Navy Federal partners with Zafin for multi-year core modernization initiative to drive performance and accelerate product innovation

/EIN News/ -- VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) -- Zafin, the leading provider of SaaS core modernization and transformation solutions for banks, announces today its partnership with Navy Federal Credit Union, the world’s largest credit union, to accelerate and de-risk a large core modernization and business transformation program that moves Navy Federal from a legacy mainframe core to a deconstructed, slim, cloud native, real-time banking core working in harmony with externalized product and pricing capabilities.

Adoption of the Zafin platform on top of a cloud native banking core, will enable Navy Federal to deliver value to existing members and attract new members and deposits through personalized offerings that meet their unique needs. Additionally, it will allow Navy Federal to reduce costs associated with new product launches and ongoing product and pricing management while optimizing performance and productivity as it continues to transition to a cloud native, real-time core.

"Today’s banking landscape requires member experience and member service wrapped around technology and data driven products and services. We are transforming our traditional business models and core system to meet the advancements in technology and innovation in the banking sector. Moving from a batch processing system to a real time core will help us take advantage of the world that is changing around us. Amidst this transformation, we are placing significant emphasis on the product and pricing layer. This layer serves as the epicenter of innovation, where new and tailored products, bundles, and offers are created to meet the diverse needs of our members. Partnering with industry leaders like Zafin to drive product and pricing innovation ensures that our offerings remain competitive and relevant in this dynamic landscape," said Sovan Shatpathy, Chief Technology Officer, Navy Federal Credit Union.

“We selected Zafin to help us as we work to externalize our products and pricing from the banking core. This will enable speed to market and lay the groundwork to offer seamless, personalized experiences at scale. Our partnership with Zafin reinforces our determination to future-proof our operations while maintaining exceptional service for our members,” stated Pete Amstutz, SVP Savings & Membership, Navy Federal Credit Union.

“Partnering with Navy Federal marks a significant milestone for Zafin. We recognize the magnitude of transformation underway at Navy Federal and are committed to supporting their journey towards delivering unparalleled product, offers and experiences to their rapidly expanding member base, while reinforcing their position as a leading banking institution in the US today,” stated Charbel Safadi, Group President, Zafin.

About the Zafin Platform:
Zafin’s enterprise SaaS platform ensures maximum uptime and uncompromised security, powering banks as they embark on their modernization and transformation journey. Banks that choose Zafin unlock untapped capabilities from existing data to drive sustainable revenue growth, increase profitability, reduce risk, and enhance customer experiences. Learn more about the Zafin platform.

About Navy Federal Credit Union:
Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving more than 13 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 24,000 and has a global network of 355 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.

About Zafin:
Founded in 2002, Zafin is a leading provider of SaaS core modernization and transformation solutions offering an integrated platform and capabilities that simplify operations and enable increased revenue, profitability, and enhanced customer experiences for top banks worldwide. Our platform enables business users to work collaboratively to design and manage pricing, products, and packages, while technologists streamline core banking systems. 

With Zafin, banks accelerate time to market for new products and offers while lowering the cost of change and achieving tangible business and risk outcomes. The Zafin platform increases business agility while enabling personalized pricing and dynamic responses to evolving customer and market needs. 

Zafin is headquartered in Vancouver, Canada, with offices and customers around the globe including ING, CIBC, HSBC, Wells Fargo, PNC, and ANZ. For more information go to www.zafin.com.

Media Contacts:
Uproar PR for Zafin
zafin@uproarpr.com