ModernFi has announced a strategic partnership with Tru Treasury aimed at advancing balance sheet management tools for credit unions.
This collaboration is set to provide credit unions with enhanced capabilities to manage business banking complexities and secure large-value accounts with extended NCUA insurance.
ModernFi, known for operating the first deposit network for credit unions, is joining forces with Tru Treasury, a provider of treasury management services. This partnership will offer credit unions a comprehensive suite of treasury management solutions, designed to foster deposit and member growth, particularly in high-value business accounts.
The segment of business and commercial deposits has seen substantial growth for credit unions. Between 2015 and 2023, the proportion of commercial deposits relative to total deposits increased from 2.2% to 4.4%. The new collaboration between ModernFi and Tru Treasury aims to equip credit unions with the tools necessary to navigate and succeed in the business banking sector.
Tru Treasury CEO John Ballantyne said: “For years, we have been searching for a deposit network to add to our offerings and were thrilled to find ModernFi. Our broad range of treasury solutions combined with ModernFi’s industry-leading deposit network significantly enhances the financial infrastructure available to credit unions, positioning them to win in the competitive business banking market.”
The partnership enables credit unions to offer accounts with millions in extended NCUA insurance, presenting a unique value proposition to attract and retain high-value deposits. Business accounts often maintain balances that exceed the standard federal insurance limit, which supports payroll, bill payments, and other financial obligations. Extended insurance is crucial for establishing enduring relationships with these large-value members.
Tru Treasury is recognised for its leadership in providing treasury management solutions and consulting services. The firm offers strategic insights and advanced financial tools to help credit unions optimise their treasury operations and enhance their business banking capabilities. The partnership with ModernFi introduces a comprehensive suite of solutions previously unavailable to credit unions.
ModernFi business development head Michael Mutscheller said: “As credit unions face one of the most competitive deposit environments in recent memory, ModernFi’s partnership with Tru Treasury provides credit unions an innovative solution to manage their balance sheet needs and offer members value through access to millions in insurance.
“Backed by ModernFi and Tru Treasury, credit unions can perform the services required by modern businesses and offer a compelling breadth of solutions tailored to their needs.”
Through the combined efforts of ModernFi and Tru Treasury, credit unions are positioned to enhance their financial operations, attract and retain substantial deposits, and provide superior services to their members. The partnership reflects a shared commitment to driving innovation and supporting credit unions across the country.
