North Carolina-based Coastal Federal Credit Union and eight partners have unveiled Constellation Digital Partners – an organisation offering the “first and only” suite of digital financial services dedicated solely to credit unions.

The creation of the firm and its platform is the result of a three-year long R&D effort, which culminated in the filing of a patent in November 2015. Now, Constellation is building out its cloud-based marketplace and platform that will allow credit unions and members to “choose which services to use inside of a secure banking experience”.

Kristopher Kovacs, Constellation’s founder and Coastal Federal CU’s chief information officer, says “despite a recent boom of potential financial technology partners, credit unions cannot access them because of the legacy structure of credit union relationships with current digital banking providers”.

To date, Coastal Federal CU and eight others, spanning the US and totalling $12 billion in assets, have committed to investing in the platform.

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