PLANO, Texas--(BUSINESS WIRE)--In collaboration with Alkami Technology, a provider of online and mobile banking solutions for financial institutions, and CUFX, a credit union API specification, Open Technology Solutions (OTS) is modernizing integration techniques with the launch of its latest OTS web services framework (OTS WSF). The new framework will integrate Alkami’s ORB platform with OTS’ credit unions, including Bethpage Federal Credit Union, Bellco Credit Union and SECU of Maryland.
Single Sign On (SSO) is used in some cases, but when tighter coupling and deeper integration is needed between third-party system providers, such as Alkami and external banking systems, the OTS WSF provides a single and consistent way to register, log, secure and manage the performance of a large number of complex web services. Whether the web services are RESTful, SOAP over HTTP, or a unique protocol to a third-party, the OTS WSF allows IT operations to know which web service is being used for which credit union and between which third-party.
“Knowing the health of a web service, how it is performing, logs to identify issues and a single security architecture have been key design elements,” said Scott Preble, chief technology officer for OTS. “This is important to what can quickly become a large and complex number of services integrated between many systems for many mobile and online members.”
CUFX, a credit union API specification, has now been incorporated into the OTS WSF. Instead of using unique APIs for each third-party integration, OTS has asked all third-party providers, such as credit card processors, check imaging systems and others, to use the CUFX specification. This will eliminate long learning curves for each unique API and simplify the understanding for computer-to-computer integration using standard web services for transferring machine readable file formats such as XML and JSON.
Preble continues, “The benefits of this new framework are countless. It’s much easier and streamlined, as well as significantly less costly. Time to market has improved, providing financial institutions a solid way to quickly roll out new services. And it’s simple for vendors. Everyone is happy.”
Rich Jones, marketing and business development consultant for CUFX, added, “Integrations can be a significant technical barrier that not only hurt credit unions, but also their members. Every single project, application, product and new service requires integration with the core system – often a painful process. But OTS has streamlined that process by incorporating the CUFX specification into its new framework, enabling technology providers like Alkami and others to efficiently integrate into the core system, which in turn allows credit unions to quickly deliver new products and services to members. This is truly the future of banking.”
By incorporating the CUFX specification into the framework, real savings for OTS, Alkami and other banking third-parties have been realized, such as significant savings in time and in real expense. In fact, Alkami believes they have saved more than 140 hours related to development, which also reduces expenses for credit unions.
“The financial industry is constantly evolving and consumer expectations quickly change,” said Stephen Bohanon, founder, chief strategy and sales officer of Alkami Technology. “To stay relevant and competitive, financial institutions must be able to quickly and efficiently offer new services, which requires a true partnership with technology providers. By leveraging the CUFX specification, third-party vendors can rapidly integrate into existing systems, which not only allows the institution to remain highly innovative and at the cutting edge, but also provides for significant savings, both in development costs and time. This is truly a win-win and we’re proud to be a part of such a monumental initiative.”
About Open Technology Solutions
Open Technology Solutions, LLC (OTS) is a Credit Union Service Organization (CUSO) providing information technology services to its three, owning-credit unions and another CUSO: Bethpage Federal Credit Union (Bethpage FCU), Bellco Credit Union (Bellco), SECU of Maryland (SECU) and S3 Shared Service Solutions, LLC (S3). Based in Centennial, Colorado, the company delivers a broad range of remote and on-site managed information technology services including infrastructure, security, core business application and software development/integration services. For more information about OTS, please visit www.open-techs.com.
About Credit Union Financial Exchange (CUFX)
The Credit Union Financial Exchange (CUFX) is an initiative of the CUNA Technology Council dedicated to promoting a broad technology integration standard to improve the member experience, enable innovation and reduce complexity and operating expenses. CUFX and The CUNA Technology Council is one of six CUNA Councils, a network of more than 6,200 credit union professionals. For more information, visit cufxstandards.com.
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit aSmarterChoice.org and follow @asmarterchoice on Twitter.
About CUNA Technology Council
The CUNA Technology Council is a member-led organization of credit union technology professionals dedicated to sharing information with its members and promoting the advancement of credit union technology. The CUNA Technology Council is one of six CUNA Councils, a network of more than 6,200 credit union professionals. For more information, visit cunacouncils.org.
About Alkami Technology
Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.