Press Releases

Affinity Federal Credit Union and Industry Partners Launch New Digital Services Company

Basking Ridge, N.J. (June 6, 2017) –  Affinity Federal Credit Union and six other partners have announced the formation of Constellation Digital Partners, LLC, a credit union service organization (CUSO), designed to revolutionize the way credit unions develop and integrate new online services.

The company’s initial product will be a groundbreaking new Digital Services Platform. This will be a first of its kind, cloud-based, financial services marketplace and associated app that will allow credit unions and members to customize their experience by choosing which services to use inside of a secure digital banking system.

Constellation was born out of the need for credit unions to remain relevant by being nimble in adopting the latest, greatest digital banking technology, and by developing new, convenient services to deliver to members across the industry at a rapid pace. Traditionally, online and mobile banking integration is often painfully slow, and adding new services to existing systems is expensive. Constellation provides a platform that solves these problems with an “Integrate Once, Innovate Often” model that will allow credit unions to keep up with, and even lead in, the latest fintech advancements.

“Affinity’s partnership with Constellation showcases our commitment to be ever vigilant of the latest available technologies in order to provide our members with the most unique and beneficial services,” said John T. Fenton, president and CEO of Affinity Federal Credit Union. “Constellation’s services will ensure that we continue to quickly and effectively deliver new capabilities to our members, ultimately improving their financial lives.”
 
The Digital Services Platform works by integrating directly with credit unions’ core systems, and then credit unions and their service providers can create an endless number of services that integrate into the platform. It allows for a greater variety of services, with much faster rollout times. Essentially, once a service is available to the platform, it becomes available to all credit unions that are Constellation clients.

The company is off to a strong start, already securing a patent for the technology behind the digital service platform. In April, it won first place in the National Association of Credit Union Service Organizations’ Next Big Idea competition. In addition, five service provider partners are already on board: Telrock, Connect Financial Software Solutions, Obloco, Corporate One Federal Credit Union and Insuritas.

Constellation is continuing to offer investment opportunities to make ownership of the platform more accessible for a variety of credit unions. The first version of Constellation is slated to launch in the fourth fiscal quarter of this year. Interested credit unions, investors, developers and service providers who would like to get involved, can visit www.constellation.coop to learn more.

Constellation is based in Raleigh, N.C. and will be initially housed at Coastal Credit Union’s headquarters. Coastal’s Chief Information Officer, Kris Kovacs, will serve as Constellation’s interim CEO.

About Affinity Federal Credit Union

Affinity Federal Credit Union is the largest credit union headquartered in New Jersey. Currently, Affinity has over 135,000 active members and assets approximating $2.8 billion. We have thousands of businesses, associations and clubs that make up the organizations that comprise the Affinity family. Affinity members have access to a network of over 5,000-shared branches and nearly 30,000 surcharge-free ATMs nationwide. The credit union is a member-owned, not-for-profit, full-service financial institution that has been offering superior financial services for consumers and businesses with a member-oriented focus since 1935. Affinity’s consumer banking services include a full suite of deposit products, mobile and online banking, auto, real estate, education and personal loans. Affinity offers a comprehensive set of products and services to support its business members, offering better rates and lower fees than most banks. Whether it is a new venture or a well-established organization, Affinity has the right products and services for each stage of business. Federally insured by NCUA. For more information, please visit www.affinityfcu.com and follow us on Facebook (AffinityFCU) and Twitter (@AffinityFCU).  

For additional information about Affinity Federal Credit Union, or to speak with an executive from the company, contact Anjelica Sena of Stern Strategy Group at amsena@sternstrategy.com or 908-276-4344.


About Constellation Digital Partners, LLC:

Coastal Credit Union and six credit union partners are developing a secure and flexible cloud-based marketplace that enables upper to mid-tier credit unions and innovative app developers to provide safe, reliable, and next-generation digital financial service experiences while giving the freedom to compete, innovate, and thrive in the financial services industry. Constellation will redefine what credit unions offer, delivering digital financial services in a way that enables them to place members at the center of their business strategy. Visit www.constellation.coop to learn more.

Constellation media contact: Liza Deckelbaum, 919-645-0782, lizad@thestoneagency.com

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