Change Financial signs Unity Credit Union, continuing growth trajectory in the card payments market

Change Financial, a leading ASX-listed Australian payments fintech, has signed a new Payments as a Service (PaaS) contract with Unity Credit Union, one of the largest credit unions in New Zealand, to provide direct issuing, processing and card management solutions via its Vertexon platform.​

Change has commenced the onboarding process, with Unity expecting to have approximately 20,000 debit cards, in circulation by December.  ​

Change Financial CEO, Tony Sheehan said, “It’s great to see a large and well-respected credit union like Unity choose Change Financial in New Zealand for fast, reliable, and seamless consumer card solutions. We have made significant investment in our platform and like our other financial institution clients in New Zealand, Unity is making the switch to Change to take advantage of advanced features and services that allow them to deliver superior payments experiences to their customers.​

“We now have a significant presence in the New Zealand market with our platform servicing the two largest credit unions.”​

“With our Vertexon platform fully operational, it is highly encouraging to secure another significant client as we build scale and momentum,” Sheehan said.​

Unity will use Change partner Finzsoft Solutions as their core banking platform provider, so given these synergies the development work for the onboarding process has already substantially been completed, creating immediate efficiencies for all parties. The addition of another credit union to Change’s suite of customers throughout the New Zealand market is further recognition of the strong partnership and combined value offering of Change and Finzsoft.​

Unity Credit Union CFO and acting CEO, Bruce Morrin, said, “Change’s product and service offering will enable us to improve the payments experience for our customers. From being able to offer enhanced features such as Apple Pay and Google Pay, to having superior controls that reduce fraud and other operational costs, we can provide modern card features that rival the major banks, a significant and unique value proposition for non-bank financial institutions like us.”

Change Financial has now secured the two largest credit unions in New Zealand as Vertexon PaaS clients in addition to several other New Zealand financial institutions and fintechs. Once the migration with Unity is complete, it will take the total number of account holders serviced via the Vertexon platform within New Zealand to over 65,000.​

Sheehan added, “Change Financial is continuing to expand its presence within the New Zealand market, which comes at a time when it is still quite difficult for smaller to medium sized New Zealand businesses to access consumer card programs, beyond those offered by major banks. By addressing this gap in the market, we will continue to build our presence whilst also improving the payments experience for consumers.”