VERNON HILLS, Ill.-Baxter Credit Union has become the first credit union to go live with a proposed credit union standard for the integration of CU data across diverse channels, a specification being called CU Financial Exchange, or CUFX.
The aim of the CUFX is to create an open, vendor agnostic integration standard run by credit unions that will make it faster and more cost-effective for application providers and CUSOs to connect to core processing systems.
The standard is being developed by credit union IT experts and vendors; it went live at Baxter CU in a collaboration between MoneyDesktop, PSCU and Symitar.
The initial stage of the CUFX roll-out involved connecting a personal financial management application (MoneyDesktop) to a core system (Symitar's Episys) and a credit and debit card platform (PSCU).
The next implementation will be using CUFX to connect an account opening application to various core systems.
According to the parties involved, the main goals of CUFX are to: simplify integration and reduce 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; and reduce integration time and costs for application providers and core processors.
