MINNEAPOLIS/RALEIGH, N.C.–MEMBERS Development Company, a CUSO that aims to facilitate collaborative research and development for more than 50 large credit unions, and Constellation Digital Partners, LLC, a CUSO that has significant financial backing from credit unions and which has just released its first offering, have announced a partnership.
Constellation, which was conceived through MDC's common integration framework project and brought to fruition, will become an MDC Strategic Partner and will develop and execute various initiatives born in the MDC innovation lab, the companies said. Launched in May 2017, Constellation was conceived through MDC's common integration framework project and brought to fruition by Kristopher Kovacs, Constellation's Founder and the former CIO at Coastal Credit Union, and Chuck Purvis, MDC's board chairman president/CEO of Coastal Credit Union.
MDC said Constellation is a secure, open-development platform designed exclusively for credit unions, allowing them and fintech developers to access a marketplace and complete suite of financial services.
"Most of Constellation's founding credit unions are also owners of MDC and this is exactly the type of successful collaboration that is at the heart of our mission," said Jeff Kline, CEO of MDC. "When credit unions' legacy systems created barriers to easy implementation of digital solutions to meet members' expectations for financial services, Kris, Chuck and other owner credit unions developed the perfect solution. It's exciting to have Constellation as a strategic partner."
In a statement, Kovacs said participation in MDC's Innovation Councils and interaction with other credit unions at its semiannual owner meetings led to the new CUSO's creation.
"Credit unions' legacy solutions have made it challenging for them to keep up with members' desires to utilize mobile banking effectively," Kovacs said. "Constellation is redefining what credit unions can offer their members. With the recent launch of our first software implementation, Aquarius, we are now one step closer to offering digital banking and financial services for credit unions and members everywhere. Our patented technology allows us to quickly build prototypes, perfect them, and offer members the excellent service delivery they expect from their credit unions."
Along with Coastal Credit Union, Constellation's owners in common with MDC include Affinity FCU in Basking Ridge, N.J.; Farmers Insurance FCU in Los Angeles; Georgia's Own CU in Atlanta; Kinecta Credit Union in Manhattan Beach, Calif.; Meritrust CU in Wichita, Kan.; and Teachers CU in South Bend, as well as CO-OP Financial Services and CUNA Mutual Group, CU Solutions Group, CFCU Community CU in Ithaca, N.Y. and Nusenda CU in Albuquerque, N.M., are also Constellation owners.