Banking and finance software specialist Temenos has signed an agreement with two Philippine-based Asian Confederation of Credit Unions (ACCU) member organisations - the National Confederation of Cooperatives (NATCCO) and Philippine Federation of Credit Cooperatives (PFCCO) - to provide a cloud-based banking and payment service.
The ACCU Payment Platform (APP) comprises of Temenos' MicroBanking Suite and Software Group's UT Suite. The APP will run on Microsoft Cloud and provides services such as account top up, cash withdrawal, conditional cash transfer, bill payments, as well as peer to peer and international remittances (which can be offered over any distribution channel).
"Credit unions in Asia have a unique opportunity to take advantage of their established network to bring modern mobile payments to their members. In collaboration with Temenos, credit unions across the Philippines can now have access to their own mobile banking and payments network where a member can be served anywhere there is a credit union office, agent or ATM. A member is now a member of the credit union network, not just the branch where he or she lives. We look forward to expanding this strategy through the rest of our members," said Elenita V. San Roque, CEO of ACCU.
"The Philippines is a leading digital nation in Asia, with more mobile connections than people. Banks, mobile network operators (MNOs) and other non-traditional entrants are using these channels to engage and attack our members' services. We knew we had to develop our own strategy and with it a platform that was owned by the cooperatives for the cooperatives," added Sylvia O. Paraguya, CEO of NATCCO.
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