Financial credit

121 Financial Credit Union launches two new CUSOs


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121 Financial Credit Union, valued at $ 622 million, launched two new CUSOs this week.

The Jacksonville, Florida-based credit union partnered with Cupertino, California-based Acreto, a tech company specializing in virtual security, to form the CUSO named Qu-Secure.

“Our industry has needed a whole new security model for some time, not just another technology department that further fragments an already highly fragmented security network,” said Paul Blackstone, COO. by 121 Financial. “Qu-Secure solves this problem comprehensively while reducing other operational challenges that credit unions have faced for years. “

According to Qu-Secure, traditional layered security products create inconsistencies between networks, resulting in gaps that become easy targets for hackers. Additionally, the complexity of layered security products requires increasing human and financial resources to manage.

“Previous solutions have often become obsolete within a few years, forcing credit unions to continually reinvest in a myriad of solutions to solve ever-changing security challenges,” said Babak Pasdar, Founder and CEO of Acreto. “The model just didn’t work, but this new security model fills all of those gaps and helps credit unions exceed regulatory requirements.

Qu-Secure said it leverages the Secure Access Service Edge (SASE) model, which converges all network and security solutions into a single cloud service that enables credit unions of all sizes to quickly secure all assets. technological, no matter where they are. In an ever-changing regulatory environment, SASE also enables rapid compliance with industry regulations without requiring significant investments in additional technologies that may soon become obsolete, according to Qu-Secure.

121 Financial and its partners also announced another new CUSO named DAY11, which handles all operational aspects of the turnaround of assets such as repossessed cars, boats and RVs.

Using a centralized and centralized collection and recovery model, DAY11 said it helps credit unions save an average of $ 1,600 per vehicle by eliminating the need to pay expensive lot management, auction fees. and others.

CUSO’s auto industry experts also deliver a significantly above-average return per asset, which helps reduce loan losses and speed up the asset recovery process, according to DAY11.

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