ROHNERT PARK, Calif.– Executives with IQR Consulting, a data analytics solutions provider, have been named to the Credit Union Financial Exchange (CUFX) vendor advisory board. IQR President Rahul Nawab and Managing Director Karan Bhalla will represent the firm on the board, which promotes adoption and support of the CUFX standard among credit unions.
Nawab, founder of IQR Consulting and a passionate advocate for credit unions, explained his firm’s enthusiasm for joining the board. “CUFX is an open standard designed by credit unions and their vendors to reduce the pains of integrating new technologies and systems, which is a necessary evil for credit union leaders chasing innovation. Lending, digital banking, rewards, card portfolios, you name it – financial products and services are evolving so rapidly credit unions and their vendors can’t afford the extra delays that come with intensive integration. We want to help eliminate the headaches, expense and time challenges standing in the way of innovation.”
Most credit unions today partner with a growing list of vendors, each with proprietary interfaces. Introducing new vendors to the mix requires staff to get the specs, figure out how to implement software and hardware into their system and then learn how to update everything when a vendor inevitably evolves its products. This, CUFX says, costs credit unions time and money, and can negatively impact the member experience. A single standard, the organization contends, removes barriers and establishes a single interface. CUFX is that single standard, and it was developed by the CUNA Technology Council to streamline vendor integration.
“Participation by a wide range of organizational types and business functions will provide the critical perspective needed to promote adoption of CUFX,” said Rich Jones, marketing and business development executive for CUFX. “The addition of IQR Consulting provides one of these invaluable perspectives because they are precisely the type of firm that would use CUFX in data transformations based on the needs of their credit union clients.”
The CUFX vendor advisory board is composed of organizations that provide services to credit unions, such as application/solution providers, core system providers and credit union service organizations (CUSOs). Members of the board ensure the standard meets the technical and business needs of the credit union industry and help promote the adoption of the CUFX standard.