Aotearoa Credit Union goes live on Oracle FSS Flexcube core banking system
ACU is the only Māori financial institution in New Zealand
Aotearoa Credit Union (ACU), a Māori financial institution in New Zealand, has implemented Oracle FSS’s Flexcube core banking system.
ACU, started by the MUMA (Manukau Urban Māori Authority) 28 years ago, is the first Māori financial institution to launch a “tier one” banking platform for its 15,000 members. ACU branches are located in South Auckland and other parts of the North Island.
ACU chief executive Anthony Wilson says Flexcube is “one of the most sophisticated and complex banking systems in the world” and “will greatly improve ACU’s ability to provide the most modern and state-of-the-art banking solutions for our Māori and Pasifika [Pacific Islander] members”.
Co-op Money NZ, the industry body for the country’s credit unions and mutual building societies, says it “successfully delivered” Oracle Flexcube for ACU. Co-op Money NZ says it is now focused on delivery for its next two credit unions, with the remaining six to be delivered by March 2018.
Wilson adds that ACU is the only Māori financial institution in New Zealand and the implementation of Flexcube is the “culmination of 18 month’s hard work between ACU staff and Co-op Money NZ”.
I am the law
In June, Co-op Money NZ announced it was backing a new law in New Zealand which promises more innovation and accountability to credit unions.
Called the Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill, the new legislation will update the law for credit unions and their associations.
13 credit unions operate in New Zealand with 190,000 members. Co-op Money NZ operates the nation’s largest ATM payment switch with 900 machines.
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