Co-op Money NZ overhauls core banking system

Co-op Money NZ CEO Henry Lynch

Co-op Money NZ, which is co-operatively owned by 18 credit unions and mutual building societies in New Zealand, has chosen Oracle FLEXCUBE as its core banking system.

“The Oracle FLEXCUBE solution will replace our existing, legacy core banking system, and will become the one-stop solution for all information across members that will use the system,” says Henry Lynch, CEO of Co-op Money NZ, in a statement.

Lynch explains the Oracle solution was chosen by a majority of their credit union members after an in-depth consultative process which discussed its relative benefits and advantages.

“Besides the core banking solution, Co-op Money NZ facilitates multiple banking and insurance services, including payment mechanisms and IT facilities that are supported by interactive banking services across phone, text, internet, and mobile devices,” says Lynch.

We are focused on becoming increasingly agile, responsive to member needs and resilient to change.Henry Lunch, Co-op Money NZ

“Our collaborative approach enables our members to achieve economies of scale and provide the kind of operational efficiencies required to be successful in a highly competitive market.”

“We are focused on becoming increasingly agile, responsive to member needs and resilient to change, and Oracle’s FLEXCUBE ticked all those boxes for us,” says Lynch, on the business driver for the move.

Venky Srinivasan, vice president Japan and APAC, Oracle Financial Services, says Co-op Money NZ is a leading example of how the co-operative sector in New Zealand is modernising its infrastructures and applications in order to be faster and more agile when servicing external stakeholders.

“Oracle’s FLEXCUBE solution is a smart and intelligent system that offers rich and personalised customer experiences, while potentially improving performance and the IT environment of financial institutions,” says Srinivasan.

Co-op Money NZ is the industry association for credit unions and mutual building societies. Its members employ over 550 staff, represent approximately 200,000 members, with more than 90 branches, and assets of over $1.5 billion.

It is the sixth largest in New Zealand by volume of transactions in its banking system, including Eftpos cards, MasterCard debit cards and ATMs.

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