AUCKLAND, 21 AUGUST 2017: Co-op Money NZ and ACU, a Māori based credit union started by the MUMA (Manukau Urban Māori Authority) 28 years ago, are proud to announce today that ACU 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.
The Oracle Flexcube core banking platform is a significant move forward for the credit union movement and ACU is the first of nine credit unions that will use the new system.
ACU Chief Executive Anthony Wilson said, “The Oracle banking platform is one of the most sophisticated and complex banking systems in the world used in over 500 other financial institutions worldwide. It will greatly improve ACU’s ability to provide the most modern and state-of-the-art banking solutions for our Māori and Pasifika members.
“From a management point of view, the richness of the data that is provided out of the system will make ACU more responsive to our member’s financial needs. ACU is proud to be the only Māori financial institution in NZ and to lead the way with the new system along with Co-op Money NZ. It is the culmination of 18 month’s hard work between ACU staff and Co-op Money NZ.”
“The successful deployment of the Oracle platform over the weekend to ACU is a very exciting milestone and represents a step change in capability and a strong platform for future innovation for these nine credit unions” said Henry Lynch, Co-op Money NZ Chief Executive.
Having successfully delivered Oracle Flexcube for ACU, Co-op Money NZ is now focused on delivery for its next two credit unions, with the remaining six to be delivered by March 2018.