VeriPark forms digital banking coalition with Canadian credit unions
Ellie Duncan | News
17 Jan 2025
Global solutions provider VeriPark has partnered with a coalition of Canadian credit unions and financial institutions “to shape the future of digital banking” in the country.
The coalition comprises First West Credit Union, Prospera Credit Union, DUCA Credit Union, and Coastal Community Credit Union.
VeriPark was chosen by the coalition based on several “key principles”, one of which is interoperability. VeriPark is able to support Open Banking frameworks to enable integration with third-party services and innovations.
It was also selected for its payments platform compatibility. VeriPark ensures integration with Central 1’s payment rails and enterprise fraud management systems, while also supporting compatibility with other payments platforms.
The aim of the coalition is to accelerate innovation, improve member experiences and position members for “long-term success in a dynamic financial landscape”, and will create a Canadian digital banking product.
The new product will provide a global codebase, a dedicated Canadian coalition codebase, and will also allow flexibility for individual institutions to differentiate by developing additional features and capabilities, should they wish to.
“The partnership with VeriPark represents a uniquely Canadian solution that combines local expertise with global best practices,” said Darrell Jaggers, chief information officer and chief transformation officer at First West Credit Union.
“Our goal is to build on our successes and provide members with even more innovative, personalised digital banking services that align with their evolving lifestyles.”
First West Credit Union is one of Canada’s largest credit unions, with nearly $18.6 billion in total assets and assets under administration, and more than 270,000 members.
By partnering with VeriPark, the institutions will be able to leverage a scalable platform, at the same time as contributing to extending the Canadian-focused digital banking product.
“The financial services sector is constantly evolving, and this partnership offers a unique opportunity to shape the future of digital banking in Canada,” said Barry Frame, chief sales officer at VeriPark.
“By combining VeriPark’s expertise with the coalition’s forward-thinking vision, we are confident in delivering a transformative banking experience for Canadians.”
Selim Hasan, sales director at VeriPark, added: “This partnership also underscores our growth strategy for North America, as we continue to expand our footprint and deliver innovative solutions tailored to the needs of financial institutions in this region.”
VeriPark, which has offices in the UK, Europe, North America, Asia, Africa and the Middle East, specialises in omni-channel customer experience solutions for the financial services industry.
