FreedomPay Adopts Credit Union Financial Exchange Standards
Leveraging the New Standard, CUFX Member BCU Deploys the FreedomPay Commerce Platform
Radnor, PA, June 25, 2014 – FreedomPay®, the world’s most innovative commerce platform, announced today that it has implemented Credit Union Financial Exchange (CUFX) standards on its Commerce Platform and that Baxter Credit Union (BCU), a flagship CUFX member, has deployed the solution to provide corporate customers with the opportunity to make cashless payments.
The CUNA Technology Council initiated the CUFX standards project to address integration issues on behalf of all credit unions. Experts from leading credit unions and top vendors have come together to develop technology standards that will make product and service integration across the credit union industry faster, easier and more cost-effective. CUFX standards will expedite implementations, reduce core costs, speed revenue recognition through faster implementations and ease ongoing support efforts.
FreedomPay recently adopted the CUFX standards on its Commerce Platform. It worked closely with CUFX member BCU to implement the standards that will now be a part of FreedomPay’s solution offerings through a commitment to make payments smarter and utopian commerce a possibility. BCU has started rolling out the FreedomPay Commerce Platform in sites where it acts as the onsite credit union for corporate customers. The move to FreedomPay encourages corporate employees to use their BCU credit/debit cards and checking accounts to fund their stored value accounts.
BCU Director of Enterprise Architecture Tim Tibbals said, “The CUFX standards were written to be flexible and were applied to the FreedomPay project to 1) allow for Single-Sign-On using the highest industry standards for credential management and authorization, 2) set up accounts on the FreedomPay platform, 3) allow the FreedomPay platform to pull accounts lists and member info in real time from BCU systems in a secure manner, including double encryption of transmitted data, and 4) communicate information back to BCU’s systems to keep information in sync between BCU and FreedomPay.”
“We are excited to have BCU on board as a customer and partner. The combination of our technology and BCU’s go-to-market know-how make us a great team. Going forward, we will be working to bring additional value to leading credit unions adopting the CUFX standard,” FreedomPay CEO Tom Durovsik said.
BCU is a $2 billion asset full service, not-for-profit, financial institution that provides SEG and community banking to over 187,000 members in all 50 states and Puerto Rico. Founded in 1981, BCU is currently the fastest growing credit union charted in the past 30 years and the fourth largest in Illinois. Known for providing unparalleled service, competitive rates, low fees, and innovative accessibility, BCU is regarded as having set new standards for bringing together technology and member service in the fast-changing world of financial services. As an organization, BCU is committed to improving our members’ financial wellbeing in everything we do and lives by the brand promise, We’ve Got Your Back.™ Membership is open to several prestigious companies around the country and a local community charter. Read more at BCU.org.
The FreedomPay Commerce Platform is a multi-patented solution portfolio designed to enable companies to embrace current trends and accelerate innovation. FreedomPay delivers a high-performance, secure user experience driven from the cloud to any device, anytime, anywhere. The platform seamlessly bridges the gap across in-store, web and mobile by interconnecting POS systems, transaction hosts, incentive engines and other disparate systems to a cutting edge transaction superhighway. The FreedomPay Commerce Platform P2PE solution is the first in North America to provide industry-ready coverage in accordance with the coveted certification from the PCI Security Standards Council. For more information, visit www.FreedomPay.com.