VANCOUVER, British Columbia and TORONTO, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Central 1 — a leading financial services provider to Canada’s credit unions and financial institutions — is pleased to announce a strategic partnership with Flinks, Canada’s leader in the open, consent-based exchange of financial data.
Through this partnership, Central 1 is taking an important step in enabling open banking opportunities and optionality in the credit union system.
“Open banking is all about putting control back into the hands of Canadians, allowing them to move their funds and financial information seamlessly between financial institutions and partners of their choice,” said Sheila Vokey, Central 1’s President & CEO. “As we await an official open banking regime in Canada, Central 1’s partnership with Flinks will bring much of the open banking functionality our credit union and financial institution clients have been asking for and support optionality over the long term. We are thrilled to be part of this movement in Canada.”
Founded in 2017, Flinks is a pioneer in open banking in Canada, having launched data portability programs with a number of renowned Canadian financial institutions, such as National Bank of Canada and EQ bank. By way of Central 1, Flinks’ Outbound solution will provide credit union and financial institution members and customers better control over their financial data and allow them to safely and efficiently share their financial data with various third-party applications without the need to share their banking credentials.
Flinks enables credit unions and financial institutions to accelerate and launch an open banking program today while ensuring it meets future regulations. The solution also includes accessing and distributing Open Banking API connections to a network of hundreds of fintech and application partners.
“This is an exciting time for our institution and the broader credit union system,” said Brian Harris, CEO of the newly formed Beem Credit Union. “There are now clear signs of progress towards an open banking regime in Canada. These developments will improve the member experience and foster greater competition in the financial services sector in Canada. Through Central 1, the system will be able to take advantage of open banking functionalities now and be prepared for Canada’s federal framework.”
The Central 1 and Flinks solution is expected to be available to Central 1’s credit union members and financial institution clients by mid-2024.
“The credit union system provides critical banking choice to Canadians. We are excited to round out this offering through Central 1 with progressive, accessible functionality that will significantly enhance the member and client experience and help credit unions and financial institutions to compete,” said Yves-Gabriel Leboeuf, CEO, Flinks.
About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $10.9 billion as of September 30, 2023, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada. For more information, visit www.central1.com.
About Flinks
Trusted by millions of individuals accessing financial services at world-class companies, Flinks enables businesses to connect to their customers' financial accounts, enrich this data, and utilize it to deliver better digital products. Serving innovators in lending, fintech, digital banking, asset management and insurance, Flinks is becoming a global leader in financial data portability, open banking and analytics. To learn more, visit flinks.com
Media Contact
Yuan Li, Senior Communications Specialist
Central 1
E: yuan.li@central1.com
