Prospera CU rolls out Interac verification service in partnership with Caspian One

Canada-based Prospera Credit Union has revealed that the Interac verification service is now live across the country for its members via its partnership with technology provider Caspian One Open Data.

According to Prospera, it is among the first credit unions in Canada to implement the Interac verification service, following First West Credit Union last month, enabling members to verify their identity using their existing online banking credentials.

Key to this initiative is Caspian’s Open Data ecosystem which acts as “a conduit” between financial institutions and third-party service providers.

Through this infrastructure, Prospera can quickly and securely connect with multiple fintech partners without the need for custom integrations, in turn, reducing implementation timelines from months, to weeks or days.

“We’re proud to join the Interac Verified network, empowering our members to securely access a growing range of digital services using their trusted Prospera online banking credentials,” said Greg Dyck, chief digital and information officer at Prospera.

“This collaboration with Caspian allows us to deliver seamless, secure and convenient digital experiences – whether it’s opening new accounts, applying for financial products or accessing government services.”

Dyck added: “Importantly, we continue to maintain full control over our members’ data and innovate on our own terms. It ties back to our ability to partner with the right providers at the right time to create bespoke solutions that are relevant to our members.”

The initiative is part of a broader collaboration involving Credit Union Central of Canada and a network of credit unions that are using Open Data to improve the member experience.

“The successful go-live with Prospera is a pivotal moment, providing real-world validation that a financial data exchange-aligned Open Data ecosystem is not a concept for tomorrow; it is live and ready for adoption today,” said Paul Freeman, chief technology officer at Caspian One Open Data.

“We’re proud to partner with a forward-thinking credit union like Prospera to accelerate their digital strategy for the benefit of their members.

“Our platform acts as the great equalizer, empowering credit unions to lead their own digital transformation and deliver cutting-edge financial accessibility to members, all while maintaining full control over their data.”

Further reading: Five Canadian credit unions partner with Caspian One