Credit Union Financial Exchange (CUFX) to be acquired by CULedger

MADISON, Wis., and WASHINGTON 02/04/21 – CUNA announced today a transfer of Credit Union Financial Exchange (CUFX) to CULedger.

“CUFX is the result of a grass-roots initiative,” said Chris Seneda, past CUNA Technology Council chair, CUFX steering committee member, and executive vice president and chief operations officer at Virginia CU. “It started with senior IT credit union executives who recognized a need for credit unions as they were trying to get their different systems to work together. The CUNA Technology Council leadership was instrumental in helping to get CUFX off the ground and continued to provide resources as it progressed into its position today. With the transition to CULedger, CUFX will get added support and continue to work with its users and CUNA Technology Council volunteers to assist with future improvements.”

CUFX continues to thrive and meet the necessities of its credit union users. The latest update, which went live this past fall, included the advancement to support non-unique account ID architectures. This newest advancement was driven and reviewed by three core system providers currently implementing CUFX.

“Since its inception, CUFX has been evolving to meet the needs of credit unions,” said David Rohn, vice president of CUNA Councils.

With its transition to CULedger and continued connection to credit union technology experts, we’re confident that this solution will continue to evolve, expand and assist credit unions.”

CULedger delivers a trusted peer-to-peer services network of verifiable exchange for financial cooperatives. Its solutions include MemberPass, a digital ID held by credit union members that protects credit unions and their members from identity theft and fraud in all banking interactions.

“CULedger is proud to incorporate CUFX into our product offerings for credit unions,” said John Ainsworth, President, and CEO of CULedger. “This solution is already being utilized with other solutions within our portfolio, so we understand its value and support its continued advancements.”

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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 120 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. To find your nearest credit union, visit YourMoneyFurther.com.

About CUNA Councils
CUNA Councils is a member-led, collaborative community of credit union leaders providing vibrant peer interaction, new ideas, and innovation to foster professional development for our members while advocating for the overall success of the credit union movement. There are eight CUNA Councils with a network of more than 7,000 credit union professionals. For more information, visit cunacouncils.org

About CULedger

Denver-based CULedger is a credit union-owned CUSO delivering the world’s premier digital network of one-to-one financial exchange for financial cooperatives. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign digital identity that will further enhance the trust credit unions have with their members. CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes, and reducing administrative and operational costs. To learn more about CULedger, visit www.culedger.com.

2021-02-06T16:30:03+00:00February 5th, 2021|
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