Celero and Credit Union Dealer Finance (CUDF) are excited to announce the joint development of an innovative interface and connector that will automate the dealer loan process for credit unions by linking loan data to their core banking systems.
CUDF, a Saskatchewan-based credit union and dealer network representing over 600 dealers, enables credit union members to complete a loan process and vehicle purchase at their preferred dealership, without going into the credit union branch.
By connecting the dealer finance program to Celero Xchange™ banking ecosystem integration platform, CUDF and Celero are streamlining the completion of the loan process and eliminating additional manual intervention. The integration enables multiple credit unions to offer this service to their members and provide faster loan processing and updates on vehicle loans completed through CUDF’s network of dealerships.
“Celero Xchange represents an opportunity for us to continue to innovate our dealer finance program and create a new level of service and innovation for both credit unions and their members. By automating our dealer finance program, we are streamlining back office processes for our clients and enabling them to deliver a more effortless loan experience for members,” says Darren Beasley, Divisional Manager of Dealer Finance at Conexus Credit Union.
10 Saskatchewan credit unions adopting the solution
The integration is planned to be completed in September, and currently, 10 credit unions across Saskatchewan have committed to leverage the solution via their Celero Xchange connectivity.
“We valued the opportunity to collaborate with CUDF to innovate the vehicle loan process for credit unions, and through Celero Xchange, enable them to continue to strengthen their value proposition of delivering convenience and choice to their clients and members,” says Barb MacLean, Director, Application Development at Celero.
By integrating with Celero Xchange, CUDF joins a growing ecosystem of fintech solutions that are enabling credit unions to implement new functionality into their secured systems to increase their speed to market and adaptability in implementing new solutions.