Cache Valley Bank has selected fintech Finastra for its core banking and digital banking offerings. 

The Logan, Utah-based bank will use the tech provider’s core banking platform, Fusion Phoenix, and its mobile banking platform, Fusion Digital Banking, for commercial and retail banking clients, according to a May 16 release from Finastra.

Cache Valley Bank has been working with Finastra for more than two decades and “this expansion supports the bank’s strategic vision to migrate all on-premises software to the cloud, improve operational efficiencies, and deliver an enhanced customer experience for businesses and consumers,” Swathy Parthasarathy, chief operating officer of universal banking at Finastra, told BAN. 

The $2.9 billion bank will also use the following Finastra solutions: 

• Fusion Analytics; 
• Enterprise Content Management; 
• Item Processing; and 
• Rapid Wires. 

“Finastra’s digital banking solutions are cloud-based, and are designed to offer flexibility, scalability, and enhanced security,” Parthasarathy said. 

OUCU Financial Credit Union taps Tyfone platform 

OUCU Financial Credit Union has selected Tyfone’s nFinia digital banking solution to boost the digital experience for its members, according to Tyfone’s May 21 release. 

 “nFinia is a cloud-deployed solution with API integration to the core banking system and other major third parties,” Marcell King, chief commercial officer at Tyfone, told BAN. OUCU Financial hopes to have nFinia implemented within about 12 months.  

Jean Blair, vice president of information technology at OUCU Financial, told BAN the $483 million OUCU Financial will also use the following Tyfone’s solutions for better customer experience: 

• Skip-a-Pay; 
• Quick Pay; and 
• eStatements services. 

The digital banking experience will be rolled out for both retail and commercial clients, Blair said, adding that they have different needs and requirements. 

“Our members are seeking enhanced digital banking services that provide convenience and efficiency,” Blair said. “Our business members require advanced digital banking solutions tailored to their unique needs.” 

OUCU Financial also plans on joining the FedNow payments network this year through Tyfone and plans on rolling out AI-driven chatbots for its customers, Blair said. 

“Community FIs are increasingly tying more of their strategic objectives to digital experiences,” King told BAN. “Many smaller institutions are deploying more advanced technology in specific niche areas closely aligned to the value proposition they offer their consumer base that often puts them ahead of the competition in terms of technology.” 

Digital engagement solutions, digital instant payments and digital back-office automation tools are some of Tyfone’s tools that are in highest demand, King said. 

Dwolla joins forces with Visa for pay-by-bank solution 

Account-to-account payment solutions provider Dwolla has teamed up with Visa to provide pay-by-bank capabilities to its customers. 

The solution will allow small and mid-sized companies to make and receive payments directly through their bank accounts, according to a May 16 Dwolla release. 

Visa’s open banking infrastructure will allow Dwolla customers to check balances before making a payment along with instantly verifying account ownership, the release stated. 

Dwolla aims to be at the forefront of open banking innovation and adoption in the U.S., and teaming up with Visa enables it to do so, Skyler Nesheim, Dwolla’s chief technology officer, told BAN. 

“The CFPB recently issued a proposed rule regarding personal financial data rights, which we think will advance adoption of open banking in the U.S.,” Nesheim, said. “With more regulatory frameworks being issued, we see this as a positive step that will encourage technology and information to be shared more freely, ultimately improving the overall user experience.” 

Dwolla has integrated Visa’s Open Banking Solutions into its API to reduce complexity and ensure a smoother implementation process for businesses and help reduce time to market for a pay-by-bank solution for businesses, Nesheim said. 

While open banking rules are not finalized, Dwolla is developing open banking products by embracing industry best practices like secure data sharing and customer-centric design, guided by principles outlined in policies such as Dodd-Frank Section 1033, Nesheim said. 

“We’ve designed our products to remain flexible and adaptable to incorporate any new regulatory requirements into our solutions as they evolve,” Nesheim said. 

Dwolla processed more than $50 billion in payments in 2023 and can help customers save nearly 92% of payments processing fee compared to checks and manual ACH, Nesheim said. 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.