Open Banking platform partner selected by collective of Canadian credit unions
A collective of 10 large credit unions in Canada has chosen Caspian One as their “preferred partner” to deliver a customised Open Banking platform, tailored to the Canadian credit union system.
The Large Credit Union Coalition (LCUC) led the request for proposal process and identified Caspian One as “the most favorable solution in terms of cost and value received”.
The collective of credit unions is comprised of both LCUC members and non-LCUC participants, including Meridian, Cambrian, Coastal Community, First West, Gulf & Fraser, and Libro.
According to the LCUC, credit unions of all sizes are invited to join the collective and use the Caspian One platform, which will operate a pricing model proportional to the size of the credit union.
Earlier this week, Canada’s Department of Finance announced in its Fall Economic Statement that it will deliver an Open Banking framework in Budget 2024, with the aim to have “consumer-driven banking” live across the country in 2025.
The LCUC has committed to ensuring the Open Banking platform is fully operational and available to use by the time the government’s Open Banking framework is implemented, “or earlier if there are delays from the government”.
Caspian One, which is an independent organisation, has implemented solutions in markets with existing Open Banking regulation, including Brazil, the UK, and Australia, as well as for a large bank in Canada.
Lewis Poe, chief technology officer at Caspian One, said: “Caspian One are delighted to have been selected by the LCUC to partner with them.
“Open Banking will create limitless opportunities to innovate new financial services, ultimately to support the financial health of all Canadians.”
The LCUC has also promised to work in collaboration with credit union system partners such as CUCC, Celero, Central1 and League Data to implement the Open Banking platform from Caspian One.
Central1, PPJV and Everlink will subsequently partner with the LCUC in the write access phase of implementation.
Darrell Jaggers, chief transformation officer at First West Credit Union called the collaboration with Caspian One to deliver an Open Banking platform for credit unions “a testament to LCUC’s commitment to drive efficiency and excellence”.
He added: “This shared solution will enable credit unions to work together seamlessly, avoiding duplicative costs and complexities, and will allow us to focus on delivering top-notch digital services to our members without having to worry about creating or sourcing our own foundationary Open Banking technology capabilities.”
Deborah Moore, vice president, client delivery at Celero, said: “We are excited about this incredible milestone in Open Banking readiness for the Canadian credit union system, and we appreciate the work that LCUC has undertaken to achieve this accomplishment.
“It’s a priority for Celero to help credit unions to fully participate in Open Banking, utilising a strategy that is designed for credit unions and was built in consultation with credit unions.”