| Bishopstown Credit Union Live With Central Credit Register

Strategic Information Technology and Bishopstown Credit Union Meet Financial Regulatory Deadline and Connect with the Central Credit Register

DUBLIN, Ireland — January 16, 2018

Strategic Information Technology Ltd. (SIT) announced today that its client Bishopstown Credit Union is now connected with the Central Credit Register (CCR). By connecting Bishopstown Credit Union with the CCR, SIT has ensured that the Credit Union can share information on personal loans with the country’s Central Bank. This exchange of information is in accordance with the European Union and the International Monetary Fund’s (IMF’s) Programme of Financial Support for Ireland. The collection and transfer of personal loan information is also intended to help lenders, consumers, and the Central Bank safeguard against financial instability, allowing lenders to get detailed information on a consumer’s credit history before making decisions on loan applications.

“It is great to have an IT partner that is aware of our regulatory requirements and who continually strives to meet them,” said Danny O’Donoghue, IT manager for Bishopstown Credit Union. “Preparing for the CCR live processing was an intensive effort involving historic data cleansing and familiarisation with the standards and regulations of the newly formed Central Credit Register.”

Bishopstown Credit Union connected with the Central Credit Register through Portfolio Plus, Strategic Information Technology’s software platform, which has been in production in Bishopstown Credit Union since 2006. Portfolio Plus features underlying technology that has allowed Bishopstown Credit Union to quickly adapt to and accommodate numerous regulatory changes in that time.

“Strategic Information Technology has the people and experience to ensure Bishopstown Credit Union continues to meet the requirements of our members and our regulatory authorities,” O’Donoghue continued. “The Portfolio Plus system continues to exceed expectations.”

“This was a great opportunity to showcase how Portfolio Plus can adapt to regulatory change,” said Chris Buck, President and CEO of Strategic Information Technology. “Our technology changes when the financial industry and the regulatory landscape requires change. And having a flexible platform like that is more important than ever for Credit Unions in Ireland,” Buck said. “We’re very pleased with how quickly we were able to make this happen for Bishopstown.”

In addition to its proven ability to adapt to regulations and connect one of Ireland’s largest Credit Unions with the Central Credit Register, Portfolio Plus credit union software provides Credit Unions in Ireland with complete retail and investment solutions, along with the ability to connect with industry partners and networks.

Strategic Information Technology’s complete range of financial services solutions are designed to connect the Ireland financial services industry using innovative FinTech solutions.

About Strategic Information Technology Ltd.

Strategic Information Technology Ltd. provides leading financial software solutions and services to credit unions in Ireland and has customers in the UK, the Caribbean, and Canada. With offices in Dublin, Ireland and Ontario, Canada, SIT's software and services connect financial institutions with customers and partners using innovative technologies.

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About Bishopstown Credit Union.

Bishopstown Credit Union is committed to providing a broad range of innovative financial products supported by the excellent service of a dedicated staff. It is a local, mutual, non-for-profit financial institution that specializes in providing savings, loans, and insurance products to its members.

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This page was created or refreshed on October 15, 2018 @ 12:07:20
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
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