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Celero Joins CUFX Vendor Advisory Board to Represent Canadian Credit Unions

CALGARY, ALBERTA - (Oct. 25, 2016) - To promote and support greater technical standardization for the credit union industry, Celero has joined the Credit Union Financial eXchange (CUFX) Vendor Advisory Board.

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.

Representing Celero on the CUFX Vendor Advisory Board is Len Hendricks, Vice President, Product Management and Rojin Nair, Director of Business Analytics.

“Data structure standardization is critical for credit unions. Every time a credit union wants to implement a new technology solution, they must develop and use a one-time only, non-reusable and non-repeatable integration process,” says Nair. “This makes integrations unsustainable from a cost perspective and is a significant barrier to credit unions wanting to offer new technologies to their members in a rapidly changing financial services landscape.”

As a full-service technology provider, Celero hosts and supports over 100 banking systems, applications and operating systems for more than 80 credit unions in Canada.

“To remain competitive, Canadian credit unions need to implement standardization to enable quicker and easier integration for new products and services,” says Hendricks. “Celero is evolving our technical infrastructure to support and leverage standardization, and we’re pleased to represent our clients and provide a Canadian perspective to the work CUFX is doing.”

Many other industries, such as the petroleum and pipeline, airline, and telecommunications industries, have successfully created data interface standards to realize the benefits of open architecture and to ease the flow of information between systems.

“This is good news for credit unions,” says Nair. “It will mean lower costs, greater consistency, faster time to market and a better user experience with every new technology implementation.”

“Having Celero on the CUFX Vendor Advisory Board adds a missing ingredient to our vendor mix. Their experience with the integrations complexity that can be solved through standardization, coupled with their successes with Canadian credit unions will be invaluable in shaping our future,” said Rich Jones, CUFX Marketing and Business Development Executive.

Celero will provide guidance to CUFX in an advisory capacity to shape the information exchange standards across all aspects of current and future business models of credit unions. Celero is already looking at ways to incorporate CUFX standards into Celero’s solution development process and new technology products in its roadmap.

For more information, please contact:
Celero:
Dean Rathwell
Director, Marketing, Strategy and Communications
(306) 566-179
dean.rathwell@celero.ca

CUFX
Rich Jones
Marketing and Business Development Executive
(720) 256-4936
rich@leading2leadership.com
 

About Celero
Celero is a leading provider of IT solutions to financial institutions across Canada and is consistently ranked among the world’s top financial technology companies on the annual FinTech 100 list. A full-service information technology company, Celero provides complete banking solutions, IT planning, systems integration, hosting, support, maintenance and professional services. Celero meets the unique needs of all financial institutions and delivers world-class reliability through our Canadian-based data centers, employees, and operations. For more information about Celero, visit celero.ca.

About CUNA:
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit aSmarterChoice.org and follow @asmarterchoice on Twitter.

About CUNA Technology Council
The CUNA Technology Council is a member-led organization of credit union technology professionals dedicated to sharing information with its members and promoting the advancement of credit union technology. The CUNA Technology Council is one of six CUNA Councils, a network of more than 6,200 credit union professionals. For more information, visit cunacouncils.org.

About Credit Union Financial Exchange (CUFX)
The Credit Union Financial Exchange (CUFX) is an initiative of the CUNA Technology Council dedicated to promoting a broad technology integration standard to improve the member experience, enable innovation and reduce complexity and operating expenses. CUFX and The CUNA Technology Council is one of six CUNA Councils, a network of more than 6,200 credit union professionals. For more information, visit cufxstandards.com.