CORE BANKING

Trona Valley Federal Credit Union and Lumin Digital Announce Partnership for Enhanced Digital Banking Services

Lumin Digital | April 21, 2022

Trona_Valley_Federal
Lumin Digital, a PSCU company, announced today that Trona Valley Federal Credit Union (Trona Valley) has signed a multi-year agreement for Lumin Digital's cloud-native platform for online and mobile digital banking solutions. Lumin Digital will support Trona Valley's more than 23,000 members and more than $320 million in assets once the credit union goes live on the platform in May 2022.

Trona Valley Federal Credit Union, based in Green River, Wyoming, is a 100% member-owned financial institution dedicated to providing avenues to financial success for every individual member. With a philosophy of "People Helping People", Trona Valley strives to evolve product and service offerings to meet the financial needs of its members, provide individualized attention and put forth every effort to enable members to become financially self-sufficient.

Lumin Digital, a cloud-native digital banking platform, provides credit union members with a tightly integrated and customized experience that matches larger financial institutions' offerings. Focusing on service, user experience, safety, and security through sophisticated automation, Lumin Digital helps credit unions and financial institutions drive better engagement with their users through personalized recommendations and communication in the areas of spending insights, financial advice, fraud alerts, and savings goals. Lumin enables credit unions to provide users with real-time updates and new features that add value and simplify everyday banking. All of Lumin's offerings and capabilities are made possible by the team's wealth of industry knowledge, user experience testing, and technological innovation.

We're always looking to make banking with Trona Valley FCU easier for our members, We believe Lumin's Digital's platform does just that."

Jeremy Gibson, CEO at Trona Valley Federal Credit Union.

Trona Valley's commitment to improving the banking experiences of its members whenever and wherever life takes them makes the credit union a natural fit for Lumin's cloud-native digital banking platform, Our comprehensive digital experience will not only expand their core digital offerings to better compete against the nation's leading financial institutions, but will also ensure a smooth transition for their members, ultimately enabling faster time to market for their exciting future digital roadmap items."

Jeff Chambers, founder and CEO of Lumin Digital.

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

About Lumin Digital
Lumin Digital is a fintech company specializing in digital banking solutions. Through a fundamentally different approach to technology, service, and people, we're creating the next generation of financial solutions each and every day. Lumin helps credit unions and financial institutions build and deploy next-gen digital experiences that help to continually serve, engage, and grow their membership base. While other platforms are partially adapted or retrofitted for the cloud, Lumin is 100% cloud-native. It was built specifically for the cloud environment, allowing us to more fully realize the advantages it offers. It's a difference that financial institutions and their users will see and feel almost immediately.

About Trona Valley Federal Credit Union
Trona Valley Community Federal Credit Union is a community credit union serving southwest Wyoming for nearly 60 years. Formed through a merger of FMC Employees FCU and Stauffer Big Island FCU, we are open to membership to anyone who lives, works, worships, or attends school in Sweetwater, Uinta, Sublette, Lincoln, Carbon, and Teton counties in Wyoming; and Rich, Morgan, Summit, and Daggett counties in Utah.

About PSCU
PSCU, the nation's premier payments CUSO, supports the success of more than 1,900 financial institutions representing nearly 7 billion transactions annually. Committed to service excellence and focused on innovation, PSCU's payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU's model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands.

Spotlight

Mainstream Renewable Power is one of the world’s leading independent developers of renewable energy projects. With a development pipeline of over 17,000 megawatts over four continents, it has wind and solar facilities in construction and operation across Ireland, South Africa, Canada and Chile.


Other News
PAYMENTS

eFactor Network and PrimeRevenue Expanding Access to Finance for Agribusiness Companies in Latin America

PrimeRevenue | June 28, 2022

FIRA (Trust Funds for Rural Development), a second-tier development bank that offers credit and guarantees among other products to the agriculture, livestock, fishing, forestry and agribusiness sectors in Mexico announced a new partnership with PrimeRevenue, Inc., the leading global provider of technology-enabled working capital solutions eFactor's digital solutions, powered by PrimeRevenue's technology, will help streamline the funding of FIRA with its network of Banking and Non-Banking financial intermediaries (IF's). The foregoing will facilitate FIRA funding in the eFactor Marketplace, which is estimated to close with more than $7.5B USD in 2022. This innovative model of connecting Bank with Bank, in this case, FIRA with its network of FIs and NBFIs, is created to facilitate factoring programs for clients related to the rural, agricultural, forestry and fishing sectors, as well as localities with a population of up to 50,000 inhabitants. This is what we are seeking: to specialize and deepen services to the agribusiness sector with a leading technology company. It is an alliance where FIRA wins because it extends services with the help of technology, and we believe that eFactor wins to the extent that it can extend its services of value for the agribusiness." Jesús Alan Elizondo Flores, Managing Director of FIRA. With this alliance, FIRA extends its financial services to small, medium and large producers, for working capital and factoring. Once migrated to the FIRA portfolio, they will be able to use the resources through the eFactor Network technology's platforms. About PrimeRevenue As a pioneer in global B2B payments, the PrimeRevenue SurePay Platform connects the entire supply chain by improving working capital and automating digital payments. Thousands of companies around the world leverage one streamlined platform to increase payment visibility, enhance control, and improve cash flow. PrimeRevenue is headquartered in Atlanta, with offices in London, Prague, Hong Kong, and Melbourne. About eFactor Network eFactor Network is a fintech company, leader in working capital financing in Mexico, started in 2009 with the vision of helping large purchasing organizations improve their working capital by extending payment terms without increasing the burden of their supply chain, as well as to serve its suppliers by giving the option of obtaining an advance payment at attractive financing rates. It has alliances with development banks such as IFC World Bank, IDB Invest, Bancomext, BLADEX and PrimeRevenue; today it has more than 15,000 clients and a presence in 20+ countries where they pay company suppliers in various currencies.

Read More

FINANCIAL MANAGEMENT

Morningstar Launches Analytics Lab, a Data Science Platform for Finance Professionals

Morningstar | May 30, 2022

Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced the launch of Analytics Lab, a new capability for data scientists and analysts in its investment analysis platform, Morningstar Direct, following the launch of the interactive research functionality last year. Analytics Lab lets users programmatically investigate Morningstar data and research more deeply to discover new opportunities for investing success. Analytics Lab gives users access to the development platform behind the prebuilt Morningstar research and data sets, enabling users to create custom notebooks in a hosted environment, combining the powers of Morningstar data with Python programming language. Investors need to extract meaningful insights from immense amounts of data every day. Analytics Lab opens the door to Morningstar's core data and research, enabling users to discover new opportunities for investing success much more efficiently in a flexible environment, Our data, analytics, and communication capabilities create a platform that's completely new to the Morningstar universe which will empower our clients like never before." Frannie Besztery, head of Morningstar Direct. For those familiar with Python, the module evolves from a prebuilt analysis tool to a fully customizable and personalized platform. Users can now explore and discover Morningstar data with flexibility and leverage previously created Data Sets, Lists and Search Criteria, and Performance Reports from Morningstar Direct. As a result, Analytics Lab allows users with coding and analytical skills to automate their workflows faster than ever before and share these results with other Morningstar Direct users at their firm. Analytics Lab incudes features to simplify the often-lengthy process of finding data and developing code including drag-and-drop capabilities to automatically insert code, robust Python documentation, sample queries, and tutorial notebooks help new users find and navigate Morningstar's data. Coding skills aren't a prerequisite to benefit from Analytics Lab's technological power. Morningstar's library of prebuilt research and data sets, couples multi-faceted data sets with automated analysis, allowing clients to quickly visualize meaningful insights and turn research into action. For example, the firm diversity data set can analyze the presence of diversity within an asset management firm's ownership, board, employee workforce, company policies, and hired service providers. Since the initial launch last year, Morningstar released 13 data sets, on various industry trends and will be launching data sets about U.S. fund fee trends, active and passive fund analysis, ESG topics, and more. About Morningstar, Inc. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $265 billion in assets under advisement and management as of March 31, 2022. The Company has operations in 29 countries.

Read More

PAYMENTS

Huntington National Bank creates new structure to accelerate enterprise payments strategy

Huntington | June 03, 2022

Huntington Bancshares Incorporated (Nasdaq: HBAN) announced today it is creating a new enterprise payments organization to develop, coordinate and execute on its payments strategy and investment roadmap. Amit Dhingra has been named Enterprise Payments Director and will lead a team responsible for executing an end-to-end enterprise-wide payments strategy across Consumer and Business Payments, Commercial Payments and Treasury Management. Dhingra will drive growth in payments revenue streams as well as focus on digital and customer experience enhancements. Dhingra's team will build upon the payments platform with additional products and services that will be commercialized across the business to further support existing and new customers through throughout their lifecycle. "The organization of an enterprise payments strategy and platform enables us to serve all our customers," said Steve Steinour, Huntington's chairman, president and CEO. "As we continue to invest in our payment products and services, we will deliver more value-added services and further strengthen our customer experience." In May, Huntington acquired Digital Payments Torana, a San Francisco-based business-to-consumer payments fintech. In his new role, Dhingra will report to Paul Heller, Huntington's chief technology and operations officer. Dhingra previously served as Huntington's retail payments and consumer lending director. Before Huntington, he served in a variety of strategy and transformation leadership roles at U.S. Bank and McKinsey & Company. About Huntington Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $177 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

Read More

CORE BANKING

Argyle Joins Financial Data Exchange to Establish Industry Standards for Payroll Data

Argyle, Financial Data Exchange | July 07, 2022

Argyle, the leading employment data platform providing companies access to user permissioned employment records, announced today it has joined the industry standards body Financial Data Exchange (FDX). Through its FDX membership, Argyle will help shape industry standards for how banks and data aggregators format, authenticate, and transmit consumer payroll data. The use of payroll data—which encompasses all personal employment and income information—is gaining significant traction as an indispensable alternative to outdated verification processes, such as evaluating credit scores to determine credit worthiness. Real-time payroll data offers a more transparent scope of one’s ability to pay in order for banking and lending institutions to grant consumers access to necessary financial resources. “As an FDX member, we have the unique opportunity to collaborate with other industry players to help define how payroll data is formatted, authenticated, and transmitted,” said Shmulik Fishman, CEO and founder of Argyle. “As an FDX member, we have the unique opportunity to collaborate with other industry players to help define how payroll data is formatted, authenticated, and transmitted,” said Shmulik Fishman, CEO and founder of Argyle. “Employee payroll data is an incredibly rich source of information that can help workers secure housing, vehicles, loans, and valuable financial services—it’s crucial we come together as an industry to standardize on how this data is managed.” The FDX is dedicated to connecting the ecosystems that make up the financial services industry to create a common, interoperable, and royalty-free standard for secure, user-permissioned financial data sharing. FDX memberships are open to organizations within the financial sector interested in contributing to the development, growth, and industry acceptance of the FDX API and other objectives through collaboration with FDX working groups and task forces. As a member, Argyle has the unique opportunity to work with other FDX participants to create the first standardized method of payroll data authentication and transmission. “FDX and Argyle share an equally vested interest in standardizing the methodology of how critical data is transmitted in order to receive necessary financial services,” said Don Cardinal, managing director at FDX. “Our members help promote greater adoption of Open Finance and banking standards and drive significant industry growth through their contributions and collaboration with one another. We’re thrilled to have Argyle join us as a valued member of the FDX.” In 2021, Argyle announced the creation of the Open Employment Data Standards (OEDS), an organization established to standardize how employment records are stored, accessed, and transferred. These records serve as a core foundation in American society and are used in renting an apartment, buying a car, purchasing a home, applying for a new job, receiving a loan, and more. OEDS aims to foster transparency and alignment of a data-set that institutions across the industry can rely on. Joining FDX in conjunction with OEDS furthers Argyle's stance as a thought leader in payroll data and Open Finance. To learn more about Argyle, visit argyle.com. About Argyle Argyle is building the leading user-consent-based platform for employment data, helping people avoid situations where their personal information is sold or used without their consent or knowledge. With Argyle, any business can process income and work verifications, gain real-time transparency into earnings, as well as view and update worker profile details. By removing the barriers between a worker, the companies they make money from, and the business they buy services and products from, Argyle has reimagined how employment data can be leveraged to benefit both institutions and individuals. About Financial Data Exchange Financial Data Exchange, LLC is a non-profit organization operating in the US and Canada that is dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers users through its commitment to the development, growth, and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and security. Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.

Read More

Spotlight

Mainstream Renewable Power is one of the world’s leading independent developers of renewable energy projects. With a development pipeline of over 17,000 megawatts over four continents, it has wind and solar facilities in construction and operation across Ireland, South Africa, Canada and Chile.

Resources