A credit union star is born with Constellation launch
Keep your feet on the ground and keep reaching for the stars
North Carolina-based Coastal Federal Credit Union and eight partners have unveiled Constellation Digital Partners – an organisation offering the “first and only” suite of digital financial services dedicated solely to credit unions.
The creation of the firm and its platform is the result of a three-year long R&D effort, which culminated in the filing of a patent in November 2015. Now, Constellation is building out its cloud-based marketplace and platform that will allow credit unions and members to “choose which services to use inside of a secure banking experience”.
Kristopher Kovacs, Constellation’s founder and Coastal FCU’s CIO, says “despite a recent boom of potential financial technology partners, credit unions cannot access them because of the legacy structure of credit union relationships with current digital banking providers”.
To date, Coastal FCU and eight others, spanning the US and totalling $12 billion in assets, have committed to investing in the platform.
The grateful eight are CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union, Nusenda Credit Union, CO-OP Financial Services and CUNA Mutual.
In addition, they are opening their marketplace to service providers. Developers can create tiles or services, then credit unions can seek out and select services within the marketplace. Seven service provider partners are already on board: Telrock, Connect Financial Software Solutions, Obloco, Corporate One Federal Credit Union, Gro Solutions, Xtensifi and Insuritas.
The first version of Constellation is slated to launch in the fourth fiscal quarter of this year.
