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    The Growth of Celero Xchange™ and Celero’s Integration Story in 2020

    December 09, 2020

    Whether you’re connected to Celero Xchange™ already or not, you may have heard about the advantages it’s providing to credit unions by allowing data to flow seamlessly between their key systems.

     

    In what’s been a historically busy year at Celero, one of our most significant areas of growth has been with Celero Xchange™ and the number of third parties who have joined our vendor ecosystem. These vendors are leveraging Celero Xchange™ to provide value to the Canadian credit union market by making new products and solutions rapidly accessible to credit unions and their members.

     

    To close out our successes with Celero Xchange™ in 2020, we’re sharing the strides that have been made with our third-party solutions providers to demonstrate the variety of fintech applications available to credit unions who connect to Celero Xchange™.

     

    Account opening and loan origination solutions

    We view ourselves as a digital enabler for Celero Xchange™ and have created a vendor agnostic marketplace of applications. The account opening and loan origination solutions available through Celero Xchange™ illustrate Celero’s desire to provide credit unions with their choice of digital products. Our goal is to help credit unions grow their member base and improve overall member experiences through the solutions available on Celero Xchange™.

     

    As you may have seen in our news announcement about Innovation Credit Union being the first to integrate CUDF through Celero Xchange™, Innovation Credit Union’s loan processing has been improved by 85%, which is not only recognized on the business side, but from the member perspective as well. This has been a great success for all the teams involved, and will continue to provide great value to all credit unions that choose to leverage this improved efficiency.

     

    Digital banking solutions

    This has been a transformative year for digital banking within the Canadian credit union system, and thanks to Celero Xchange™, these solutions will all be enabled in Celero’s ecosystem. While Celero Xpress™ is already live, Forge digital banking and Veripark are both progressing with their integrations using Celero Xchange’s™ APIs, and plan to complete their integrations in 2021.

    These integrations have required great collaboration and communication across the Canadian credit union system, which has ultimately led to better outcomes for credit unions and their members. ensure that all vendors in the fintech space can connect via Celero Xchange™ to give credit unions more choice in their technology providers.

     

    Other solutions

    • QCash

    Credit unions are able to benefit from the QCash solution, offering short-term, small dollar loans to their members. In addition to this solution which is currently available through Celero Xchange™, we continue to look for more prospective partners as we expand our roadmap in 2021 and invite credit unions to continue bringing forward potential integration partners.

     

    Payments standards

    • ISO 20022

    While not a fintech, or third-party solution, the ISO 20022 standard being adopted by Celero Xchange™ will provide great value for credit unions in the future, as the advancement of payments modernization continues across the Canadian credit union system.

     

    What to expect in 2021

     

    Overall, 2020 has been a fantastic year of growth for the Celero Xchange™ ecosystem. We anticipate onboarding more credit unions to Celero Xchange™ in 2021, as more credit union leaders ramp up digital transformation initiatives and look for increased integration options to accelerate their digital product offerings.

     

    We will continue with our pursuit to make the vendor ecosystem diverse and valuable to our credit unions and are optimistic that Celero Xchange™ is being solidified as a foundational technology for credit unions across Canada.

     

    We look forward to what 2021 holds.

     

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