Diamond Credit Union, an American financial institution operating as a full-service, community-chartered credit union, has selected Tyfone as its digital banking service provider.
Through the partnership, Diamond Credit Union will leverage Tyfone’s nFinia digital banking platform for commercial and retail account holders.
nFinia is a configurable, application programming interface (API)-powered commercial and retail banking platform.
Its open infrastructure will enable Diamond Credit Union to integrate with third-party retail and business applications to support the specific requirements of its members.
The digital banking platform’s configurability and ability is also expected to address the digital needs of its members and small- and medium-sized businesses (SMBs) in the credit union’s community.
Diamond Credit Union CEO Rick Patel said: “After a rigorous interview process and considering our future technology plans, we knew that Tyfone would be the right choice for our banking platform.
“At the end of the day, financial services are homogenous; it’s what can you do differently for your members and small businesses. We believe we will have a best-of-breed solution with Tyfone.”
Based in Pottstown, Pennsylvania, Diamond Credit Union has $1bn in assets. The community-chartered credit union caters to 66,000 members across Berks, Montgomery, Chester, and Bucks counties.
The bank was a long-time client of Cubus Solutions which was acquired by Tyfone last year.
Diamond Credit Union will also make use of Tyfone’s Skip-A-Pay and Quick Pay solutions. The two loan payment solutions will offer members financial relief and added convenience along with new streams of revenue for the credit union.
Skip-a-Pay is a fully automated loan payment deferral solution that helps members to control their loan payments. On the other hand, Quick Pay allows members to pay loans through various sources with or without logging in to Diamond Credit Union’s app.
Besides, the credit union plans to join Tyfone’s FedNow Instant Payment Xchange (IPX), which is an instant payments solution supporting account holders to send and receive money all days round the clock.
Tyfone CEO Siva Narendra said: “At Tyfone’s core is its dedication to improving financial wellness through innovation, and it is rewarding to work with credit unions like Diamond that are motivated towards the same goals.
“Partnering with Diamond to deploy our nFinia platform, Quick Pay and Skip-A-Pay solutions will help the credit union grow engagement and deposits, which is paramount in today’s competitive market.”
