Co-op Money NZ, the trading name for the New Zealand Association of Credit Unions, which represents co-operatively owned credit unions and mutual building societies, has chosen the Flexcube core banking system from Oracle FSS.

Henry Lynch, CEO of Co-op Money NZ, says Flexcube will replace its legacy core banking system and it ‘will become the one-stop solution for all information across members that will use the system’.

Lynch says: ‘The Oracle solution was chosen by a majority of our credit union members after an in-depth consultative process that had us discussing its relative benefits and advantages. We are focused on becoming increasingly agile, responsive to member needs and resilient to change, and Flexcube ticked all those boxes for us.’

Deployment of Flexcube will start in early 2016.

Co-op Money NZ provides representation and advocacy for its members to government, regulatory bodies, media and consumer groups.

Its members employ over 550 staff, represent approximately 200,000 members, with more than 95 branches, assets of over $1.5 billion and collectively are the sixth largest financial transactor by volume in New Zealand.

This article was sourced directly from the IBS Intelligence website here.