You can't close the gap in a race if you're standing still.

Jul 29

Canadian credit unions are at a pivotal moment. The opportunity to enhance member experiences through value added use cases is at hand. Yet, some feel the need to wait for absolute regulatory clarity before making a move. Is this necessary?

With industry standards converging, the landscape for innovation is ripe for the picking. Signs point to Financial Data Exchange (FDX) — a nonprofit industry standards body dedicated to unifying the financial services ecosystem — as a leading contender for the North American standard. The Canadian government has expressed its support for interoperability with the U.S., and the U.S. Consumer Financial Protection Bureau (CFPB) is leaning towards market-driven regulations, which strongly suggests FDX adoption.

The momentum behind this standard is clear. Waiting for a definitive decision on FDX is unnecessary - and a missed opportunity.

A few considerations:

The Canadian government, along with the CFPB in the U.S., have signaled its support for interoperability within North America. FDX-defined standards offer a clear path to efficiently achieve this shared goal.
Competition from deep-pocketed banks and nimble fintechs is increasingly fierce.
Waiting too long could put you in a long queue for implementation, leading to a delay in your go-live and a loss of competitive edge.

Let's focus on what matters: delivering exceptional value to members, without hidden scaling costs. We have created a credit union ecosystem that is adaptable, scalable, and aligned with the industry's regulatory trajectory.

Don't let uncertainty hold you back. We are here to help you through this process. Our team is at the forefront of global open banking standards, including regulatory and compliance frameworks. With our experience and highly specialized team, we are nimble enough to align with any standards that are ultimately legislated.

It's time to move forward with confidence so that when regulation lands, you’re already well positioned at the front of the pack and not standing back at the starting line. See who has opted to get a head start with us.