Established in 2017, Flinks is a pioneer in Canadian Open Banking, initiating data portability programmes with institutions like National Bank of Canada and EQ Bank. Partnering with Central 1, Flinks' Outbound solution augments credit union and financial institution members, ensuring secure sharing of financial data with third-party apps without revealing banking credentials. Additionally, the solution provides access to and distribution of Open Banking API connections across a network of numerous fintech and application partners.
Officials from Central 1 said that 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. As they await an official Open Banking regime in Canada, Central 1’s partnership with Flinks will bring much of the Open Banking functionality their credit union and financial institution clients have been asking for and support optionality over the long term.
Emphasising the benefits of this partnership, representatives from Beem Credit Union, a Canada-based financial institution, said that 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 Canadian financial services sector. 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.
Also commenting on this development executives from flinks stated that the credit union system provides critical banking choice to Canadians. They are happy 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.
Central 1 cooperatively enables credit unions and other financial institutions who deliver banking choice to Canadians. With assets of USD 10.9 billion as of 30 September 2023, Central 1 provides critical services at scale to enable a thriving credit union system. They do this by collaborating with their clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada.
Trusted by millions of individuals accessing financial services, Flinks enables businesses to connect to their customers’ financial accounts, enrich this data, and utilise it to deliver better digital products. Serving innovators in lending, fintech, digital banking, asset management, and insurance, Flinks is becoming a prominent enabler in financial data portability, Open Banking, and analytics.
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