APCU/Center Parc Credit Union Selects Cotribute’s Digital Platform to Streamline Account Opening Process for Business Members
Credit union expands SMB portfolio with embedded account origination solution, provides tailored, more engaging experience for businesses
Cotribute today announced it has collaborated with APCU and Center Parc Credit Union (APCU/Center Parc) to launch an advanced, digital account opening solution designed specifically for small-to-medium sized businesses (SMB). The credit union has launched the commercial account opening module of Cotribute’s Digital Platform to simplify a traditionally complex process, provide business members with a more robust, engaging experience and mitigate risk by maintaining the credit union’s configured Know Your Business (KYB) thresholds.
APCU/Center Parc has nearly $2.5 billion in assets, over 105,000 members and operates thirteen branches across Georgia and North Carolina. The credit union is deploying Cotribute’s commercial account opening module to remove friction and provide businesses with a streamlined account opening process. The digital account opening platform is easily integrated with the credit union’s existing technology infrastructure, enabling the institution to efficiently grow deposits at scale, expand the brand within its geographical footprint and grow its portfolio of SMB members.
John Anderson, CLO, APCU/Center Parc Credit Union, said, “At APCU/Center Parc, we know a one-size-fits-all digital business banking experience isn’t going to meet the unique needs of businesses in our community. With Cotribute, we have the flexibility to select the capabilities we currently need, as well as the ability to adjust and configure the system to adapt to market changes. The streamlined applicant consent process combined with automated decisioning will be a game-changer for employees, enabling them to focus their time on building relationships with members instead of manually processing paperwork. This collaboration further demonstrates our unwavering commitment to providing businesses in our community with modern financial tools and services needed to be successful.”
Through the FIS Business Integration, APCU/Center Parc will unlock a myriad of benefits. APCU/Center Parc gains the capability to efficiently manage business accounts using Cotribute'sadvanced platform, marking a significant milestone in their collaboration. This technological synergy promises a multitude of advantages for APCU/Center Parc, including a seamless and digital account opening process that prioritizes member convenience and accessibility. The integration facilitates improved conversion rates for account opening, especially in the realm of Business Account Opening, thereby fueling APCU/Center Parc's growth and profitability. Additionally, by providing a comprehensive 360-degree view of applicant risk profiles, encompassing critical technology risk factors, the collaboration ensures robust risk management practices.
Leveraging Cotribute’s Digital Platform, APCU/Center Parc is able to provide businesses with a simplified account opening process, easy, instant funding options, automated KYB requirements, sophisticated fraud detection, as well as automated anti-money laundering (AML), identify verification, OFAC checks and Bank Secrecy Act (BSA) requirements. Additionally, the seamless integration with the Secretary of State filings site enhances security and compliance measures by validating entity information, addresses, and account holders. Leveraging advanced risk scoring capabilities related to entity information, APCU/Center Parc can make informed decisions and proactively mitigate risks. The streamlined applicant consent process minimizes friction and expedites application processing, while improved messaging between applicants and administrators, coupled with enhanced application decisioning workflow, promotes operational efficiency and enhances member satisfaction.
Philip Paul, CEO of Cotribute, said, “Cotribute is honored to collaborate with APCU/Center Parc to further accelerate its digital transformation journey and to deliver a best-in-class account opening experience for businesses. Our solution is unique in that it easily integrates with the credit union’s legacy technology infrastructure to extend its capabilities, while reducing risks and increasing productivity. We look forward to a fruitful collaboration built on mutual success.”