First Credit Union in Talks with Finzsoft as Core Banking Provider

Posted by Finzsoft on 31 March 2016

New Zealand’s largest Credit Union is in talks with New Zealand Financial Technology company, about Finzsoft providing smart banking software and technology to First Credit Union to run its operations.

AUCKLAND – Hamilton based First Credit Union has selected Finzsoft as its preferred negotiating partner in connection with the future provision of the software and technology to run First Credit Union's operations and service for its more than 62,000 members around New Zealand.

Auckland based Finzsoft is a financial technology company which specialises in ‘core banking’ software and solutions to run financial institutions like banks and credit unions. Finzsoft is part of the Silverlake Axis Group, a global leader in banking and finance technology, working with some of the world’s largest ‘tier one’ banks.

First Credit Union has 11 branches around the North Island with $318 million in assets, member shares of $263 million and a loan book worth $180 million.  It began in Hamilton over 60 years ago.

First Credit Union General Manager, Terry Edwards says that after a rigorous process, the First Credit Union board has agreed to negotiate with Finzsoft as the Credit Union's preferred future provider of core banking services.  "Subject to us agreeing commercial and other terms  we anticipate that Finzsoft’s Sovereign core banking software will run everything from setting up a new customer account to loans and mobile member services.”

Edwards says Finzsoft was selected as preferred negotiation partner over the current provider and over both international and domestic software providers.

“We expect that Finzsoft’s 25 year history of providing their core banking software, Sovereign, to run banks and financial institutions in New Zealand and Australia will be an important component in ensuring that First Credit Union remains compliant and competitive in a rapidly changing business environment,” says Edwards

  “We are looking at new technology developments, particularly in smart mobile banking services for our members. We will continue to explore ways to improve the way we serve our members with products and services, wherever and whenever they need us,” said Terry Edwards.

Finzsoft’s Managing Director, Andrew Holliday, "First Credit Union will be a strategic customer for Finzsoft because of its size and scale and Finzsoft has a strong history of working with New Zealand’s credit unions and building societies”

Holliday said while the commercial terms of the new deal with First Credit Union were still to be worked through, once agreed, this would be an exciting and significant piece of new business. 

Notwithstanding a dynamic and challenging environment, Finzsoft through the announcement of this expanded customer engagement has demonstrated its continued ability to meet the changing needs of its customers and win new contracts.