Strencom to provide cloud, connectivity services to 140 credit unions
Service provider brings secure data protection to small branches after slate of mergers and acquisitions
22 February 2019 | 0
Strencom has signed cloud and connectivity deals totalling €2 million with 140 credit union branches across Ireland. The agreements will see Strencom host the credit unions’ valuable financial data and connect credit unions with multiple branches.
The deals will also support the current wave of mergers and qcquisitions (M&A) activity in the credit union sector. As smaller credit unions continue to join forces with larger entities, Strencom’s solution provides scalable connectivity that can be adapted for multi-branch credit unions.
Strencom now provides services to credit unions including Tipperary CU, Drogheda CU, Croí Laighean CU, Mullingar CU, Tower CU, Ballygall CU, Member First CU, First Choice CU, Thurles CU, Health Services Staffs CU and Mallow CU.
Tim Murphy, CEO, Strencom, said: “Data security is absolutely crucial in the financial services sector, and we are confident that our solution provides Ireland’s credit unions and their customers with the best protection. All of our services are provided over a secure private network, with 24/7 monitoring, so members’ information is iron-clad.
“There has been a lot of M&A activity in the credit union sector recently. Smaller credit unions often don’t have the resources to implement the necessary IT infrastructure, regulation and compliance requirements that are now part of Central Bank regulation. They need to be part of a bigger entity to survive and this announcement today will support that.