Credit Union Australia pivots with Pivotus Ventures’ digital banking
Deal will let CUA develop new digital banking opportunities
Credit Union Australia (CUA) has joined a group of banking providers, becoming the exclusive Australia and New Zealand partner of Pivotus Ventures.
The deal – which also includes the UK’s Nationwide Building Society, US bank Umpqua and the Netherlands’ De Volksbank – will let CUA develop new digital banking opportunities. The ideas are being developed out of the Pivotus innovation studio in Silicon Valley.
“This is a significant milestone for CUA and our members, as it gives us a seat at the table alongside other banking organisations already collaborating through Pivotus Ventures,” CUA chief executive officer Rob Goudswaard says.
“Collaborating with Pivotus will help us deliver on our strategy of offering members the digital services and channels that will enable them to access CUA anywhere, anytime.”
CUA says the opportunities being explored will complement its existing offers including online and mobile account opening and Apple Pay, Samsung Pay and Android Pay digital wallets.
CUA is also developing a new mobile banking app, due to be launched in the coming months, and is preparing for the New Payments Platform (NPP).
The collaboration is in addition to CUA’s existing relationships in Australia with fintech and innovation hubs such as Stone & Chalk in Sydney, and River City Labs in Brisbane.
CUA is Australia’s largest credit union, offering financial, health and insurance solutions to around 500,000 Australians. Earlier this month, CUA became the first financial institution in the country to trial Australia Post’s new digital identity verification service, Digital iDTM.
Pivotus was founded in 2015 and is a subsidiary of Umpqua Holdings Corporation – which is the trading name of Umpqua Bank. The latter has its origins in South Umpqua State Bank, which was established in 1953 in Oregon.
Banking Technology Awards 2017 are now open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognition this year? Nominate them for a Banking Technology Award!
Deadline for submitting the nominations is 25 August 2017.
