CUNA Technology Council Announces Successful Launch of First CUFX Standard

05/31/2013
  • overview

FOR IMMEDIATE RELEASE

MADISON, Wis. (05/31/2013) – The first working specification of CUFX (Credit Union Financial Exchange), an initiative of the CUNA Technology Council, is now live at Baxter Credit Union.

Heather Moshier, CUNA Technology Council Chair and EVP Information Technology of San Diego County CU says that the standard for Personal Finance Management (PFM) went live this week after being developed by volunteer experts from credit unions and the vendor community. At BCU, the CUFX specification went live between MoneyDesktop™, PSCU and Symitar’s Episys core platform.

Moshier explains that the final specifications used at BCU were designed to fit the needs of all credit unions. “Credit unions spend millions of dollars independently integrating similar solutions,” she says. “CUFX is an integration specification, not software or a middleware solution. It is also purposely vendor and credit union agnostic.”

The CUFX initiative began last year with the goal of streamlining how technology companies and credit unions connect applications like online banking and account opening into core systems. Along with keeping credit unions and technology vendors on the same page, CUFX will benefit credit unions and the technology industry by:

  • Simplifying integration and reducing initial and ongoing costs of independent vendor-provided and credit union-created offerings
  • Increase the speed of delivery of new solutions
  • Improve user experience and credit union member satisfaction
  • Reduce integration time and costs for application providers and core processors

“It’s a good time for this initiative,” says Bill Cheney, President and CEO of CUNA. “The board and I appreciate the CUNA Technology Council’s efforts to make improvements that will benefit the entire credit union industry.”

Jeff Johnson, vice chair of the CUNA Technology Council and CIO of Baxter Credit Union, says that this launch brings the credit union industry one step closer to the reality of a single integration standard.

“The standards proposed through CUFX free up more resources for innovation,” Johnson explains. “For example, we were able to implement our PFM solution in a matter of weeks instead of months. This type of success can save countless hours of repetitive work once the CUFX standards are in use industry-wide.”

“Ultimately, the success of the CUFX initiative will depend greatly upon the dedication and commitment of our volunteers, including technology vendors and credit union professionals,” continues Johnson. “CUFX needs the resources, ideas and expertise that these professionals bring to the table to ensure our strategic plans are on target and that our initiative proceeds in a direction that is both effective and beneficial for all groups involved.”

“We welcome all players in the industry to get involved so that the CUFX standards are developed in a way that creates the largest benefit for everyone,” says Moshier.

“We hope to learn from using the CUFX standards at BCU and roll out the standards to all aspects of credit union activity later this year.” Johnson adds, “Working groups are already focusing efforts on a spec for New Member Applications.”

For more details about CUFX, a list of credit unions and technology companies that are currently involved, and information about how you can support the initiative, visit cufxstandards.com or e-mail info@cufxstandards.com

About CUNA Technology Council

Established in 1995, the CUNA Technology Council is a member-led organization made up of 650 credit union technology experts across the United States. The Council’s goal is to shape the advancement of credit union technology by leveraging collective peer strength through the sharing of information and fostering of professional development. The CUNA Technology Council is one of the six organizations that make up the CUNA Councils, a network of more than 5,400 credit union professionals. For more information, visit www.cunatechnologycouncil.org or www.cunacouncils.org.

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