Within this collaboration, the two firms aim to support small to medium Canadian credit unions.
As Central 1 winds down its widely adopted Forge and Member Direct platforms, the National Digital Banking Working Group (NDBWG) consortium actively seeks alternatives that align with the collaborative nature and specific requirements of credit unions.
Plumery’s multi-tenant architecture enables credit unions to securely share infrastructure while maintaining data isolation and customised experiences, reducing both implementation and ongoing operational expenses.
Moreover, officials from Plumery affirmed that their product is designed as a cloud-native SaaS solution for institutions of this size, offering them access to advanced financial technology that was previously available only to larger institutions with significant IT resources.
By partnering, Aequilibrium and Plumery will help credit unions navigate this transition, simplifying banking by designing and implementing integrated digital experiences. From public websites to digital banking platforms, which strike a balance between standardisation and differentiation, the collaboration aims to strengthen each credit union’s identity and community impact, optimising the overall customer experience.
With the ongoing evolution of the digital banking landscape, financial institutions face constant pressure to innovate or risk losing market share. In October 2024, Central 1 Credit Union announced its decision to wind down its digital banking offering, transitioning clients to one or more alternative digital banking providers. Officials state that the decision came after a strategic review of the business, concluding that the investment and innovation required to meet the needs of clients and the company’s digital banking offering into the future were not sustainable in the long term.
Central 1 was managing the transition process, collaborating with digital banking providers and their clients to enable an optimal shift within the next three to four years, which was expected to occur by 2027-2028.
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