Modernizing the credit union sector in the Philippines
Software Group has launched a major new project with the National Confederation of Cooperatives (NATCCO) and Philippine Federation of Credit Cooperatives (PFCCO) to design user-friendly delivery channels for their member institutions.
This initiative forms part of the regional strategy of the Asian Confederation of Credit Unions (ACCU) to modernize the Asian credit union sector through developing common payments platforms for credit unions. The project will enable credit unions to expand the range of services available to their individual members, generate additional revenue and increase member share value.
This ACCU Payment Platform is a cloud-based payment service, running on the Microsoft Azure cloud, built based on Software Group’s UnderTree Suite and MicroBanking Suite (delivered by Temenos). It consists of a core banking solution, a comprehensive payment platform, and administrative portal to manage all operations, teller interface for facilitating payment transactions, and a mobile interface for all members. On the top of the base services, the individual credit unions can add additional delivery channel modules like cards, ATM, biometrics and many others to extend the scope of their offering.
The Association of Asian Confederation of Credit Unions (ACCU) is a regional member-based organization of credit unions and cooperatives in Asia. The ACCU plays a vital role in regional credit union development and leadership. Currently, the association serves nearly 22,000 credit unions, with 38.1 million individual members in 26 countries in the region along with 34 affiliates promoting credit unions in Asia. ACCU is affiliated with the World Council of Credit Unions (WOCCU).