TORONTO, CANADA - [March 21, 2024] - First West, Prospera, Meridian, Affinity and Libro, five leading credit unions in Canada, have announced a strategic partnership with Canadian-based technology provider Caspian One. The collaboration marks a significant commitment by the credit unions to lead the charge in embracing leading financial technology and providing enhanced services to their members.
In June 2023, the Large Credit Union Coalition (LCUC) chose Caspian One as their preferred partner to deliver the Credit Union System Open Banking Solution, a tailored solution for the Canadian marketplace. Caspian One's flagship digital platform enables a secure data-sharing ecosystem, provisioning both a provider and consumer model for financial innovation. This is overlaid with a sophisticated consent lifecycle management model and a shared-service operations and support group. The platform will enable innovation in support of members' financial health.
Digital transformation presents a distinct opportunity to enhance member digital services. First West, Prospera, Meridian, Affinity and Libro acknowledge this is an opportunity to attract new members to the credit union system, ultimately working towards the financial well-being of all Canadians.
Caspian One's solution marks a significant departure from legacy platforms and aggregators catering to financial markets. While those platforms adapted to meet screen-scraping demands, Caspian's platform stands out as a secure API-driven data-sharing ecosystem. It enables both point-to-point connectivity and the structuring of multiple partnerships, fostering parallel innovations to deliver value-added services to members.
"This partnership with Caspian One represents an important milestone for FirstWest," said Darrell Jaggers, CIO and Chief Transformation Officer at FirstWest Credit Union. "We are committed to staying at the forefront of innovation and providing our members with best-in-class financial services. By leveraging the Caspian One Open Banking platform, we can offer our members access to leading technology and enhanced banking experiences."
"Prospera Credit Union is excited to embark on this journey with Caspian One," said Greg Dyck, Chief Digital and Information Officer at Prospera Credit Union. "We see open banking as a transformative opportunity to better serve our members and meet their evolving needs. The Caspian One Open Banking platform aligns with our commitment to innovation and excellence in financial services."
“We are pleased to see the momentum building since November when we announced our selection of Caspian One as the preferred partner, with significant interest received from credit unions of all sizes across Canada. The announcement from Caspian One and these five credit unions marks an exciting step forward. As the first participants of LCUC to embrace this innovative initiative, we are driving forward our collective commitment to deliver advanced financial services and enhance member experiences," said Yves Auger, Managing Director at LCUC.
"This partnership with Caspian One signifies a pivotal moment for Meridian Credit Union," said Matthew Seagrim, Chief Digital & Marketing Officer of Meridian Credit Union. "As a leading financial institution in Ontario, we are dedicated to innovation and providing exceptional services to our members. Collaborating with Caspian One allows us to leverage open banking technology at scale and enhance the digital experiences of our members."
"Affinity Credit Union is delighted to join forces with Caspian One in this groundbreaking initiative," expressed Mike Elchuk, CIO of Affinity Credit Union. "Open banking presents an exciting opportunity to revolutionize the way we serve our members and meet their evolving needs. Through this partnership, we are committed to driving innovation and delivering superior financial experiences."
“We are excited to be part of this transformative journey with Caspian One," said Scott Ferguson, CITO of Libro Credit Union. "By embracing open banking solutions, we are empowering our members – whom we call Owners – with greater control over their finances and access to innovative financial services. This collaboration underscores our commitment to driving positive change and fostering financial resilience within our communities."
“We didn't want to deliver a commoditized solution to our clients, and so we set out to build a bespoke solution tailor-made for the credit unions. This commitment to customization and innovation drives our approach to developing cutting-edge technology solutions that meet the unique needs of our clients,” said Lewis Poe, CTO of Caspian One Open Banking. Poe continued, “We are proud to be part of this journey alongside these esteemed institutions. 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.”
About FirstWest Credit Union
First West Credit Union offers members the financial strength, comprehensive product selection and extended branch network of a large financial institution while maintaining local brand identities and a unique grassroots approach to service. Led by Launi Skinner, First West is one of Canada’s largest credit unions with nearly $18.6 billion in total assets and assets under administration, more than 253,000 members and approximately 1,250 team members. It operates 45 branches throughout the province under the Envision Financial, Valley First, Island Savings and Enderby & District Financial brands.
About Prospera Credit Union
Built on nearly 80 years of service in local communities, Prospera Credit Union is a community-based, purpose-driven organization that offers a full range of financial products and services. Prospera is one of the largest credit unions in British Columbia, with approximately $9.3 billion in assets under management and 120,000 members. With 26 branches, Prospera is proud to serve communities throughout the Lower Mainland, Fraser Valley and Okanagan. It’s our vision to help build vibrant, healthy communities, thriving local enterprises and financially empowered people.
About Meridian Credit Union
Meridian is Ontario’s largest credit union, and second largest in Canada, with over $30 billion in assets under management (March 31, 2023). Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, business and wealth financial solutions to over 370,000 Members.
About Affinity Credit Union
Affinity is a values-based, co-operative financial institution and the 10th largest credit union in Canada. With $9.5 billion in managed assets and more than 144,000 members, it has the branch network in Saskatchewan with 50 advice centres in 41 communities, including Saskatoon and Regina. Affinity employs a professional workforce of over 800 individuals, is 100% member-owned and seeks to lives its vision of building a better world for everyone every day. As a Saskatchewan-born financial co-operative, Affinity's advisors understand members’ local needs, believe people come before profits, and are dedicated to offering great products, competitive rates and genuine, professional advice.
About Libro Credit Union
Libro Credit Union is a full-service financial institution serving more than 117,000 member-Owners, including over 10,600 businesses, through a network of digital services and 34 physical locations. As a purpose-driven business, Libro is a certified B Corp ©, pledged to use business as a force for good and has more than 80 years of history serving communities in Ontario.
About Caspian One Open Banking
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.