Flinks chosen by Canadian credit union to enable Open Banking functionality

Canada’s Columbia Valley Credit Union (CVCU) has partnered with Flinks to be able to offer its members the benefits of Open Banking technology.

CVCU is a client of Central 1 which, at the start of the year, joined forces with Open Banking platform Flinks to offer its Canadian credit union members and financial institution clients Open Banking functionality.

Through Flinks, CVCU will gain access to a network of accredited fintech platforms and applications, enabling the credit union’s members to connect with a variety of financial tools and services.

Rob Parker, chief executive officer of CVCU, said: “The impending Open Banking framework will modernize Canada’s financial industry, and we’re excited to offer our members the benefits of this cutting-edge technology.”

“By prioritizing the needs of its members and proactively adapting to regulatory shifts, this partnership with Flinks is a clear indication of CVCU’s commitment to innovation,” added Yves-Gabriel Leboeuf, Flinks’ chief executive officer.

In January, Flinks added two features to its Open Banking solution ‘Outbound’ that are designed to help credit unions and small- to mid-sized financial institutions overcome some of the challenges they face in implementing Open Banking, including limited budget and resources.

The Canadian Government is working towards a 2025 target for consumer-driven banking to go live.

“It’s great to see CVCU take advantage of Flinks’ offerings to begin their Open Banking journey,” said Erick Wong, chief product officer at Central 1.

“We’re proud to support solutions that enable optionality and flexibility as our clients and others in the system prepare for Canada’s official Open Banking regime.”