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Initiate Systems' Master Data Services Picked by Vancity Credit Union
 TMCnet Contributing Editor
Initiate Systems ( News - Alert) Canada, a subsidiary of Initiate Systems, announced that its Initiate Master Data Service software has been selected by Vancouver City Savings Credit Union (Vancity) to deliver a comprehensive view of membership across its lines of business.
Vancity, Canada’s largest credit union, is deploying three of the software solutions and capabilities from Initiate Master Data Service platform to help execute regulatory compliance programs, support marketing initiatives, aid financial accuracy and enhance the quality of their members’ service experience.
Vancity deploys Initiate Consumer for rapid, accurate identification of credit union members. Initiate Organization, another solution from Initiate Systems, helps Vancity to integrate customer and credit union hierarchy data from multiple sources. The third service, Initiate Householding, rapidly links data by company name and member name, with an extended functionality to identify and link members of a household.
Banks and credit unions deal with diverse information across multiple product offerings. Hence, offering data quality and achieving a comprehensive view of members have been difficult, noted Tom Haksi, chief information officer of Vancity and chief executive officer of Inventure Solutions, a wholly owned information technology subsidiary of Vancity.
Vancity has more than $14 billion worth assets and approximately 400,000 members. It has got nearly 60 branches in western Canada. Vancity also owns Citizens Bank of Canada, serving members across the country by telephone, ATM and the Internet.
“With Initiate Master Data Service software, we expect to accurately identify Vancity members in a timely fashion and also are confident about the integrity of the data,” said Haksi, in a statement. “The data and the inter-relationships of that information remain consistent between systems and across our credit union’s business lines and product offerings. We will unlock the value of our data assets.”
Initiate Systems, a provider of master data management (MDM) software, provides organizations with complete, accurate and real-time views of data spread across multiple systems or databases, even outside the firewall, the company said.
“We are honored that one of Canada’s pre-eminent financial institutions has chosen Initiative Systems to help improve its business and its relationships with members,” said Bill Conroy, Initiate’s president and CEO, in a statement. “Vancity evaluated several strong MDM solutions providers, and we are proud to have been chosen as the best among them.”
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Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.
Edited by Mae Kowalke
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