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.’
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.