Financial services provider Central 1 has joined forces with Open Banking platform Flinks to offer its Canadian credit union members and financial institution (FI) clients Open Banking functionality.
At the centre of the partnership is Flinks’ ‘Outbound’ solution, which will provide Central 1’s credit unions and FI members and customers with control over their financial data, allowing them to safely share their financial data with various third-party applications without the need to share their banking credentials.
Flinks enables credit unions and FIs to launch an Open Banking program that meets future regulations, while the ‘Outbound’ solution also includes accessing and distributing Open Banking API connections to a network of hundreds of fintech and application partners.
“Open Banking is all about putting control back into the hands of Canadians, allowing them to move their funds and financial information seamlessly between financial institutions and partners of their choice,” said Sheila Vokey, Central 1’s president and chief executive officer.
“As we await an official Open Banking regime in Canada, Central 1’s partnership with Flinks will bring much of the Open Banking functionality our credit union and financial institution clients have been asking for and support optionality over the long term.”
The new Central 1 and Flinks solution will be available to credit unions and FIs by mid-2024.
Brian Harris, chief executive officer of the newly-formed Beem Credit Union, added: “There are now clear signs of progress towards an Open Banking regime in Canada. These developments will improve the member experience and foster greater competition in the financial services sector in Canada.
“Through Central 1, the system will be able to take advantage of Open Banking functionalities now and be prepared for Canada’s federal framework.”
The credit union system provides “critical banking choice” to Canadians, according to Yves-Gabriel Leboeuf, chief executive officer of Flinks.
At the start of the year, Canada’s Everlink Payment Services and Flinks were chosen by FirstOntario Credit Union to deliver its Open Banking functionality.