GLASTONBURY, Conn.-Creative Arts Savings & Credit Union has chosen Open Solution's "The Complete Credit Union Solution" core data processing platform to address its enterprise-wide data processing needs. Creative Arts is a de novo credit union serving professional performers. The Toronto-based credit union was started in June and began operations a short time later after it raised $2.5 million in start-up capital.
For more info: www.opensolutions.com.
Models, data and workflow are all important, but proprietary workflows create a competitive edge.
The fintech's network lets banks and fintechs share results of KYC and KYB checks, known bad-actor lists and other customer information. A key use case: helping sponsor banks monitor their fintech partners' compliance with banking regulations.
The latest in a new breed of bank competitors is Zaria, a servicer of traditional and digital asset-backed loans for institutions, which has requested a national trust bank charter from the OCC.
A new Federal Reserve Bank of Boston report shows bank lending to private credit has grown over the past decade, though insight into the opaque lending market is limited.
Congress has little time to move on the CLARITY Act before it breaks for recess. But even that bill won't ensure the future for stablecoins.
Neither company would say how many patents the deal covers, whether either paid the other or whether USAA pressed its claims first.
