VERNON HILLS, Ill. — Baxter CU announced Friday morning it has successfully completed the first implementation of CU Financial Exchange, an industry standard to be known as CUFX that will facilitate the integration of the slew of new processing, financial management and payments technologies being offered to credit unions by third-party vendors.
The Baxter CU system was developed by Jack Henry & Associates' Symitar division, the first core processor to embrace CUFX. The pilot for CUFX 1.0 ultimately led to the CUFX-based integration between Symitar's Episys core processor and MoneyDesktop's personal financial management software at the $1.8 billion credit union.
Symitar also contributed to the development of the CUFX 2.0 that enables CUFX connectivity for online membership application software, as well as more detailed guidance in the area of security. It is expected that CUFX 3.0 will facilitate connectivity of mobile banking technologies.
CUFX will focus initially on new applications or existing transaction sets that support new initiatives, like PFM, membership applications and mobile payments. Building on these emerging technologies, a new standard will be created so that back-end core processing systems are speaking the same language.
"We're running live in our CUFX environment with no issues," said Jeff Johnson, senior vice president and chief information officer at BCU. Johnson is a member of the CUNA Technology Council executive board, which is spearheading the development of CUFX, and BCU is a driving force behind the CUFX initiative.
Ted Bilke, president of Symitar said, "Our support of CUFX is an extension of our longstanding commitment to make it as easy as possible for our clients to integrate Episys with the third-party products that best support their business strategies and technology requirements."
