ModernFi CUSO, a deposit network for credit unions, has joined forces with Tru Treasury, a provider of treasury services for credit unions, to drive credit union growth in business banking.
The partnership aims to offer transformative balance sheet management tools that will enhance credit unions’ ability to compete in the business banking sector.
Moreover, the collaboration will deliver a comprehensive suite of treasury management solutions for the credit union ecosystem, facilitating growth in deposits and member bases through high-value business accounts.
Both parties will empower credit unions with essential resources to handle the complexities of business banking.
ModernFi’s deposit network allows credit unions to offer accounts with extended NCUA insurance, a feature designed to attract and retain large deposits by providing a non-rate incentive.
Established in 2020, Tru Treasury provides treasury management solutions and consulting services. It brings strategic insights and advanced financial tools to the partnership.
The collaboration will also enable credit unions to enhance their treasury operations and broaden their business banking capabilities.
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 integration of ModernFi’s and Tru Treasury’s offerings provides a comprehensive suite of solutions previously unavailable to credit unions.
By combining their expertise, ModernFi and Tru Treasury aim to optimise financial operations for credit unions, attract and retain substantial deposits, and improve member services.
The partnership represents a significant step towards innovation and supports the mission of credit unions across the country.
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 with 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.”
