The New Zealand Firefighters Credit Union has become the first industry-based credit union in New Zealand to migrate to the Oracle Flexcube core banking system. It has 2200 members and about $13 million in total assets.
The move follows Co-op Money NZ, which represents co-operatively owned credit unions and mutual building societies in New Zealand, choosing Oracle Flexcube as the core banking system for its members in January 2016.
Co-op Money CEO, Henry Lynch, said at the time that Flexcube had been chosen by a majority of credit union members after an “in-depth consultative process”.
Oracle said a the time that Co-op Money’s member organisations represented approximately 200,000 individuals, had more than 95 branches with assets of over $1.5 billion and collectively were the sixth largest financial transactor by volume in New Zealand.
ACU became the first of nine credit unions to implement Flexcube, in August 2017. ACU chief executive Anthony Wilson described it as “one of the most sophisticated and complex banking systems in the world used in over 500 other financial institutions worldwide.” NZCU Baywide followed in March 2018.
Co-op Money NZ says it has now successfully delivered Oracle Flexcube to four credit unions in less than a year and is focussed on implementing at another five before the end of 2018. The Aotearoa Credit Union went live in August 2017 and NZCU South in April 2018.