The Fintech Solutions Xplained blog series features live interviews with fintech leaders on the credit union talk show, CUbroadcast, during the 2019 Celero DigitalX Conference.
Following the branding launch of Celero Xchange™ at our 2019 Celero DigitalX Conference, Len Hendricks, Chief Technology Officer at Celero, stopped in for an interview with Michael Lawson from CUbroadcast to discuss the role that Credit Union Financial eXchange (CUFX) and open API standards have had in shaping the roadmap for Celero Xchange.
For Len, Celero Xchange answers the question of “how do we enable credit unions to chart their own path, without having to worry about core banking changes and having to engage with another party to make those changes?”
What are CUFX standards?
An initiative led by the U.S.-based Credit Union National Association’s (CUNA) Technology Council, CUFX sets forth a single global standard for data exchange between credit unions and their technology providers. Using a standard data interface enables easier technology integrations for credit unions that are less complicated to implement and easier to maintain.
What are benefits of CUFX standards?
Being one of the first technology providers to work with the CUFX standard, Celero’s investment in refining the CUFX standard and contributing our insights back to the governing body benefits credit unions all across North America. Celero had extended the standard for Canadian use, and publishes our standard API’s for our partners.
Freedom for the credit union
“For credit unions to compete, they’re going to have to be nimble, and in order to be nimble you need some of those open capabilities to get your fintechs and third parties to engage,” says Len.
An advantage for credit unions over larger financial institutions is their ability to focus on niches relevant to their members and make quick changes with the technology they are using to address these niches.
Len emphasizes this by saying “if the customer had a particular niche or need that they want to meet with another company, we are absolutely enabling them to do that.”
He also adds “the advantage to our customers is, if they don’t like that solution, for whatever reason, they are free to consume any other solution”
e of the diversity is really going help differentiate one credit union to another. This [also] helps level the playing field for some of the smaller credit unions,” he adds.
By offering Celero Xchange and working with CUFX standards, Celero is positioning credit unions to implement with the best fintech solutions to achieve their digital ambition and strategies.
Looking for more information on how your organization can benefit from Celero Xchange? Please contact your Celero account executive or contact us.
Celero is a leading provider of digital technology and integration solutions to credit unions and financial institutions across Canada. Clients trust Celero’s proven track record delivering innovative banking technologies, digital and payment solutions, cloud computing, outsourcing, IT and advisory services.
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