MADISON, Wis. (5/18/12)--The CUNA Technology Council has launched a new integration standards project, Credit Union Financial Exchange (CUFX), to streamline how technology companies and credit unions connect applications such as online banking and account opening, into core systems, announced the Credit Union National Association (CUNA).
Heather Moshier and Jeff Johnson, chair and vice chair of the CUNA Technology Council, respectively, presented an update on CUFX's goals and recent progress to CUNA's board of directors during a meeting at CUNA's Governmental Affairs Conference in March.
"It's a good time for this initiative," said Bill Cheney, CUNA president/CEO. "The board and I appreciate the Technology Council's efforts to make improvements that will benefit the entire credit union industry."
For credit unions to grow and remain competitive in the financial marketplace, they must continually improve their technical infrastructure, Johnson said. By introducing technological standards to the industry, CUFX will 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.
"Technology companies' ability to innovate and quickly deliver leading-edge services is hampered by the lack of a single integration standard," said Johnson. "Technology providers spend valuable resources independently customizing the same interfaces or adapters for each of their credit union clients, primarily at the expense of further refining their solutions. The standards proposed through CUFX free up more of their resources for innovation."
CUFX is designed to benefit credit unions and the technology industry by:
- Simplifying integration and reducing initial and ongoing costs of independent vendor-provided and credit union-created offerings;
- Increasing the speed of delivery of new business functions across the credit union industry;
- Improving member experience and employee efficiency; and
- Freeing vendors from repetitive, time-consuming, low-impact customization, so they can focus their efforts on application innovation.
Initially, CUFX will focus on new applications or existing transaction sets that support new initiatives such as personal financial management, membership applications and mobile payments, Johnson said. The idea is to build a new standard so back-end systems speak the same language, he added. Future initiatives may include re-engineering existing transaction sets.
"Ultimately, the success of the CUFX initiative will depend greatly upon the dedication and commitment of our technology vendors and credit union professionals," Johnson said. "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."
For more details about CUFX, use the link or e-mail firstname.lastname@example.org