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Strencom signs €2M in financial data deals with credit unions

Dublin, 21st February 2019

Strencom, the Irish managed connectivity and cloud computing provider, today announces that it has signed cloud and connectivity deals totalling €2 million with 140 credit union brancheacross Ireland. The agreements will see Strencom host the credit unions’ valuable financial data and connect credit unions with multiple branches. 

Strencom’s bespoke connectivity and secure cloud hosting platform is specifically designed for financial services and will provide secure, fast and reliable service to credit unions with assets in excess of €8 billion. The platform will ensure additional security for credit union members, hosting their sensitive financial and personal data in Strencom’s primary Irish-based data centre, as well as being backed up in a secondary Irish-based data centre. 

The deals will also support the current wave of M&A activity in the credit union sector. As smaller credit unions continue to join forces with larger entities, Strencom’s solution provides scalable connectivity that can be adapted for multi-branch credit unions.  

Strencom builds the majority of its credit union networks using fibre gigabit technology, with fully resilient backup connections from a number of providers, which connect to Strencom’s Intelligent Core and are monitored 24/7 by its Network Operations Centre (NOC). The company’s network is also future-proofed to manage speeds of up to 10Gb, once they become available in the relevant areas. 

Strencom now provides services to credit unions including Tipperary CU, Drogheda CU, Croí Laighean CU, Mullingar CU, Tower CU, Ballygall CU, Member First CU, First Choice CU, Thurles CU, Health Services Staffs CU and Mallow CU.  

Tim Murphy, CEO, Strencom, said, We are delighted to provide vital connectivity and secure cloud hosting services to 140 credit union branches across Ireland. Data security is absolutely crucial in the financial services sector, and we are confident that our solution provides Ireland’s credit unions and their customers with the best protection. All of our services are provided over a secure private network, with 24/7 monitoring, so members’ information is iron-clad. 

Recently, eir announced that every town in Ireland with more than 1,000 people will get high-speed fibre broadband. This is good news for our rural credit union customers as the infrastructure that we’ve installed is future-proofed to manage speeds of up to 10Gb. This means our customers will be able to take advantage of faster access speeds without the need to upgrade their networks. 

“There has been a lot of M&A activity in the credit union sector recently. Smaller credit unions often don’t have the resources to implement the necessary IT infrastructure, regulation and compliance requirements that are now part of Central Bank regulation. They need to be part of a bigger entity to survive and this announcement today will support that. 

“We are certified for ISO27001, the global standard for Information Security Management Systems. All of this gives our credit union customers and their members the peace of mind that they have a secure and reliable platform with the best available uptime, backed by a single service level agreement. 

Danny O'Donoghue, IT manager, Bishopstown Credit Union, said, “Regulation around business continuity, data security and PCI compliance has become more rigorous in the last number of years. Credit unions now need a secure, dependable service to enable us to provide an efficient service to members, with the peace of mind that their personal data is protected. The bespoke connectivity and cloud hosting platform provided by Strencom meets all our known regulatory, risk and compliance needs. 

“Another benefit of the platform is that it has removed the need for us to make expensive hardware purchases, thus saving operational expenses as well as the associated hardware maintenance charges and separate data centre charges.”

 

To download the full Bishopstown Case Study, click on the link below.

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