VANCOUVER — Central 1 Credit Union (Central 1) and Fiserv, Inc., a leading global provider of financial services technology solutions, have signed an agreement that makes it easy for credit unions running the DNA® account processing platform from Fiserv to launch new online banking products.
Under the agreement, Fiserv will provide Central 1 a licence to build and maintain an interface to DNA from the Open Anywhere™ account opening product and Borrow Anywhere™ loans origination product.
Innovation Credit Union in Saskatchewan will be the first credit union running DNA to use the new API when it launches Central 1’s Open Anywhere new member origination solution.
Open Anywhere enables prospective credit union members to open and fund new accounts online in minutes, using their mobile, tablet or desktop devices. It includes full core banking system integration for a streamlined back-end workflow, digital signature capture, real-time account funding via Interac® e-Transfer, compliance with the latest regulatory changes, and more. Borrow Anywhere enables credit unions to provide innovative credit offerings, including payday loan alternatives.
“Open Anywhere will be a significant part of Innovation’s digital strategy,” said Dean Gagné, Chief Omni and Digital Officer, Innovation Credit Union. “This automated application allows non-members to open, fund and self-manage – in conjunction with other MemberDirect® applications – their accounts through either our online or mobile banking platforms. The next logical extension of Open Anywhere will be into our branch network so that non-members can truly have an omni experience. This will be a game changer for Innovation.”
"We are delighted to be working with Fiserv on making Open Anywhere an integrated end-to-end experience for all credit unions running the DNA account processing platform,” said Margarita Lurye, Senior Product Manager at Central 1. “We would also like to thank Innovation Credit Union for being a fantastic partner and credit union system advocate as we continue to expand our new member origination and lending strategies.”
“With today’s faster, mobile lifestyles, people are looking to manage every aspect of their finances through digital channels, including opening an account or applying for a loan,” said Roy Peck, Product Manager, Open Solutions, Fiserv. ”The interface between the DNA platform from Fiserv and Open Anywhere and Borrow Anywhere from Central 1 will help meet the growing demand for these types of tools among retail members.”
Fiserv serves more than 100 credit unions across Canada in British Columbia, Ontario and the Prairie provinces.
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $17.3 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to almost 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 70 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.3 million members and holds more than $116.8 billion in assets. For more information, visit central1.com.
Innovation Credit Union (Innovation) is the third largest credit union in Saskatchewan with over $2.25 billion in total assets. Innovation provides a full range of financial services to more than 49,000 members, employing over 400 staff within 24 advice centre locations (including one mobile advice centre) throughout Southwest and Northwest Saskatchewan – not to mention a complete digital experience for our borderless members.
Innovation is committed to our communities with both volunteer and financial contributions. Our Community Investment Program, which consists of between 2-4 per cent of pre-tax profit, supports our long standing commitment to improve the well-being of our member communities.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. For more than 30 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for four consecutive years. For more information, visit Fiserv.com.
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Central 1 Credit Union
T 905.282.8534 or 1.800.661.6813 ext. 8534
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