Millions wasted on IT integrations

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Its no secret, credit unions are spending millions of dollars every year integrating technologies. These integrations happen vendor to core and vendor to vendor. It seems an unavoidable cost of doing business. But is it?The CUNA Technology Council launched a cooperative initiative with council members and credit union vendors to solve this expensive problem. This initiative is called Credit Union Financial Exchange Standards (CUFX Standards). As a cooperative effort for credit unions and vendors, CUFX is creating integration standards. These standards have a pre-set mapping of data field so every time a credit union needs to map this data field it is a plug and play standard versus a professional services development project. CUFX’s experience is indicating the savings to credit unions will be time to market of a new product or service can be launched in half the time.This cost saving initiative is provided at no cost to credit unions or vendors. There may be some incremental development costs in the creation of a standard but a lot of the work is jointly done with the credit union, the vendor and a team of volunteer developers from the Tech Council.The beauty of CUFX Standards is that once the standard has been developed it is now available to any credit union working with this vendor for integration. It is truly a cooperative effort in the true spirit of the movement. continue reading »last_img

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