integrate new products and services into the core data system in an affordable and timely manner, CDCUs will be able to remain nimble and respond rapidly to community needs.”
In all, CU Impact will:
Added Mahon: “We will be able to develop asset-building and pro-consumer products and provide a consistent level of service, creating opportunities for members across the nation.”
EPL, a credit union service organization, will power the platform.
The agreement stems from a two-year study supported by Citi Community Development that incorporated an international search for an organization that would partner with the federation and EPL to help drive the project.
“The Dedagroup ICT Network, via its North American subsidiary Dedagroup NA, established its first U.S. industry partner after we made a significant investment in EPL in early 2015,” said Alessandro Pocher, Dedagroup NA president. “Our strategic acquisition is already paying dividends through this joint partnership with the federation.”