Navy Federal Credit Union sails on Broadridge’s SaaS platform
US-based Navy Federal Credit Union has gone live on Broadridge’s mortgage-backed securities (MBS) Software-as-a-Service (SaaS) platform.
“MBS Expert was the right choice to support our expanding business needs”
Navy Federal, the largest retail credit union in the US with over $97 billion in assets, is the first credit union to be live on the “MBS Expert” platform. It will be used to support front, middle and back office operations.
The platform integrates with its existing electronic trading platform and front and back office infrastructure.
“MBS Expert was the right choice to support our expanding business needs, and we have transacted over $2 billion worth of MBS trading leveraging MBS Expert,” says William Tabri, manager of capital markets at Navy Federal Credit Union.
Tabri adds: “Navy Federal is now a full-clearing member of the FICC’s [Fixed Income Clearing Corporation] MBS Division, availing us of the entire range of MBS related services. Aside from leveraging the new relationships with other FICC member firms, we will benefit from decreased counterparty risk and a centralised margining process through the FICC.”
According to Broadridge, the platform is used by 30+ firms including the largest FICC clearing members and asset managers.
Established in 1933 with seven members, Navy Federal now has eight million members globally and is the “world’s largest credit union”.
Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 18,000 and has a global network of 329 branches
The credit union is also a customer of US cloud banking firm nCino.
