VANCOUVER, B.C.– Central 1 Credit Union has announced the latest deployments from its innovation hub, Forge Community.
According to the $11.9-billion Central 1, which acts as both a corporate credit union, a payments processor and a trade association, DUCA, a credit union participant that joined the collaborative platform in 2022, has launched a new profit-share rewards program for its more than 92,000 members. In addition, First West Credit Union in partnership with fintech thirdstream, collaborated to release a faster, more streamlined account origination experience, according to Central 1.
“We welcomed several new fintechs and credit unions to Forge Community this year and it’s exciting to see the ecosystem thriving with innovation,” Erick Wong, Central 1’s chief product officer, said in a statement. “This platform is where developers, industry experts, fintechs, credit unions and other financial institutions can find collaborative opportunities to drive innovation and deliver exceptional member and client experiences.”
Doing More
According to Central 1, DUCA’s new profit share rewards program, Do More Profit Sharing, lets members earn and use rewards to “buy” better rates on GICs, term products, fixed loans or fixed mortgages, or convert the rewards to cash.
“Critical to the launch of the program was making it easy for DUCA members to track and use their rewards online,” Central 1 said. “DUCA built and deployed a variety of user-interface plugins on Forge Community to provide their members with secure and easy-to-navigate online access to their rewards balance, calculators and a process to submit redemption requests.”
Streamlining Account Openings
Meanwhile, the First West and thirdstream deployment was a collaborative effort to streamline account origination for members and clients of First West divisions Envision Financial, Island Savings Valley First and Enderby & District Financial, Central 1 explained.
“This release enables new savings accounts with enhanced account opening experiences for checking accounts, term deposits, registered products and personal loans,” Central 1 stated. “With this, thirdstream’s deposit and loans onboarding capabilities are now available to the entire Central 1 member and client base who can leverage their Forge digital Banking Platform seamlessly with thirdstream’s retail and commercial deposit solutions, as well as credit card and consumer lending experiences.”
About Forge Community
Forge Community is Central 1’s innovation hub where fintech, credit union and other financial institution developers can collaborate, create and deploy new digital solutions.
Central 1 serves 190 member financial institutions with four million members across Canada.
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