Verity Credit Union Achieves Record Adoption with Mobile Banking

SAN FRANCISCO, Aug. 2, 2011 /PRNewswire/ -- mFoundry, the fastest-growing mobile banking company in the U.S., announced Verity Credit Union as a customer of its service-based mobile banking platform. Verity Credit Union is the latest credit union to deploy its mBanking solution.

"We were looking for a partner that could deploy mobile banking for us without an arduous on-premise exercise," said Shari Storm, Chief Marketing Officer, Verity Credit Union. "mFoundry's excellent deployment track record and their ability to work with our existing online and core processing systems were key factors in our decision process."

Verity Credit Union's Mobile Banking gives members access to their finances from virtually any mobile device, supporting mobile Web, text and native applications (including Apple iPhone, Google Android, and RIM BlackBerry devices). By providing members with more access options, Verity has been able to accelerate mobile banking adoption.

"We burst through 6% mobile banking adoption of our online banking base within three months of launch," said Storm. "This adoption exceeded our initial expectations, and in many ways, has been our most successful product launch to date. Mobile banking is certainly one of our most important initiatives at this time."

mFoundry has experienced a steady increase in demand from credit unions for its mobile banking platform, as credit unions like Verity look to use mobile banking as a competitive advantage for attracting and retaining members.

"Larger financial institutions are under pressure to replace lost fee revenue – you can expect to see fees increase and freebies go away," said Drew Sievers, co-founder and CEO, mFoundry. "This gives consumers more reason to switch to a credit union like Verity – and a superior mobile banking offering is icing on the cake."

Verity is one of nearly 100 credit unions to select mFoundry for mobile banking over the past year, signaling a trend in more credit unions wanting to provide their members with mobile options. It also reinforces mFoundry's position as the mobile banking solution of choice for banks and credit unions of any size, including large credit unions like Verity CU. Nearly 500 financial institutions have selected mFoundry's mobile banking solution to date.

For more information on Verity Credit Union's mobile banking solution or to enroll online, please visit: http://m.veritycu.com.

About Verity Credit Union

Verity Credit Union has been a member-owned financial institution since 1933, committed to providing a full range of cost-effective products and services for our members.

Verity CU has assets of over $360 million and over 25,000 members. Verity Membership Eligibility is extended to anyone that lives, works, worships or goes to school in the State of Washington, as well as family members of an existing member. Verity continues to serve federal and military employees, current and retired, and their extended families in 16 Washington counties. For more information on Verity Credit Union, please visit: http://www.veritycu.com.

About mFoundry

mFoundry is the most popular mobile banking solution in the U.S., currently the choice of nearly 500 banks and credit unions nationwide, covering more than 5 million mobile banking users. mFoundry's mBanking product is the leading software-as-a-service (SaaS) mobile banking solution in the market today.

mFoundry also has one of the most extensive partner networks of all mobile banking vendors, including FIS Global, Open Solutions, COCC, PSCU, NCR, CO-OP and First Data Corporation.

mFoundry was founded in 2004 by Drew Sievers and Rodney Aiglstorfer. The company is headquartered in Larkspur, California, with additional offices in downtown San Francisco. For more information on mFoundry, please visit http://www.mfoundry.com.

SOURCE mFoundry

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