LAYTON, UTAH and MCLEAN, Va. – Core processing CUSO CUProdigy and fintech firm Rate Reset have announced an agreement to make auto loan reset software more easily available to member credit unions.
“Part of our mission is to become a comprehensive provider of credit union technology solutions.” said Anthony W. Montgomery, CEO of CUProdigy in a prepared statement. “Integrating the Rate Reset software solutions with our core processing platform is consistent with that objective. We are delighted with this partnership.”
Seventeen credit unions own and use CUProdigy, with many having been with the CUSO since its founding in 1991, Montgomery said. Together the CUProdigy credit unions have roughly 250,000 credit union members.
Rate Reset said its software allows credit union members to easily reset their mortgage, auto or personal loans without the cost and difficulty of refinancing. The software also allows members to manage their loan commitments at the same time it helps credit unions retain their loans and acquire new ones, the company added.
CUProdigy will begin by integrating Rate Reset's auto loan product and expand with the personal loan and mortgage products later, Montgomery said.
Update With New Data Fields
Under the agreement, CUProdigy will provide data connectivity for its member credit unions into Rate Reset's software. It will also update the member credit union's core software with new data fields the credit unions choose, making it an extremely efficient loan retention solution, the companies explained.
“Partnering with CUProdigy allows Rate Reset customers to easily implement our products.” said Keith Kelly co-founder and CEO of Rate Reset in a prepared statement. “The ability for the credit unions to extract and update their data through CUProdigy’s core processor significantly reduces the credit unions time and effort necessary to offer our products to their members.”
CUProdigy saw the partnership benefitting both the CUSO's credit unions and their members, Montgomery explained. Credit union members will gain greater control of their finances and a better overall member experience while CUProdigy's credit unions will enjoy increased profitability from enhanced yields and longer loan durations in their auto portfolios.
He also stressed that CU Prodigy saw this partnership as a no-cost addition to CUProdigy's basic platform going forward.
“From our perspective, we want to offer this to all CUProdigy core credit unions, now and in the future, as standard, baseline functionality,” Montgomery said. “There is no additional core cost for our credit unions. We are developing the interface as part of our suite of third-party integrations at no cost, and will allow all of our CUProdigy credit unions to utilize that interface free of charge.”
'Immediately Available'
Montgomery also predicted CUProdigy's flexible structure will allow the CUSO to have the Rate Reset offering ready for its member credit unions in plenty of time before they would launch it to their members.
“When we release the new RateReset integration code into our private cloud, it is immediately available to our credit unions,” Montgomery said. “Our credit unions don't have to perform upgrades nor do they have to update desktop software.”
The CUProdigy announcement came just a few days after Rate Reset reported the 115,000 member, $1.1 billion asset AGPFCU (Aberdeen Providing Ground Federal Credit Union) had licensed its software for auto loans.
“APGFCU is a highly regarded credit union located in our own backyard and a member of the MDDC Credit Union Association, who is a strategic partner of ours.” said Bob Catalanotto, Co-founder and COO of Rate Reset, in a prepared statement. “We are delighted to have APGFCU as our latest client.”
Rate Reset said over 30 credit unions nationwide currently use its loan reset software, Kelly reported.
--David Morrison