APCU/Center Parc Credit Union Selects Cotribute’s Digital Platform to Streamline Account Opening Process for Business Members
18 Junio 2024 - 6:45AM
Business Wire
--Credit union expands SMB portfolio with
embedded account origination solution, provides tailored, more
engaging experience for businesses--
Cotribute, an award-winning embeddable fintech platform helping
credit unions grow deposits, loans and memberships, today announced
it has collaborated with APCU and Center Parc Credit Union
(APCU/Center Parc) to launch an advanced, digital account opening
solution designed specifically for small-to-medium sized businesses
(SMB). The credit union has launched the commercial account opening
module of Cotribute’s Digital Platform to simplify a traditionally
complex process, provide business members with a more robust,
engaging experience and mitigate risk by maintaining the credit
union’s configured Know Your Business (KYB) thresholds.
APCU/Center Parc has nearly $2.5 billion in assets, over 105,000
members and operates thirteen branches across Georgia and North
Carolina. The credit union is deploying Cotribute’s commercial
account opening module to remove friction and provide businesses
with a streamlined account opening process. The digital account
opening platform is easily integrated with the credit union’s
existing technology infrastructure, enabling the institution to
efficiently grow deposits at scale, expand the brand within its
geographical footprint and grow its portfolio of SMB members.
John Anderson, CLO, APCU/Center Parc Credit Union, said, “At
APCU/Center Parc, we know a one-size-fits-all digital business
banking experience isn’t going to meet the unique needs of
businesses in our community. With Cotribute, we have the
flexibility to select the capabilities we currently need, as well
as the ability to adjust and configure the system to adapt to
market changes. The streamlined applicant consent process combined
with automated decisioning will be a game-changer for employees,
enabling them to focus their time on building relationships with
members instead of manually processing paperwork. This
collaboration further demonstrates our unwavering commitment to
providing businesses in our community with modern financial tools
and services needed to be successful.”
Through the FIS Business Integration, APCU/Center Parc will
unlock a myriad of benefits. APCU/Center Parc gains the capability
to efficiently manage business accounts using Cotribute's advanced
platform, marking a significant milestone in their collaboration.
This technological synergy promises a multitude of advantages for
APCU/Center Parc, including a seamless and digital account opening
process that prioritizes member convenience and accessibility. The
integration facilitates improved conversion rates for account
opening, especially in the realm of Business Account Opening,
thereby fueling APCU/Center Parc's growth and profitability.
Additionally, by providing a comprehensive 360-degree view of
applicant risk profiles, encompassing critical technology risk
factors, the collaboration ensures robust risk management
practices.
Leveraging Cotribute’s Digital Platform, APCU/Center Parc is
able to provide businesses with a simplified account opening
process, easy, instant funding options, automated KYB requirements,
sophisticated fraud detection, as well as automated anti-money
laundering (AML), identify verification, OFAC checks and Bank
Secrecy Act (BSA) requirements. Additionally, the seamless
integration with the Secretary of State filings site enhances
security and compliance measures by validating entity information,
addresses, and account holders. Leveraging advanced risk scoring
capabilities related to entity information, APCU/Center Parc can
make informed decisions and proactively mitigate risks. The
streamlined applicant consent process minimizes friction and
expedites application processing, while improved messaging between
applicants and administrators, coupled with enhanced application
decisioning workflow, promotes operational efficiency and enhances
member satisfaction.
Philip Paul, CEO of Cotribute, said, “Cotribute is honored to
collaborate with APCU/Center Parc to further accelerate its digital
transformation journey and to deliver a best-in-class account
opening experience for businesses. Our solution is unique in that
it easily integrates with the credit union’s legacy technology
infrastructure to extend its capabilities, while reducing risks and
increasing productivity. We look forward to a fruitful
collaboration built on mutual success.”
About APCU and Center Parc Credit Union
At APCU and Center Parc, providing our members first-class
service has always been our priority.
We're a member-owned, not-for-profit financial cooperative
committed to helping hardworking people save money and prosper. For
almost 100 years, we've stayed true to these beliefs. As Georgia's
oldest credit union, we're proud of our tradition of service. Over
the years, APCU and Center Parc assets have grown from an initial
investment of $2,505 to nearly $2.5 billion. Today, we're one of
the largest credit unions in the country. We're proud to serve more
than 105,000 members nationwide with a full complement of financial
products and services designed to save them money. For more
information, visit www.apcu.com.
About Cotribute
Cotribute is an award-winning fintech platform that enables
profitable revenue and member growth for credit unions. Cotribute’s
capabilities include embedded digital account opening, loan
application, member onboarding, smart cross-selling, fraud guard+,
analytics and SEG/community engagement programs. Cotribute’s
clients range from Fortune 500 financial institutions operating
across the US to small regional credit unions. Cotribute is built
on blazing-fast cloud-based micro-services architecture, is SOC2
Type 2 certified, seamlessly integrates with core systems and is on
a mission to deliver beautiful digital experiences to every member.
For more information, visit www.cotribute.com and connect with the
company on LinkedIn.
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