October 19th 2009

Credit Unions To Invest In The Next Generation

Credit Uuions to Invest

The Irish League of Credit Unions (ILCU) and Interfusion Networks today (Monday 19th October 2009) signed a deal to deploy a new, private and secure Wide Area Network communications infrastructure to the Credit Union Movement in Ireland.

The next-generation Multi Protocol Label Switching (MPLS) network will offer secure connectivity to credit unions, sub offices and 3rd party service providers throughout the Republic and Northern Ireland. The ILCUnet, requested by the Credit Unions and made possible with Interfusion Networks technology, provides the core backbone upon which services desired by Credit Unions of all sizes may be effectively and efficiently delivered. 

Earlier this year the ILCU commissioned independent agency Amárach Research to survey 1,200 adults throughout Ireland to gain insight into members’ and non-members’ views of current Credit Union services, and their willingness to use additional financial services if they were provided by Credit Unions.

Jimmy Johnstone, Vice-President of the ILCU and Chairperson of the National Technology Committee, said of the Amárach Research report, “The detail within the report clearly indicates that Credit Unions are pillars of the community, have members’ best interests at heart, and can be trusted. Member satisfaction with their credit union is extraordinarily high as Credit Unions have friendly staff, provide a good service, and are seen as helpful, safe, secure and trustworthy.  Members and non members alike would like to use credit unions for more of their financial needs as there is very strong interest in Insurance products, current accounts, debit cards, ATM’s, laser cards, pensions, receipt of government payments and online banking.”

Commenting on the ILCUnet agreement with Interfusion Networks, ILCU CEO Kieron Brennan stated: “Credit Unions will now have a common, secure, Credit Union owned communications platform which will serve as the foundation for credit unions to continue to work with their own IT Supplier to develop and offer many new services to their members.  With membership increasing every day, now is the time for us to take advantage of economies of scale, and leverage technology to offer the financial products and services members throughout the Credit Union Movement want.”

The ILCU represents 505 Credit Unions throughout the island of Ireland. Credit Unions in Ireland today support 2.9 million credit union members with savings approaching €11.9 billion.

“We are looking forward to building and managing ILCUnet across the 32 counties, and again this contract confirms Interfusion as the leading challenger in the Business markets to the traditional Telecoms operators”. Steve Mac Nicholas Managing Director of Interfusion Networks goes on to describe the company as “a specialist telecoms provider in the provision of MPLS based Wide Area Network solutions for the Business and Government markets using a range of access technologies”.

The company has previously been awarded Best Network Infrastructure in the ICT awards and also have been listed in the Deloitte Technology Fast 50 and the European Fast 500 in 2006, 2007, 2008 & 2009.

If you have any queries, please contact Sharon Kearns, Irish League of Credit Unions on +353 1 614 6765.

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