Meridian selects Oracle NetSuite to help modernise and streamline operations

By Edlyn Cardoza

Meridian, considered Canada’s second-largest credit union, has selected Oracle NetSuite to help modernise and streamline its business practices to serve its members better. With NetSuite, Meridian can use an efficient integrated financial system to support its growth and ongoing digital transformation.

Meridian has $28.5 billion in assets under management. It offers a full range of banking products and services for wealth management, investing, online and mobile banking, saving, borrowing, and business banking to its members, with branches spread across Ontario. Meridian is automating and modernising its existing financial systems with the rise in demand from membership growth and support of its expanding operations. Meridian selected NetSuite to establish a technology foundation to support its current and future growth. The credit union has also chosen Deloitte Canada – a NetSuite Alliance partner, as its consulting partner.

“NetSuite will give us the tools to navigate today’s complexities by ensuring we can quickly and easily produce accurate and timely financial reports and budgets while maintaining effective controls,” said Tara Daniel, Senior Vice President and Chief Financial Officer, Meridian Credit Union. “Moving to NetSuite and having one system to manage our business paves the way to complete digital transformation across our platforms.”

With NetSuite, Meridian can unify and manage its financial operations on a single cloud business system. NetSuite will help Meridian streamline and accelerate month-end financial reporting, increase transparency across its organisation and drive efficiencies using extensive financial reporting and budgeting tools that offer real-time analytics. By gaining a unified view of its business, Meridian will be equipped with the adaptability needed to meet a changing member, customer, and market demands.

“Meridian is looking to the future to help its members save money and anticipate roadblocks before they become an issue,” Sam Levy, SVP of Sales, Oracle NetSuite. “With NetSuite, Meridian Credit Union and its employees will have everything they need, all in one place, so they can focus on what matters.”

Recently, IBS Intelligence reported that Payhawk announced the second iteration of its enterprise suite, Enterprise Suite 2.0. The new features included Subscription Tracking, Mileage Tracking, Oracle NetSuite API Integration, Reimbursements, Multilingual Portal and automatic Supplier IBAN checks. Finance teams can spend less time manually tracking spending on subscriptions, validating supplier IBANs, and automatically transferring their accounting data to Oracle NetSuite, whilst employees are reimbursed automatically for approved spending and mileage, avoiding weeks or months of being out of pocket to their employer.