Five Canadian credit unions partner with Caspian One

Canadian technology provider Caspian One has partnered with credit unions First West, Prospera, Meridian, Affinity and Libro, to deliver a tailored Credit Union System Open Banking solution.

Through the strategic partnership with Caspian One, the five credit unions will be able to offer existing members improved digital services, thereby attracting new members.

Last November, the Large Credit Union Coalition (LCUC) – a collective of 10 large credit unions in Canada – chose Caspian One as their preferred partner for this solution, designed specifically for the Canadian marketplace.

Caspian One’s API-driven data-sharing ecosystem is both “a provider and consumer model for financial innovation” and is overlaid with a consent lifecycle management model, and a shared service operations and support group.

“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,” said Yves Auger, managing director at LCUC.

“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.”

Lewis Poe, chief technology officer of Caspian One Open Banking added that it did not want to deliver a “commoditized solution” to clients, and instead, set out to build a “bespoke solution tailor-made for the credit unions”.

Caspian One, which is an independent organisation, has implemented solutions in markets with existing Open Banking regulation, including Brazil, the UK, and Australia, as well as for a large bank in Canada.

“By leveraging the Caspian One Open Banking platform, we can offer our members access to leading technology and enhanced banking experiences,” Darrell Jaggers, chief information officer and chief transformation officer at FirstWest Credit Union, said.

Greg Dyck, chief digital and information officer at Prospera Credit Union, added: “We see Open Banking as a transformative opportunity to better serve our members and meet their evolving needs.”