HAMILTON, Ontario–In a preview of a trend that will likely soon be arriving at credit unions in the U.S., FirstOntario Credit Union said it is partnering with Everlink and Flinks to provide its members with open banking services.
The two companies are “expected to provide FirstOntario with a secure, efficient, and market-tested service that also aligns with Canada’s new goal to be live with customer-driven banking solutions in 2025,” according to the PAYPERS.
“FirstOntario is currently aiming to provide its suite of clients and users with Open Banking tools in order to give them the possibility to benefit from optimize control over their data and increased security,” the PAYPERS reported. “At the same time, the credit union will offer them the opportunity to leverage advanced analytics that deliver secure services, developed to cater to the evolving demands, needs, and preferences of clients. This tool optimization is set to be enabled by individuals after working with the suite of products and expertise incorporated by Everlink and Flinks.”
Global Adoption
As CUToday.info has reported, open banking is already becoming a reality in much of Europe, and CFPB Director Rohit Chopra said the Bureau is moving forward with plans to expand open banking to the United States. One panel discussion during the Money 20/20 Conference discussed what could like ahead for open banking in the U.S., as reported here.
As the PAYPERS explained, open banking represents a customer-driven banking solution that incorporates frameworks designed to allow clients and businesses to securely transfer their financial information and data to approved service providers, through the use of an application programming interface (API).
The Best Way to Start a New Year. With Something Free.
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?