A strategic alliance poised to reshape credit union services and usher in a new era of financial inclusivity.
Dallas-based Fivancial Inc. has made waves in the financial sector with a groundbreaking announcement— a significant investment and strategic partnership with The Hashgraph Association (THA). This collaboration aims to bolster BankSocial®’s suite of Open Banking products for credit unions, presenting a formidable solution to the challenges faced by community banks today.
A Boost for Credit Unions: BankSocial®’s CEO, John Wingate, asserts that the market is ripe for an integrated platform that offers economic payments, seamless mobile/digital banking, and accommodates multiple banking relationships and digital currencies. The strategic investment from THA ensures that BankSocial® can deliver the best of Hedera’s capabilities — security, low cost, and transaction speed — to the credit union environment.
Industry Support: The credit union industry, with total assets reaching approximately 2.17 trillion U.S. dollars, has faced challenges in recent years. BankSocial® has garnered support from key players in the industry, including Cornerstone Resources, NACUSO Business Services, Envisant, and Prodigy, all recognizing the need for cost-effective and innovative features to support credit unions, especially smaller ones.
The Role of Hashgraph: BankSocial® has launched Rivia, a payments network, and other products on the Hedera network. Mance Harmon, co-founder of Hedera, expresses confidence that BankSocial® is creating an inclusive financial ecosystem, bringing together distributed ledger technology, credit unions, and open banking to empower a new generation.
A Glimpse into the Future: The rollout of the BankSocial® Open Banking platform is poised to align with the evolving needs of credit unions. The next phase, focusing on core identity and payment solutions, is scheduled for Q1 2024. BankSocial® envisions creating an open and inclusive financial ecosystem for the future.
The alliance between BankSocial® and The Hashgraph Association marks a pivotal moment in the financial industry, promising innovation, inclusivity, and enhanced services for credit unions. As the Open Banking platform unfolds, it holds the potential to reshape how credit unions operate, ensuring relevance in an increasingly competitive environment. Readers are invited to share their thoughts on this transformative collaboration.
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