The National Federation of Community Development Credit Unions (Federation) and EPL Inc. out of Birmingham have formalized an agreement to develop CU Impact, a shared core banking platform to deliver innovative products and services offered by credit unions serving low-income and undeserved communities. EPL and the Federation have been working for a number of years to find a platform that works.
This technology platform will accommodate ongoing innovation, facilitate collaboration and shared services, generate growth, and ultimately increase the impact of credit unions working in low-income and underserved communities. The platform is built specifically for the Federation Community Development Credit Unions (CDCUs) and will be powered by EPL.
Cathie Mahon, Federation CEO, likes the ability of the platform to serve low-income communities.
“This is the next chapter in the evolution of community development credit unions. 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,” said Mahon.
The CU Impact core system seeks to achieve three main objectives for the CDCU movement:
- To facilitate the adoption of new product features and system enhancements tailored to credit unions serving low-income communities
- Track and report on community development outcomes and impact
- Allow for the development of a shared back-office platform that creates economies of scale and efficiencies, as well as consistent product and service delivery
“Our team brings both decades of experiential know-how and a comprehensive core solution, i-POWER®, that will add depth, functionality and expanded capabilities to the CU Impact platform. This partnership will not only help CDCUs effectively manage growth, but also provide an enhanced technical offering paired with a level of customer service deserving of any credit union member,” said Wayne Benson, EPL president/CEO.
Read more on EPL’s website. It also includes a white paper on the new program.