Navy Federal Credit Union, a Vienna, Virginia-based largest natural member credit union in the US, as per recent reports, is now live with a successful launch on Broadridge’s mortgage-backed securities (MBS) Software-as-a-Service (SaaS) platform.
The Navy Federal, with over $97 billion in assets, became the first credit union to go live on the “MBS Expert” SaaS platform. The platform, with its advanced capabilities, can easily support front, middle and back office operations, and can be easily integrated with the client trading platform and front and back office infrastructure, to lessen the client-startup cost.
According to William Tabri, manager of capital markets at Navy Federal Credit Union, MBS Expert is an ideal choice that will support the credit union with their expanding business needs. Furthermore, Navy Federal has transacted over $2 billion worth MBS trading by leveraging the MBS Expert.
Adding further Tabri said that Navy Federal is now a full-clearing member of the FICC’s (Fixed Income Clearing Corporation) MBS Division, availing the entire range of MBS related services. Apart from leveraging the FICC member firms relationship, Navy Federal will also have the benefit of decreased counterparty risk and a centralized margining process through the FICC.
Broadridge claims that its MBS SaaS platform has 30+ users, which also includes the largest FICC clearing members and asset managers.
The Navy Federal Credit Union was established in 1933 with seven members onboard, now the Vienna-based Union has over eight million members all around the world and is the “world’s largest credit union”.