In May 2017, the National Confederation of Cooperatives (NATCCO), supported by Software Group and Temenos, launched the Kaya Payment Platform, a cloud-based payment service, during its 40th Anniversary in Manila, Philippines. The platform is based on Software Group’s UnderTree Suite and the MicroBanking Suite delivered by Temenos and it is running on the Microsoft Azure cloud. The initiative is a partnership among NATCCO, the Association of Asian Confederation of Credit Unions (ACCU), and the Philippine Federation of Credit Cooperatives (PFCCO-Visayas).
With the completion of the first two phases of the project, the following features are already available: teller interface for facilitating payment and fund transfer transactions, mobile banking, bulk payments and reports. The next stage of the project will include implementing of ATM and POS, Card Management, Device Monitoring, as well as several integrations with the ATM consortium BancNet, ECPay and remittances.
The project will enable credit unions to expand the range of services available to their individual members, generate additional revenue and increase member share value. Five member coops of NATCCO and one coop for PFCCO-Visayas have already signed up for the platform and they will start the on boarding process for individual members. During the Manila event, at least 15 other coops have signified interest to participate this year. By the end of the year the plan of the organization is to onboard 40 cooperatives.
The initiative is part of the regional strategy of the Asian Confederation of Credit Unions (ACCU) to modernize the credit union sector through developing common payments platforms for credit unions.
The Association of Asian Confederation of Credit Unions (ACCU) is a regional member-based organization of credit unions and cooperatives in Asia. The ACCU plays a vital role in regional credit union development and leadership. Currently, the association serves nearly 22,000 credit unions, with 38.1 million individual members in 26 countries in the region along with 34 affiliates promoting credit unions in Asia. ACCU is affiliated with the World Council of Credit Unions (WOCCU).