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Open Banking Platform for Credit Unions - Partner Announcement

Updated: Jan 4

Following a rigorous RFP process spearheaded by the LCUC CIO group, Caspian One was selected as the preferred partner to deliver an Open Banking solution tailored to the credit union system in Canada. As a result, a collective of 10 large credit unions, comprised of both LCUC and non-LCUC participants, have committed to partnering with Caspian One to develop a customized version of their Open Banking platform that meets the unique needs of the credit union system. Among these committed credit unions are prominent names such as Affinity, Cambrian, Coastal Community, First West, Gulf & Fraser, Libro, Meridian, Prospera, UNI Financial, and others, reflecting a diverse and geographically widespread presence across the country. Credit unions of all sizes are invited to join this collaborative effort and leverage the Caspian One platform. The selection process involved months of meticulous vendor meetings, comprehensive technical evaluations, and alignment checks with our system’s needs and objectives. Caspian One’s proposed platform emerged as the most favorable solution in terms of cost and value received. Notably, Caspian One is an independent organization, with extensive experience implementing solutions in markets with existing Open Banking regulation, such as the UK, Australia, and Brazil, and has developed a solution for a large bank in Canada.

The government announced that Open Banking legislation will be introduced in the 2024 Federal Budget, which historically has been released in late Q1 or early Q2. The Open Banking legislation is expected to be adopted and the Governance Framework fully implemented by 2025. We are committed to having the Open Banking platform fully operational and available for use by the time the Open Banking Framework is implemented, or earlier if there are delays from the government.

Embracing Open Banking is crucial for competitive parity and enhancing member experiences. The Caspian One solution, tailor-made for the credit union system, offers complete control over all aspects of the solution and ensures alignment with the collective needs of credit unions. In addition to providing all the necessary functionality for read-access Open Banking, the Caspian One solution is expandable to support write-access and Open Data capabilities, when credit unions are ready.

To ensure inclusivity, the pricing model is designed to be proportional to the size of the credit union. As with other LCUC-led solutions, the focus is on accessibility and affordability for all credit unions.

The committed credit unions firmly believe that adopting a unified approach to Open Banking is strategically beneficial for all credit unions. It reduces technology fragmentation, cuts down on redundant investments, and leverages combined negotiating power for better pricing. It also standardizes security and privacy practices, streamlines integration at the service-provide level when feasible, and centralizes compliance management in areas like technical standards and consent management. Most importantly, this unified platform allows credit unions to concentrate on crafting distinct, member-centric value propositions through Open Banking.

The LCUC has a proven track record of successfully delivering technology solutions, such as remote cheque deposits (Deposit Anywhere) and mobile payments. By working collaboratively with credit union system partners such as CUCC, Central1, Celero and League Data, LCUC is well-positioned to ensure a seamless, efficient, and successful implementation of the Open Banking platform from Caspian One. In the subsequent write-phase that will facilitate money movement capabilities, payment providers such as PPJV, Central1, and Everlink will be essential partners to support continued credit union innovation.

The LCUC looks forward to collaborating with interested credit unions and delivering value to members across the country through secure Open Banking access. The LCUC and Caspian One will be hosting a webinar on December 12th 12:00PM – 1:30 PM ET to demonstrate the solution, answer any questions you may have, and provide details on how your credit union can get involved REGISTER NOW (must be a credit union or system entity to attend).

“ Caspian One are delighted to have been selected by the LCUC to partner with them. Open banking will create limitless opportunities to innovate new financial services, ultimately to support the financial health of all Canadians’’ - Lewis Poe (CTO, Caspian One).

"The collaboration with Caspian One to deliver an Open Banking platform for Credit Unions is a testament to LCUC’s commitment to drive efficiency and excellence. This shared solution will enable Credit Unions to work together seamlessly, avoiding duplicative costs and complexities, and will allow us to focus on delivering top-notch digital services to our members without having to worry about creating or sourcing our own foundationary Open Banking technology capabilities.” - Darrell Jaggers (Chief Transformation Officer, First West Credit Union)

“We are pleased to hear about the LCUC’s progress on this important initiative, alongside the Government of Canada’s recent commitment to put in place an open banking framework in the coming years. Central 1 has been and will continue to be an active supporter of the LCUC solution and we are proud that the credit union system will be a key enabler of open banking benefits for Canadians” - Sheila Vokey (President & CEO, Central 1)

“We are excited about this incredible milestone in open banking readiness for the Canadian credit union system, and we appreciate the work that LCUC has undertaken to achieve this accomplishment. It’s a priority for Celero to help credit unions to fully participate in open banking, utilizing a strategy that is designed for credit unions and was built in consultation with credit unions. We look forward to the continued opportunities to support and engage with LCUC through this process,” - Deborah Moore (Vice President, Client Delivery, Celero)

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