Five major Canadian credit unions have partnered with Caspian One to leverage open banking technology on a large scale, marking a significant commitment to provide enhanced services to their members. The collaboration follows the selection of Caspian One by the Large Credit Union Coalition (LCUC) to deliver the Credit Union System Open Banking Solution in June 2023.
Caspian One’s digital platform facilitates secure data sharing, offering a provider and consumer model for financial innovation. The platform includes a consent lifecycle management model and shared-service operations and support group to drive innovation that supports members’ financial health.
This partnership represents a departure from traditional legacy platforms, focusing on secure API-driven data sharing that enables both point-to-point connectivity and the development of multiple partnerships. The goal is to deliver value-added services to members and attract new members to the credit union system, ultimately promoting financial well-being among Canadians.
The credit unions involved, including First West, Prospera, Meridian, Affinity, and Libro, are enthusiastic about the potential of open banking to transform their services. By collaborating with Caspian One, they aim to provide leading technology and enhanced banking experiences to their members.
“This collaboration underscores our commitment to empowering credit unions with cutting-edge technology. Together, we are shaping the future of banking and revolutionizing the way financial services are delivered,” said Lewis Poe, CTO of Caspian One Open Banking.
Overall, the partnership between Caspian One and these five credit unions represents a significant step forward in delivering advanced financial services and enhancing member experiences in the Canadian credit union industry.
