US Credit Union Offers Multi-currency Loans and Deposits Via Temenos

United Nations Federal Credit Union (UNFCU) has signed an agreement with Temenos T24 core and retail banking system to provide its members with a multiple currency financial service in real time. The alliance with Geneva-based Temenos, a provider of integrated, modular, core banking systems, is the initial step in UNFCU’s plan to become the first credit union in the United States to offer its members loans and deposits in foreign currencies, namely euro, Swiss franc and US dollar. Temenos T24 will be deployed from UNFCU headquarters in New York City and is equipped to handle domestic processing and the growth of UNFCU’s international member base from a single New York site. The platform is licensed for as many as 160 UNFCU concurrent users and some 5,000 registered Internet users. Michael J Connery Jr, president and CEO at UNFCU, said: ‘Operating in multi-currencies via Temenos will enable our institution, subject to receiving regulatory approvals, to conveniently meet members’ demands and compete more effectively in the global retail banking arena.’


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