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    A collaborative approach to building an advanced integration platform for Canadian credit unions

    June 02, 2021

     

    Digital platforms are a key enabler for the next generation of financial products and services. Data, analytics, APIs and integrated services are at the heart of serving the digital-centric consumer. This evolution  in service delivery accelerates the need to effectively adapt to ever-changing market dynamics.

     

    Credit unions will need to define a clear path forward for how core financial systems will integrate to meet member demands. With this in mind, Celero  launched Xchange.NEXT, a collaborative program that will shape the roadmap for our integration services. This program will expand our data analytics toolkit, allow for seamless integration of third party applications and enable partners to address the challenges associated with providing data access to disparate systems.

     

    Developing a cloud-native API marketplace

     

    The  first phase of the program is to evolve the Celero Xchange™ digital ecosystem platform into a cloud-native, integrated API marketplace. This evolution will leverage open standards and modern technologies to effectively position credit unions for open banking and emerging priorities.

     

    Based on this API-first, cloud-native architecture, participating credit unions will benefit from using an industry leading cloud environment with a rich, modern set of capabilities. This will allow solutions to be built rapidly while limiting the need to manually manage the underlying infrastructure. This modern architecture will provide integrated partners the agility to quickly update and meet the needs of future data integration requirements.

    A well designed integration roadmap enables a better member experience

    With continuous advancements in payments and digital fintech solutions, credit unions will have an ongoing need to review their strategic integration roadmap. This will ensure they are prepared to deliver the latest digital technology and exceed member expectations. With a strong integration plan in place, credit unions can shift towards an ecosystem mindset, where they have the agility to integrate solutions relevant to their member and deliver an exceptional digital experience.

     

    The Celero Xchange.NEXT program is designed to help credit unions build a roadmap that leverages standardized integration patterns and delivers value-added services to their members. The ability to connect to a solid API-led platform, enriched with data and analytics, will enables tomorrow’s digital transformation needs. Building cloud-native, with an open and agile architecture will ensure credit unions can quickly take advantage of new digital tools.

    Collaboration will be key to success

    Over the years Celero has developed key partnership with credit unions, large technology companies, regulatory agencies, payment service providers and niche fintech players. These stakeholders all play a role in the collaborative framework of the Xchange.Next program. Working together, this program focuses on how properly integrated solutions can help reduce friction in the member journey and deliver an optimal user experience.

     

    Celero Xchange can provide third party vendors with the ability to tap into underlying banking functions and capabilities. Services can be exposed to these partners on behalf of the credit unions through our integration services. The Xchange.NEXT program will ensure there is a consistent and a structured approach to addressing the needs of vendors, regulatory agencies, and payment processers.

     

    Credit unions will have the freedom to quickly combine products and services with other third parties’ capabilities and offer these new services through their own channels. The Celero Xchange.NEXT program will enable the composable enterprise and establishes a standardized foundation for API- integration that is future-ready.  

     

    Attend a webinar hosted by Celero integration experts on June 15, at 10:00 AM MT, to learn more about the Celero’s Xchange.NEXT program.


    Register here.

     

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