news.cuna.org/articles/115219-cufx-sees-record-adoption-in-2018

CUFX sees record adoption in 2018

November 27, 2018

FOR IMMEDIATE RELEASE

Contacts:
Lauren Williams - CUNA Communications; (202) 626-7642; lwilliams@cuna.coop

Tracy Travis - CUNA Marketing; (608) 231-4219; ttravis@cuna.coop

MADISON, Wis., and WASHINGTON (November 27, 2018) – Thirty-five new implementations of Credit Union Financial Exchange (CUFX) have been reported over the course of 2018, making 2018 a record year for the systems integration standard. CUFX is an initiative led by the CUNA Technology Council that provides credit unions, application and core providers with the resources to streamline their data integration processes for greater efficiency.

“It’s really humbling to see CUFX grow so rapidly year after year,” said David LaCroix, CUFX manager. “This standard is both effective and free for credit unions everywhere, and we’re looking forward to even more credit unions and cores joining the initiative in 2019.”

Based on annual CUFX survey results, the following implementations of the standard have been reported, with over 40 other implementations currently in development and expected to launch in 2019.

CUFX Year over Year Progress

Oct 2017 Actual

Oct 2018 Actual

Growth #

Growth %

Total Implementations

17

52

35

206%

Core providers

1

1

0

0%

Application Providers

16

19

3

19%

Credit Unions  

17

51

34

200%

“While working with the CUFX architectural community, Virginia Credit Union’s (VACU) development team worked on integrating our core using the CUFX data model,” said Chris Saneda, senior EVP/COO at VACU. “We expanded usage of CUFX in relation to our mortgage booking process, which leveraged existing work around consumer loans.

We are planning to expand the usage of the CUFX model for our API strategy.”

CUFX helps credit unions reduce complexity and operating expenses by streamlining the integration of applications like online banking, creating a smoother experience for both employees and members.

CUFX is a volunteer effort made possible by the contributions of credit unions and credit union service organizations. To learn more and become a user or contributor, visit cufxstandards.com.

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About CUNA

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America's credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.

About CUNA Councils
CUNA Councils is a member-led organization dedicated to connecting passionate people, great ideas, original content and relevant resources to find solutions and inspire achievement through the power of peer collaboration. CUNA Councils serves seven areas of credit unions including CEOs, lending, marketing and business development, finance, human resources and training development, technology and operations, sales and service. For more information, visit cunacouncils.org.