SWBC, an international financial services company providing a wide range of insurance, mortgage and investment services to individuals, business and financial institutions, announced that its financial institution group is partnering with CU Direct, a leading provider of lending technology solutions to credit unions. This partnership enables credit unions to offer members a simplified way to transfer money between accounts.
CU Direct’s Lending 360 loan origination system (LOS) can initiate a secure call to SWBC’s payment technology API any time a credit union member needs to fund a new account from another account with a different financial institution. SWBC’s technology then obtains approval on the debit or credit card and facilitates the settlement.
Lending 360 enables credit unions to improve the processes associated with originating, underwriting and funding both new account and loan applications. The LOS offers dynamic features that streamline the entire loan application process, giving credit unions the ability to greatly enhance staff efficiency and the member experience.
“We are committed to helping credit unions speed up new account opening, allowing them to then focus on sales and service as opposed to process,” said Paul Kirkbride, senior vice president of credit union solutions at CU Direct. “With that mind, we’re excited to work with SWBC to provide our credit unions with payment technology API, which will improve the overall member experience.”
“The core business of our payment technology is to provide our clients with an easy way to facilitate loan payments from one financial institution account to another,” said Jason O’Brien, senior vice president of payments at SWBC financial institution group. “Our partnership with CU Direct, using their Lending 360 LOS, allows us to expand this offering to include funding for opening new accounts.”