|Abstract or Summary
- A financial processor is the most important component of a credit union‘s IT infrastructure. A database storing member demographic information, account balances, and transaction history, it performs financial calculations, such as interest, dividends, and maturities. It also provides a user interface, allowing tellers and financial service representatives to manage accounts and record transactions. Unfortunately for credit unions, the bargaining power of the financial processor vendors is significant. Commercial financial processors are extremely expensive systems with long-term contracts. Dwindling competition, a lack of innovation, and a substantial barrier to entry characterize the stagnant financial processor market. Our team determined that open source would be an effective development methodology, as well as business model, to develop a new financial processor. Using secure, powerful technologies and frameworks, we were able to design an innovative, modern architecture that meets the business requirements of credit unions better. Our web-based user interface also reflects the internet-driven paradigm with which employees are already comfortable, a dramatic shift from the outdated UI patterns and poor learnability associated with existing financial processors. Our team will continue searching for credit unions interested in forming the community to finish the development and testing necessary for the system to be ready for production use.