Navy Federal Credit Union partners Zafin for product and pricing capabilities
Navy Federal Credit Union (NFCU) in the US is continuing its technology-first agenda by partnering with the Canadian Software-as-a-Service (SaaS) core modernisation and transformation solutions provider Zafin.
NFCU partners Zafin
Zafin says that the credit union, which claims $171 billion in assets, has partnered with the firm “to accelerate and de-risk a large core modernisation and business transformation program that moves Navy Federal from a legacy mainframe core to a deconstructed, slim, cloud native, real-time banking core working in harmony with externalised product and pricing capabilities”.
The credit union is working with Texas-headquartered software provider Oracle for its cloud and account servicing technology, and its latest agreement with Zafin will integrate product and pricing capabilities into this initiative as an additional layer.
The Vancouver-headquartered vendor says its platform externalises product and pricing capabilities into a cross-enterprise layer and will enable its latest partner to “attract new members and deposits” through its product catalogue feature and “reduce costs associated with new product launches and ongoing product and pricing management” with its rates and fees dynamic, while also “optimising performance and productivity” through its unified view of operations.
Navy Federal’s newfound agreement with Zafin appears to cement its ongoing pursuit of digital, after it previously extended its partnership with Backbase’s engagement banking platform by seven years in a fresh deal announced earlier this week.
Sovan Shatpathy, CTO of NFCU, says the transformation is part of an attempt to “take advantage of the world that is changing around us”, and that with this, the credit union is placing “significant emphasis” on Zafin’s product and pricing layer.
“This layer serves as the epicentre of innovation, where new and tailored products, bundles, and offers are created to meet the diverse needs of our members,” Shatpathy adds.
