VANCOUVER, B.C./TORONTO, On, April 24, 2024 – Central 1 — a leading financial services provider to Canada’s credit unions and financial institutions — is working with the Large Credit Union Coalition (LCUC) to enable the Credit Union System Open Banking Solution through Caspian One.
Central 1 is supportive of this solution because it is designed specifically for the requirements of the credit union system, it promises to offer affordable pricing models that align to the credit union system’s interest in scale and has been developed in step with the Government of Canada’s work to establish an official open banking regime.
“We’re encouraged by the continual progress the credit union system is making to bring open banking capabilities Canadians can take advantage of,” said Sheila Vokey, President & CEO of Central 1 Credit Union. “We’re proud to be part of the Credit Union System Open Banking Solution initiative led by LCUC as it contributes to increased optionality and flexibility for our system. We’re looking forward to supporting the LCUC and Caspian One on next steps to bring this open banking solution to life.”
Last month, First West, Prospera, Meridian, Affinity and Libro credit unions expressed their support for the solution, demonstrating commitment and collaboration across some of the largest credit unions across Canada.
“We appreciate Central 1’s partnership to prepare and implement the Credit Union System Open Banking Solution provided by Caspian One for use across the credit union system,” said Yves Auger, Managing Director, LCUC CIO Group. “Their collaboration and work to provide foundational technical connections to core financial capabilities are critical to the successful implementation of the solution.”
“This initiative demonstrates a commitment to innovation and meeting the evolving needs of credit unions across Canada,” said James Bell, Managing Partner, Caspian One. “We’re proud to work in collaboration with the LCUC and Central 1 to provide a bespoke and affordable solution tailored to the unique requirements of the credit union system and look forward to empowering their members with enhanced financial services.”
With the increasing movement toward an official open banking regime in Canada, Central 1 is committed to supporting and evolving along with our members and clients to respond to the system’s need for solutions and systems that make open banking accessible for Canadians.
About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.2 billion as of December 31, 2023, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.
About the LCUC
The LCUC represents Canada’s largest credit unions with over 2.8 million members and $150 billion in assets, with credit unions in Ontario, Manitoba, Saskatchewan, Alberta, British Columbia, and New Brunswick. The LCUC uses their collective knowledge and national presence to provide technology leadership and innovation to enrich the financial lives of their members and strengthen the competitiveness of Canadian credit unions. For more information, visit www.lcuc.ca.
About Caspian One
Caspian One Open Banking offers a robust, secure platform that enables a data and consent management platform for financial institutions. Specifically designed for credit unions and compliant with Canadian financial regulations, our open banking solution can be deployed to support all aspects of the business – Retail, Wealth and Commercial. For more information, visit www.caspian-evolve.com.
