January 19, 2022
Constellation and Ciphertext Eliminate Payment Card Wait Time with Instant Digital Issuance
RALEIGH, N.C. – Jan. 19, 2022 – Constellation Digital Partners announced today that it will launch a new certified service to provide instant digital issuance with its platform deployment for CFCU Community Credit Union. This innovative solution, IssueDirect®, is enabled through the strategic partnership with New Jersey-based fintech, Ciphertext Solutions, Inc.
Ciphertext’s IssueDirect service will enable CFCU to instantly issue digital payment credentials to its members during account creation and reissuance, by offering prompt access to digital payments and significantly reducing the waiting period related to the card issuance process.
Vice President of Electronic Services Jennifer Carlton-Cooper said, “Giving our members the best possible experience is our goal. Ciphertext’s IssueDirect platform is a great way to enable us to further expand member convenience with additional future capabilities including issuing payment credentials directly to mobile wallets, Click to Pay, and card-on-file merchants. We can now tailor our services to meet members’ digital payment needs.”
“Our instant digital issuance solution leads the industry in speed, security, and scalability, eliminating the 7-14 day waiting period for members to receive their payment cards. Our partnership with Constellation will create a new standard and set the bar on how credit unions choose their digital banking platform provider,” said Walter Quiroga, Chief Executive Officer of Ciphertext Solutions.
Through Constellation and the roster of credit unions planning deployment, Ciphertext has the potential to reach and benefit more credit union members, versus issuing a separate, stand-alone application. Bringing innovation through strategic collaboration is a winning strategy for credit unions and fintechs, and ultimately delivers a better experience to members.
“Constellation’s value to provide more efficient development and exponentially faster fintech innovation deployment is realized with Ciphertext,” said David Lindner, SVP of Sales and Marketing. “All credit unions who deploy on our platform will have the capability to provide IssueDirect, with confidence of data security and integration.”
About Constellation Digital Partners, LLC
Constellation has created the first open development platform dedicated to credit union and fintech app development. This patented, secure, and flexible cloud-based ecosystem provides credit unions and innovative app developers the ideal platform to deliver safe, reliable, and next-generation digital financial service experiences. Credit unions now have the freedom to compete, innovate, and thrive in the financial services industry. First, by redefining what they offer, and second by delivering digital financial services in a way that places members squarely at the center of their business strategy. Visit www.constellation.coop to learn the latest innovations. Connect with Constellation on Twitter, Instagram (@ConstellationDP), Facebook and LinkedIn.
About Ciphertext Solutions, Inc.
Ciphertext Solutions is a financial technology company founded in 2016. Their flagship and patented product, IssueDirect, is the leading instant digital issuance and credential lifecycle management platform for Credit Unions (CU). Ciphertext’s digital-first platform is defining a new standard for CUs – by combining a digital self-service experience with real-time services. IssueDirect delivers all-digital credential features into the CUs digital banking platform through secure SDKs and APIs.
IssueDirect enhances every stage of the member experience and increases operational efficiencies for Credit Unions. Visit www.issuediect.com to learn more.
About CFCU Community Credit Union
CFCU Community Credit Union is a non-profit financial institution serving residents in Tompkins, Cortland, Seneca, Cayuga, and Ontario counties. CFCU hires local employees, appoints local volunteer board members, and supports local charities.
CFCU started as Cornell University’s credit union in 1953. Since then, it has proven itself as a leading financial institution of the Finger Lakes/Central New York region, growing to over $1.3 billion in assets with more than 200 employees serving over 70,000 members. The state-of-the-art Transformation Center allows members to experience the latest banking technologies, including Virtual Teller Machines (VTMs) with palm readers and interactive touch tables. A full suite of financial products and services, and the ability to serve individual members in their preferred method, CFCU is banking for THIS moment. For more information, visit mycfcu.com. CFCU is federally insured by the National Credit Union Administration.
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