Collaborative Banking Innovator Asa Partners with Pyramid Federal Credit Union

https://finovate.com/collaborative-banking-innovator-asa-partners-with-pyramid-federal-credit-union/
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  • Provo, Utah-based fintech Asa announced a partnership with Pyramid Federal Credit Union.
  • Asa will use its collaborative banking approach to enable Pyramid FCU to expand its offerings via connections with customer-facing fintechs.
  • Asa made its Finovate debut last September at FinovateFall 2021.

Pyramid Federal Credit Union, a Tucson, Arizona-based financial institution with $168 million in assets, has selected Asa to enhance the customer experience for its more than 17,000 members. Asa specializes in connecting financial institutions with customer-facing fintechs via a secure, compliant, and easy-to-implement marketplace. The company helps credit unions, as well as community and regional banks, leverage what it calls “collaborative banking” to innovate faster and provide the most modern customer experience possible.

Pyramid FCU CEO Ray Lancaster underscored the challenge that smaller financial institutions face when it comes to providing their customers and members with the kind of up-to-date digital experience they are accustomed to in other areas of their lives. “As a community institution, it can be challenging to keep up with the rapid rate that technology and member expectations change,” Lancaster explained. “Asa and the collaborative banking model help solve for this pain point, providing members with fast and easy access to the apps and tools they want to try, all without having to share any sensitive information. This allows us to nimbly innovate without being bogged down with cumbersome one-to-one vendor due diligence, carving out a strong competitive advantage.”

The partnership with Asa will enable Pyramid FCU to connect to a community of fintechs courtesy of Asa’s digital rails, which will allow Pyramid FCU to provide its customers with a range of new innovations and capabilities. The collaboration will ensure that member data is tokenized, normalized, and anonymized before being shared with any connected fintechs in order to remove both liability and risk.

“By embracing the collaborative banking model, Pyramid FCU is improving the member experience and empowering them with unprecedented choice, all while removing much of the liability and risk that has traditionally hindered credit union-fintech partnerships,” Asa founder and CEO Landon Glenn said.

Founded in 2019 and headquartered in Provo, Utah, Asa made its Finovate debut last year at FinovateFall 2021. At the event, we had the opportunity to talk with Asa’s Head of Fintech Relationships Ryan Ruff about the challenges of creating successful partnerships between financial institutions and fintechs and how Asa can help facilitate these partnerships.

Asa has raised $1.8 million in funding courtesy of an August 2021 seed round led by CFV Ventures.


Photo by Bilel Naili

https://finovate.com/collaborative-banking-innovator-asa-partners-with-pyramid-federal-credit-union/