This move follows Central 1's decision to phase out its digital banking services, announced in October 2024. Under the terms of the agreement, Central 1's digital banking offerings, including Forge, MemberDirect, public website and mobile applications, as well as its digital banking engineering and service teams, will be transferred to Intellect. Central 1 will continue to provide technology infrastructure and related services.
To ensure a smooth transition for clients, Central 1 employees involved in digital banking will join Intellect to help operate the existing software and assist clients as they shift to new platforms. The deal is expected to close in the coming weeks.
Representatives of Central 1 expressed confidence in the transition, noting that both Intellect and the transferring Central 1 team members will ensure a stable path for clients moving to new digital banking platforms. They emphasized the collaborative efforts with Intellect to support members and clients in the future.
Intellect Global Consumer Banking representatives highlighted the company’s long-standing partnership with financial institutions worldwide and reaffirmed Intellect's commitment to Canadian credit unions and banks. They also noted that the company’s eMACH.ai Digital Engagement platform could offer further opportunities for collaboration in reimagining digital banking experiences.
Intellect Design is a global fintech company providing comprehensive financial technology solutions, including digital banking products for retail, SME, and commercial clients. In Canada, Intellect delivers software tailored to the needs of credit unions and banks. Central 1, which has assets of EUR 11.6 billion as of 30 September 2024, provides critical financial services to Canadian credit unions, supporting over five million customers across the country.
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