MADISON, Wis. (5/31/13)--The first working specification of Credit Union Financial Exchange (CUFX), an initiative of the CUNA Technology Council, is now live at Baxter CU, Vernon Hills, Ill.
The standard for personal finance management (PFM) went live this week after being developed by volunteer experts from credit unions and the vendor community, said Heather Moshier, CUNA Technology Council chair and executive vice president of information technology at San Diego (Calif.) County CU.
At BCU, the CUFX specification went live between MoneyDesktop, PSCU and Symitar's Episys core platform.
"It's a good time for this initiative," says Bill Cheney, CUNA president/CEO. "The board and I appreciate the CUNA Technology Council's efforts to make improvements that will benefit the entire credit union industry."
The final specifications used at BCU were designed to fit the needs of all credit unions, Moshier said. "Credit unions spend millions of dollars independently integrating similar solutions. CUFX is an integration specification, not software or a middleware solution. It is also purposely vendor and credit union agnostic.
"We welcome all players in the industry to get involved so that the CUFX standards are developed in a way that creates the largest benefit for everyone," Moshier added.
The CUFX initiative began last year with the goal of streamlining how technology companies and credit unions connect applications such as online banking and account opening into core systems. Along with keeping credit unions and technology vendors on the same page, CUFX will:
Simplify integration and reduce initial and ongoing costs of independent vendor-provided and credit union-created offerings;
Increase the speed of delivery of new solutions;
Improve user experience and credit union member satisfaction; and
Reduce integration time and costs for application providers and core processors.
The launch brings the credit union industry one step closer to the reality of a single integration standard, said Jeff Johnson, vice chair of the council and Baxter CU chief information officer. "The standards proposed through CUFX free up more resources for innovation," Johnson said. "For example, we were able to implement our PFM solution in a matter of weeks instead of months. This type of success can save countless hours of repetitive work once the CUFX standards are in use industry-wide.
"Ultimately, the success of the CUFX initiative will depend greatly upon the dedication and commitment of our volunteers, including technology vendors and credit union professionals," Johnson added. "CUFX needs the resources, ideas and expertise that these professionals bring to the table to ensure our strategic plans are on target and that our initiative proceeds in a direction that is both effective and beneficial for all groups involved."