Fintech Solutions Xplained: How Celero Xchange™ is serving Canadians in the banking ecosystem
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.
Barb MacLean, Director of Application Development at Celero caught up with Michael Lawson from CUbroadcast, following the announcement of the new name for Celero’s banking ecosystem integration platform – Celero Xchange™.
Launched in late 2018, Celero Xchange enables credit unions to seamlessly connect systems, such as core banking, to fintech applications – without the complexity of managing different standards for sharing data between products and partners.
The platform is a solution to enable digital transformation, which is forcing banks and credit unions to re-evaluate the way that they operate. “Maybe there is a different model than just taking deposits and lending them out,” says Barb.
Enabling digital transformation
With many credit unions’ digital transformation underway, Celero has introduced the platform to overcome challenges of integrating disparate technologies together, standardizing and simplifying how different systems and applications talk to each other and work together in exchanging data.
This supports the process of digital transformation and the flow of:
She explains the platform is a game changer for credit unions, making it easy and affordable to integrate new functionality into their core banking platform to deploy new financial tools to their account holders.
The impact of open APIs
Celero Xchange is an opportunity for credit unions to accelerate their digital roadmap and enable them to create delightful experiences for their members, and it’s all because of open APIs. They basically act as a translator, communicating instructions between systems like core banking and fintech software components.
APIs are important because the business models of credit unions are constantly changing due to technology and new trends in the market. The introduction of APIs allows for credit unions to remain competitive through these changes – introducing innovative new functionality to their banking service or improving efficiency in their back-office functions.
Barb shares that APIs “allow credit unions, third parties and vendors -- who are providing all of these digital experiences -- to now coordinate in a fast and easy way.”
“At the end of the day, [APIs] serve the needs of our fellow Canadians. We can help improve their financial wellness,” says Barb.
Celero Xchange in 2020
Looking into next year, Barb’s team will be focusing on:
- Facilitating more partners to join Celero Xchange
- Receiving feedback on potential participants from the credit union system
Stayed tuned for more posts about fintechs and Celero Xchange in January!
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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