VANCOUVER, B.C.—Central 1 Credit Union and Fiserv have signed an agreement that makes it easy for credit unions running the DNA account processing platform from Fiserv to launch new online banking products.
Under the agreement, Fiserv will provide Central 1 a license to build and maintain an interface to DNA from the Open Anywhere account opening product and Borrow Anywhere loans origination product, the organizations said.
Innovation Credit Union in Saskatchewan will be the first credit union running DNA to use the new API when it launches Central 1’s Open Anywhere new member origination solution.
According to Fiserv, Open Anywhere enables prospective credit union members to open and fund new accounts online in minutes, using their mobile, tablet or desktop devices. It includes full core banking system integration for a streamlined back-end workflow, digital signature capture, real-time account funding via Interac e-Transfer, compliance with the latest regulatory changes, and more. Borrow Anywhere enables credit unions to provide innovative credit offerings, including payday loan alternatives, the company said.
“Open Anywhere will be a significant part of Innovation’s digital strategy,” said Dean Gagné, Chief Omni and Digital Officer, Innovation Credit Union. “This automated application allows non-members to open, fund and self-manage – in conjunction with other MemberDirect applications – their accounts through either our online or mobile banking platforms. The next logical extension of Open Anywhere will be into our branch network so that non-members can truly have an omni experience. This will be a game changer for Innovation.”
“With today’s faster, mobile lifestyles, people are looking to manage every aspect of their finances through digital channels, including opening an account or applying for a loan,” added Roy Peck, Product Manager, Open Solutions, Fiserv. ”The interface between the DNA platform from Fiserv and Open Anywhere and Borrow Anywhere from Central 1 will help meet the growing demand for these types of tools among retail members.”
Fiserv serves more than 100 credit unions across Canada in British Columbia, Ontario and the Prairie provinces.