Earlier this year, the Large Credit Union Coalition (LCUC) CIO Group announced its plan to select a partner(s) to implement an Open Banking Utility that would be available to all credit unions and their respective technology partners. The Utility will include all the necessary functionality for credit unions to participate in the forthcoming Canadian Open Banking regime. To facilitate the selection of the preferred partner(s), the LCUC released an RFP to select vendors in December 2022, with the intention of selecting a partner(s) and beginning negotiations in Q1 2023. However, due to an extended due diligence period and persisting uncertainties about the regulatory requirements that will affect the Utility's design, the original timeline has been extended. No decisions have been made regarding the preferred partner(s) at this point. With the Federal Open Banking working groups reconvening in April and due diligence soon concluding, the LCUC is confident that a decision can be made in the near future.
The LCUC remains committed to delivering an Open Banking Utility to the credit union system that is secure, innovative, and competitively priced in terms of value for investment. This Open Banking Utility will provide credit unions with the ability to participate in Open Banking, as desired, and to remain competitive with Banks and Fintechs in this area.
The original RFP announcement with additional details is available here.
If you have any questions, please contact the LCUC via our website.