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How an Enterprise Service Bus and open APIs will give credit unions the integration advantage

July 24, 2018
Open APIs are being mentioned a lot lately in financial services circles. And it often gets coupled with words like ‘revolutionary’ and ‘game-changer.’

And that’s exactly what it could be for Canadian credit unions.

The use of open APIs - specifications of how software components should interact - can make it easier for developers to create software that can easily integrate with other systems. Open APIs enable financial institutions to easily connect and plug in new functionality to their core banking platform, allowing them to deploy new financial tools to their customers and provide new end-user experiences.

In the current environment of standardized interfaces and fast integration, credit unions will be able to leverage open APIs to roll out new digital capabilities just as fast, or even faster, than a bigger player. And the cooperative nature of credit unions can help accelerate this journey.

An Enterprise Service Bus will become the API connection hub for credit unions

Digital transformation and APIs have further complicated the challenge of integrating disparate systems. In order to deliver new products and services, you need to connect systems, data and devices. The challenge now lies in the point-to-point integration of systems and how you avoid creating a convoluted web of connections.

This is the problem Celero developers were challenged with when asked how to leverage open APIs within our current digital eco-system. Their answer was to follow CUFX standards and create an Enterprise Service Bus (ESB) that can seamlessly connect secure platforms with scalable financial applications from Celero’s fintech partners.

The ESB is a connectivity layer, designed to dramatically simplify how systems talk to each other and work together. Rather than build specific system-to-system interfaces, the ESB allows different systems that speak different languages to still exchange data quickly.

“We see the limitless potential that fintech integration and open APIs can bring to the financial services industry and we have readied ourselves to help Canadian credit unions take advantage of them,” said Simon Vincent, executive vice president of Banking and Omnichannel Solutions and Services at Celero. “Our digital integration capabilities will improve speed to market for customized and third party fintech applications and can fast track a credit unions omnichannel strategy.”

How does a credit union connect to the ESB and take advantage of open APIs?

Collaboration is key to unlocking more solutions from more partners. As credit unions, fintech partners and new customized applications connect to the ESB, the more powerful the tool will become. As it grows, it will enable a new suite of digital solutions and ultimately, empower credit unions to control how they provide ubiquitous member-access to their financial products.

A collaborative ESB can become a powerful competitive advantage for Canadian credit unions. Reliable and secure core banking capabilities, coupled with a digital ecosystem that allows plug and play integration with the latest financial technology.
 
Celero’s ESB is already in production. The complete integration solution will be launched this fall. Learn more about how your credit union can leverage the ESB to connect fintech vendors to your core banking and other applications as well as more details on this exciting new solution at the Celero Fintech Conference in Whistler, BC, Sept 25 – 28.