CORE BANKING

West Community Credit Union Elects Lumin Digital for Enhanced Digital Banking Services Provision

Lumin Digital | April 11, 2022

West_Community_Credit
Lumin Digital, a PSCU company, declared today that West Community Credit Union (WCCU), based in Missouri, has signed a multi-year agreement for Lumin Digital's cloud-native platform for online and mobile digital banking solutions. Lumin Digital will support the credit union's more than 27,000 members by going live on the platform in October 2022.

West Community Credit Union is an advanced financial institution that strives to build relationships based on trust by understanding the needs of its member along with smart solutions. With over a decade of consistent growth, the credit union understands the importance of providing a digital solution that provides a robust, personalized banking experience.

Lumin Digital is a cloud-native digital banking platform that will offer credit union members an integrated and customized experience more than other larger financial institutions. Lumin Digital will assist credit unions, and financial institutions drive better engagement with their users through personalized recommendations and communication in expenditures, financial advice, fraud alerts, and savings goals. These services will be provided by focusing on user experience, service, safety, and security through sophisticated automation.

Interestingly, credit unions can use Lumin to provide users with real-time updates and new features that would add value and simplify everyday banking. The team's wealth of industry knowledge, technological innovation and user experience testing will enable all of Lumin's offerings and capabilities.

We're regularly in quest of new service offerings and technological capabilities to offer our members. And this partnership with Lumin Digital will allow us to provide them with a sophisticated and convenient way to access and manage their finances. This partnership made perfect sense for us based on Lumin's sterling reputation within the Fintech space and their platform's superior interface and functionality."

Koren Greubel, Vice President of Marketing and Digital Engagement at West Community Credit Union

West Community Credit Union and Lumin Digital share a passion for technology, service, and customer. This approach will help our clients and members feel confident, secure and engaged in their digital experiences. Our partnership speaks to the WCCU’s credibility built by their members for more than 85 years by always seeking new ways to enhance their offerings and financial solutions."

Jeff Chambers, founder and CEO of Lumin Digital.

Lumin Digital endures to drive innovation in the digital banking space and differentiates itself through technology for human connection. Lumin Digital's offering provides complete integration to a wide array of PSCU and other platform tools and capabilities, including rewards management, card services, and data analytics, to provide a member-centric experience.

Spotlight

Dramatic advances in mobile phone technology and networks present banks the opportunity to make their services more accessible. Customers can now use their mobile devices to quickly apply for new accounts and credit lines, access their account information, and perform purchases and transactions, all without ever visiting a branch or ATM.

Spotlight

Dramatic advances in mobile phone technology and networks present banks the opportunity to make their services more accessible. Customers can now use their mobile devices to quickly apply for new accounts and credit lines, access their account information, and perform purchases and transactions, all without ever visiting a branch or ATM.

Related News

BITCOIN AND CRYPTO

TechX Completes Procurement of Mobilum, a Leading Cryptocurrency Payment Technology Gateway

TechX Technologies Inc. | July 17, 2021

TechX Technologies Inc., a technology-driven company that makes traditional finance accessible through compliant digital payment infrastructure and digital asset management technologies, is pleased to announce that, in accordance with the Company's May 26, 2021 news release, TechX has completed the acquisition of Mobilum OÜ ("Mobilum"). TechX also stated that the Board of Directors has authorised a name change from "TechX Technologies Inc." to "Mobilum Technologies Inc." and a ticker symbol change to "MBLM" on the Canadian Securities Exchange ("CSE"). The Company will publish another press release indicating the effective date for trading under the new name, symbol, and CUSIP number. The change in name is still subject to CSE clearance. Mobilum is a licenced plug-and-play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers, and cryptocurrency businesses, as well as a financial technology start-up that offers fiat infrastructure to the cryptocurrency sector. Mobilum's easy-to-use on-ramp and off-ramp solution simplifies integration for businesses whose customers purchase and sell cryptocurrency using credit and debit cards. Mobilum promises 0% chargebacks, the best acceptance rates, and the industry's lowest transaction costs (at 2.99 percent). "We are overjoyed to have acquired Mobilum's on-ramp, off-ramp, and digital wallet technology," stated TechX CEO Peter Green. "We plan to swiftly increase from the $150,000 in daily processing volumes we are presently performing with the infusion of cash from our most recent fundraising round by expanding the on-ramp offering to additional cryptocurrency exchanges and businesses. We're also looking forward to introducing the gift and payment card off-ramp, as well as the digital wallet solution, near the end of Q3. Decentralized finance is clearly gaining worldwide popularity, and we are thrilled to be a part of this multibillion-dollar game-changing sector." The Transaction TechX has purchased a 100% stake in Mobilum in exchange for 26,666,667 common shares in the capital of the Company (the "Shares") at a presumed value of $0.60 per Share for a total consideration of C$16,000,000. The Shares are subject to a four-month and one-day hold period from the date of issue. About TechX Technologies: TechX Solutions Inc. is a technology-driven firm that makes conventional banking more accessible by utilising compliant digital payment infrastructure and digital asset management technologies. About Mobilum Mobilum, a fintech start-up that provides the cryptocurrency sector with fiat infrastructure, has a licenced plug-and-play fiat-to-crypto gateway and payment processing technology solution enabling exchanges, wallets, brokers, liquidity providers, and cryptocurrency enterprises. Mobilum's easy-to-use on-ramp and off-ramp solution makes it simple for companies to enable consumers to purchase and trade cryptocurrencies using credit and debit cards. The Mobilum digital wallet will provide its clients competitive rates on over 237 cryptocurrencies, as well as the ability to earn significant interest incentives and returns with DeFi.

Read More

PAYMENTS

Customers Bank Collaborates With Tassat To Build A Blockchain-Based B2B Payments Network To Satisfy The Needs Of Corporate Customers

Customers Bank, Tassat | May 22, 2021

The subsidiary of Customers Bancorp, Inc. a bank holding firm named as Customers Bank joins hands with Tassat, a leading supplier of blockchain solutions for digital payments. They announced today that Customers Bank will use Tassat's proprietary platform TassatPay® Network, which includes real-time B2B payments and convergence between digital and legacy payment rails. The collaboration would result in improved payments capabilities for the bank's company clients as well as low-cost core deposit development for the bank. Customers Bank, known for its high-tech and high-touch method, has corporate clients in financial exchanges, commercial real estate, hospitals, hospitality, banking, finance, renewable energies, and manufacturing which could benefit directly from this capability. After 2015, the bank has been a pioneer in digital financial technologies, bringing groundbreaking services to millions of Americans across a variety of channels, including its BankMobile student loan refund service and collaborations with T-Mobile Money and other prominent fintech partnerships. The BankMobile company was spun off as BMTX earlier this year. Customers Bank is one of the top 5 Paycheck Protection Program lenders in the United States, with over 320,000 PPP loans totaling more than $9 billion provided through a combination of financial technology and conventional banking channels. With great success in low- and middle-income regions, the bank's technological prowess enabled it to provide much-needed financial assistance to small business owners and independent contractors across United States. Tassat was chosen by Customers Bank because of its financial technology capabilities and track record of operating a high-volume B2B payments network. It intends to work with customers to resolve their real payment issues by using the TassatPay Network and creating payments ecosystems with their trading partners. Customers Bank sees TassatPay as the next step in its financial services evolution. TassatPay Network makes use of blockchain technologies to tokenize US dollar deposits at banks in order to provide stable, zero friction instant transfers, removing traditional obstacles such as overnight settlement, transmission delays, cut-off hours, and high transaction fees. It provides an API that enables bank customers to integrate its functionality into their own applications. Tassat's first version was unveiled in 2019 and since then has handled billions of dollars in transactions across digital tracks. “B2B payments have lagged behind consumer payments in terms of innovation, creating a significant opportunity for digital transformation.” We are excited to collaborate with TassatPay Network as the foundation of our B2B payments strategy,” said Sam Sidhu, Vice Chairman and Chief Operating Officer of Customers Bank. “We anticipate that our clients in key verticals will invite their key trading partners to join TassatPay, giving us new clients and low-cost deposits.” “Most businesses are constrained by the limitations of antiquated payment rails,” said Ron Totaro, CEO of Tassat. “Customers Bank is at the forefront of digital evolution and fintech partnerships, so we are thrilled to provide an on-ramp to B2B digital payments for them and their business clients.” Customers Bank recently announced the launch of offices in Orlando, FL and Dallas, TX, as well as the reopening of an office in Chicago, IL, as the first step of a nationwide expansion.These teams of experienced commercial bankers will provide clients in the emerging markets with the advantages of the TassatPay Network. About Customers Bank Customers Bank, a subsidiary of Customers Bancorp, Inc. a bank holding company, is a full-service super-community bank with assets of approximately $18.8 billion at March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through digital-first apps, online portals, and a network of offices and branches. About Tassat Tassat Group Inc. is a New York-based fintech company that provides blockchain-based technology solutions for digital payments. It delivered the first blockchain-based B2B digital payments platform that was approved by a major bank regulator, and has transacted billions of dollars to date.

Read More

Temenos’ SaaS Technology Allows FlowBank to Create Hyper-Efficient Cost Model and Offer Online Trading and Banking Services

Business Wire | October 12, 2020

Temenos, the banking software company, today announced that FlowBank has selected Temenos Transact delivered as SaaS to power its new digital bank in Switzerland. Temenos Transact core banking technology will enable FlowBank to rapidly launch and offer a new investing experience to private and institutional investors in Switzerland and internationally. FlowBank has recently secured its banking license in July 2020 and is planning to launch the operations by the end of 2020. The bank aims to meet the needs of both sophisticated and new investors, who wish to manage their banking and investments on their own. The bank addresses this growing market segment by offering a simple, reliable investment experience open to all, using an optimized trading platform underpinned by Temenos Transact. The bank is FINMA-regulated and deposits are guaranteed up to CHF 100,000. With Temenos SaaS, FlowBank will create a hyper-efficient cost model and reduce IT costs, which will enable it to go up against established players by offering online trading and banking services at competitive rates. Using cutting-edge technology, Temenos top-performing banks achieve cost-income ratios of 26.8% twice better than the industry average.

Read More