Team of veteran FinTech leaders – including the Former Chair and CEO of Open Solutions, which created the DNA Core System, and Founder of Payveris – partner with leading credit unions to create Open Banking Solutions, a full-featured cloud-based core banking platform offering a powerful alternative to legacy infrastructure, and PayOnward, an AI-driven digital payment platform built for Credit Unions and Community-Based Financial Institutions
, /PRNewswire/ — Black Dragon Capital℠ (“Black Dragon”) — a multi-phased global investment partner which focuses on advanced technology that addresses the most significant issues industries face — has invested in two financial solutions that can help credit unions drive innovation and eliminate obsolete infrastructure: Open Banking Solutions and PayOnward.
The newly formed credit union limited partner advisory board has approved an investment by Black Dragon into two companies addressing the critical needs of the credit union and community based financial institution market. For too long, we believe that credit unions and other community based financial institutions were limited in their ability to execute their strategy due to outdated, inflexible and costly vendors that seem more interested in punitive contract terms, and a divisive relationship than success for credit unions. There have also seen several new entrants with little experience in enterprise processing or payments that have delivered failed conversions, severe reputational damage and event fines against well meaning institutions. These two investments are intended to put an end to this and put credit unions on their rightful path of collaboration, and success with partners who are experienced in delivering success in these critical areas.
New Financial Solutions from Trusted Innovators
Open Banking Solutions and PayOnward are promising companies that can give credit unions a competitive edge by allowing them to speed up innovation, get rid of vendor dependency constraints, and operate more efficiently.
Open Banking Solutions is an advanced, cloud-based core and digital banking solution designed to give community-based financial institutions a competitive edge in the rapidly evolving landscape. Launched in the US, in February 2023, the platform boasts a robust cloud core processor that can streamline workflows and scale with the businesses as they grow.
Joe Lockwood, the CEO of Open Banking Solutions, has spent decades empowering financial institutions through FinTech. Formerly, he was the President of COCC – the largest deployer of the DNA Core System. Lockwood is currently also an Advisor at Black Dragon Capital℠ where he specializes in FinTech.
PayOnward is an AI-driven digital payment platform built for Credit Unions and Community-Based Financial Institutions. Its comprehensive, white-label suite—including accounts receivable, bill pay, peer-to-peer transfers, account-to-account payments, cross-border payments, and earned wage access—helps credit unions modernize services, keep deposits, and engage small businesses and members.
The company was created by Louis Hernandez, Jr., the Founder, Chairman, and CEO of Black Dragon Capital. Hernandez is the Former Chair and CEO of Open Solutions, which created the DNA Core System. He was also the Founder of the payments solution Payveris.
PayOnward CEO, Cary Strange, has decades of experience in fintech, financial services, and payments. His extensive background in these industries equips him with a deep understanding of their unique needs – making his leadership invaluable as PayOnward continues to scale their solutions and drive industry adoption.
Both Open Banking Solutions and PayOnward represent the next generation of innovations for credit unions, picking up where Open Solutions and Payveris left off.
“When we sold Open Solutions, I never imagined creating another modern core system. Still, years passed, and I couldn’t stand by and watch multiple failed attempts at this new modern core system set an industry I care about back — failing our institutions and the members they serve. We put the band back together with Rashid Desai, former CTO of Open Solutions when we launched DNA; Joe Lockwood, who was most recently the President of COCC, the largest deployer of DNA and is now CEO of Open Banking Solutions; and others, to create the next generation core system from experts who know how to create a core system that works and addresses industry issues. This time, it will be owned by credit unions for credit unions,” said Louis Hernandez, Managing Partner of Black Dragon Capital FinTech CUSO Fund, and former Chair and CEO of Open Solutions including when the company created and launched DNA core system.
“I’ve admired the impact that both Open Solutions and Payveris have made on the industry and I was delighted when Louis offered me the role of PayOnward CEO. The collaboration with leading credit union partners, and Black Dragon Capital, make this a unique and powerful partnership which can increase the role credit unions play in the digital payments ecosystem. Their experience in eCommerce, media and cybersecurity add a unique perspective to the payment platform strategy,” said Cary Strange, CEO of PayOnward.
Black Dragon Capital℠ continues collaborating with credit unions
The firm’s trusted leaders have been part of the credit union movement for decades and are committed to seeing it evolve and succeed. As a result, prominent members of the credit union community have joined forces with Black Dragon Capital℠ because of the firm’s history of transforming companies. These recent investments in Open Banking Solutions and PayOnward prove Black Dragon’s commitment to addressing the key challenges faced by the credit union movement today.
Black Dragon Capital℠ continues establishing partnerships with credit unions with the goal of exploring advanced technologies that can empower them to serve their community better and optimize their services in a rapidly changing digital landscape. The firm has recently formed a FinTech Limited Partners Advisory Board, which includes the most innovative and sophisticated credit unions in the market, to ensure that strategic decisions are made with a thorough due diligence process that leverages insights from our partners and our team’s deep domain experience.
Open Banking Solutions and PayOnward are only the first in a series of technology investments with the goal of solving the industry’s most important issues and creating a sustainable economic model.
“This is exactly why we have created the partnerships that we did with leading credit unions. Partnering with the right technology partners, with proven success, to drive innovation, collaboration and efficiency to make our partners more competitive and allow them to serve their communities better. I’m very excited about these investments and am grateful for the insights that our credit union partners provided in these evaluations,” said Benson Porter, Chair of the FinTech CUSO Fund, at Black Dragon Capital.
Black Dragon Capital℠
Black Dragon Capital℠, founded over a decade ago by recognized financial technology leaders, is a multi-phased investment firm focused on disruptive technologies in high growth industry segments that strengthen economic stability within communities. The firm is led by a collaborative team with a combination of intense operating experience, community impact focus, and a proven track record of successfully transforming companies.
Learn more at www.blackdragoncap.com
About the Black Dragon Capital℠ FinTech Limited Partner Advisory Board
The FinTech Limited Partner Advisory Board (LPAB) is an organization comprised of recognized credit union and CUSO investment partners. The Advisory Board provides input on industry issues, feedback on operational and technical areas with potential and current investments, and provides strategic advice and direction on all Black Dragon Capital’s investments for Fintech strategies. The Advisory Board’s feedback incorporates insight from Black Dragon’s Global Advisory Group, thought leadership and guidance on key events.
About Open Banking Solutions
Open Banking Solutions is an advanced, cloud-based core and digital banking solution designed to give community-based financial institutions a competitive edge in the rapidly evolving landscape. Launched in the US, in February 2023, the platform boasts a robust cloud core processor that can streamline workflows and scale with the businesses as they grow. Open Banking Solutions is a full featured core banking platform that includes integrated state of the art digital banking, digital account opening of all product types, workflow engine, management dashboards and reporting, loan collections, G/Land Open Banking ready APIs. It can integrate with businesses through industry shattering flexible and commercially friendly contracts. This next generation full suite of solutions is built by a team of experts with over a century of experience serving community-based financial institutions.
About PayOnward
PayOnward is an AI-driven digital payment platform built for Credit Unions and Community-Based Financial Institutions. Our comprehensive, white-label suite—including accounts receivable, bill pay, peer-to-peer transfers, account-to-account payments, cross-border payments, and earned wage access—helps CUs modernize services, keep deposits, and engage small businesses and members. Backed by Black Dragon Capital, PayOnward redefines community banking in the digital age. Visit www.pay-onward.com.
Media Contact or Inquiries:
Viviana Lauschus
Marketing Manager, Black Dragon Capital
[email protected]
Aren Wong
Social Media Manager, Black Dragon Capital
[email protected]
SOURCE Black Dragon Capital
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