MADISON, Wis./WASHINGTON–During 2018, there have been 35 new implementations of the Credit Union Financial Exchange (CUFX), according to the CUNA Technology Council, which leads the initiative.
Those implementations mark a record for the solution that provides “credit unions, application and core providers with the resources to streamline their data integration processes for greater efficiency,” according to the CUNA Technology Council.
“It’s really humbling to see CUFX grow so rapidly year after year,” said David LaCroix, CUFX manager, in a statement. “This standard is both effective and free for credit unions everywhere, and we’re looking forward to even more credit unions and cores joining the initiative in 2019.”
Based on annual CUFX survey results, there are also more than 40 other implementations currently in development and expected to launch in 2019.
“While working with the CUFX architectural community, Virginia Credit Union’s development team worked on integrating our core using the CUFX data model,” said Chris Saneda, senior EVP/COO at VACU. “We expanded usage of CUFX in relation to our mortgage booking process, which leveraged existing work around consumer loans.
We are planning to expand the usage of the CUFX model for our API strategy.”
The Technology Council said CUFX helps credit unions reduce complexity and operating expenses by streamlining the integration of applications like online banking, creating a smoother experience for both employees and members.
For more info: cufxstandards.com