Providence Federal Credit Union has formed a credit union service organization that will focus on fintech.
The Milwaukie, Ore.-based institution said on Wednesday that the CUSO, PFCU Technology Solutions, will design and maintain mobile applications for credit unions. The CUSO also plans to expand into a subscription model should demand for its service grow.
“There is a significant technology deficit for credit unions due to most third-party software developers are unable to provide the solutions needed,” Shirley Cate, Providence’s president and CEO, said in a statement.
The CUSO will do business under the name CU APPS. The credit union’s chief operating officer, Brett Wooden, will serve as CEO of the venture.
Apps produced by the CUSO will be available on Apple iOS and Google Android.
The $138 million-assets Providence posted net income of about $905,000 in 2018, a 4.4 percent increase over the prior year.
