Central 1 and Backbase unveil new digital banking platform Forge
New digital platform for Canadian banks and credit unions
Central 1, a digital banking and payments provider for credit unions and financial institutions in Canada, has launched Forge for its clients – a new digital banking platform that “transforms the banking experience in Canada”, the company says.
Forge is built on the Backbase technology (the two firms partnered for this project at the start of last year) and “puts the control in the hands of clients, providing the flexibility and control to design their digital branch of the future with a user experience that is unparalleled today”.
Mark Blucher, Central 1 president and CEO, states: “We promised our clients something exceptional and in nine short months we have delivered a platform that will enable our clients to create personalised, customized banking experiences for their consumers.”
Alterna Bank (a subsidiary of Alterna Savings and Credit Union) and FirstOntario Credit Union are the first financial institutions in Canada to use Forge.
Central 1 says that Forge will be “the foundational platform of its digital services going forward”.
Full client implementation of Forge is slated to take place over three years with the objective to have clients fully transitioned by 2021.
Central 1 provides services to around 300 financial institutions. Its customers operate across 870+ branches, serving 3.3 million members across the country and holding more than $112 billion in assets.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for its 42 member credit unions in British Columbia and 70 Ontario member credit unions.
