BC-based financial services provider Central 1 announced this week that it has established a strategic partnership with Canadian financial technology firm Flinks.
The collaboration between the pair introduces open banking functionality to Central 1’s credit union members and financial institution clients, which the company describes as “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,” explains Sheila Vokey, chief executive of Central 1.
Founded in 2017, Flinks is a pioneer of open banking in Canada, having launched data portability programs with 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 data and allow them to safely and efficiently share data with third-party applications without a need to share banking credentials.
“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,” Vokey stated.
“We are thrilled to be part of this movement in Canada,” she said.
Yves-Gabriel Leboeuf, chief executive officer of Flinks, says 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,” the CEO stated.
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.
Founded in Vancouver in 1944, Central 1 today holds $11 billion in assets.