RALEIGH, N.C. – MEMBERS Development Company, a CUSO that facilitates collaborative R&D for 50+ large credit unions, is teaming up with Constellation Digital Partners, LLC, which has become an MDC Strategic Partner and will develop and execute various initiatives born in the MDC innovation lab. Launched in May 2017, Constellation was conceived through MDC’s common integration framework project and brought to fruition by Kristopher Kovacs, Constellation’s Founder, CEO and former Coastal Credit Union CIO, and Chuck Purvis, MDC’s Board Chairman and President/CEO of Coastal Credit Union.
Constellation is a secure, open-development platform designed exclusively for credit unions, allowing them and fintech developers to access a marketplace and complete suite of financial services. In April 2017, the CUSO won first place in “The Next Big Idea Competition” at the Annual Network Conference for the National Association of Credit Union Service Organizations.
Jeff Kline, MDC’s Chief Executive Officer, says he’s thrilled to see another credit union-centric company arise from a collaborative start.
“Most of Constellation’s founding credit unions are also owners of MDC and this is exactly the type of successful collaboration that is at the heart of our mission,” Kline said. “When credit unions’ legacy systems created barriers to easy implementation of digital solutions to meet members’ expectations for financial services, Kris, Chuck and other owner credit unions developed the perfect solution. It’s exciting to have Constellation as a Strategic Partner.”
Kris Kovacs, Constellation’s Founder and CEO, says participation in MDC’s Innovation Councils and interaction with other credit unions at its semiannual owner meetings led to the new CUSO’s creation.
“Credit unions’ legacy solutions have made it challenging for them to keep up with members’ desires to utilize mobile banking effectively,” Kovacs said. “Constellation is redefining what credit unions can offer their members. With the recent launch of our first software implementation, Aquarius, we are now one step closer to offering digital banking and financial services for credit unions and members everywhere. Our patented technology allows us to quickly build prototypes, perfect them, and offer members the excellent service delivery they expect from their credit unions.”
Along with Coastal Credit Union, Constellation’s owners in common with MDC include Affinity FCU in Basking Ridge, N.J.; Farmers Insurance FCU in Los Angeles; Georgia’s Own CU in Atlanta; Kinecta Credit Union in Manhattan Beach, Calif.; Meritrust CU in Wichita, Kan.; and Teachers CU in South Bend, as well as CO-OP Financial Services and CUNA Mutual Group. CU Solutions Group, CFCU Community CU and Nusenda CU in Albuquerque, N.M., are also Constellation owners.
ABOUT MEMBERS DEVELOPMENT COMPANY
MEMBERS Development Company (www.membersdevelopment.com) is the million-dollar R&D budget for more than 50 progressive credit unions and partners. We look for the ideas our owners have missed while doing their jobs all day. We celebrate new discoveries. We ask the hard questions: “Why have you always done things THAT way? What does the bigger picture say?” While credit unions are busy running the business and putting out fires, MDC is watching the horizon. Put simply: MDC believes in research driven BY our owners FOR our owners, and the power of partnership.
About Constellation Digital Partners, LLC
Constellation is developing a patented, 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.
