The Credit Union Financial eXchange, which was developed to mitigate core integration costs and redundancies in areas such as online and mobile banking, is faring well in some of its initial runs, judging from credit union and vendor success stories.
More than 75 credit unions and vendors developed and designed CUFX as an open, vendor-neutral, broad integration standard led by the CUNA Technology Council. Its goal is to create and promote a single integration standard utilized by the credit union industry.
Its specifications cover transaction sets, message formats, communication protocols and guidelines based on industry best practices. CUFX has 128 XML Schema Definitions that cover areas such as new member account openings, personal finance management, and online and mobile banking. The XSDs specify how to formally describe the elements in an Extensible Markup Language document.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
