2020

A year unlike any other. Shortly after the COVID-19 pandemic took hold, Alloya experienced its most significant operational emergency to date: the Finastra ACH outage. Thanks to the commitment of the Alloya team, we successfully processed nearly $3 billion of ACH payments for 700 credit unions during the 10-day outage through a tertiary contingency plan. As the economic impacts of the pandemic became increasingly apparent, Alloya launched the Alloya CARES Credit Union Grant Program to support 206 small credit unions. In support of our league, association and foundation partners, Alloya also contributed $250,000 toward their pandemic relief initiatives. Throughout the spring, Alloya delivered an abundance of free education and resources to help credit unions weed through the complexities of the Paycheck Protection Program (PPP), Economic Impact Payments (EIPs) and the Central Liquidity Facility (CLF). Internally, Alloya launched an employee charity donation matching program, which raised $115,000 for 145 unique charities. The corporate also sustained its partnership with Suze Orman to not only grow awareness of the credit union movement, but to also help consumers get the financial advice they needed during times of trial. In June, Alloya debuted a modernized version of its one-stop transaction system, Premier View. Building off our five years of successfully matching buyers and sellers through the corporate’s Loan Participation Program, Alloya introduced an online Loan Participation Platform to further simplify what is often considered a tedious process. In September, Alloya hosted its annual Leadership Symposium virtually and eliminated the registration fee to make the event more accessible to every credit union. Alloya joined forces with two other corporates to purchase the payments fintech Aptys Solutions to provide state-of-the-art payment services to the membership. Alloya maintained its dividend rate on members’ Permanent Contributed Capital (PCC) and paid out $5.5 million in 2020 – the highest rate paid by any corporate credit union. Despite the declining federal funds rate, Alloya remained dedicated to this benefit of membership as it put more cash in the hands of credit unions making a difference during an exceptionally challenging year.