back Back

Central 1 chooses Intellect to modernise its digital banking operations

By Gloria Mathias

January 27, 2025

  • Banking technology
  • Canada
  • Central 1 Banking
Share

Intellect Design Arena, Fintech News, Fintech Solutions, Financial Technology, Central 1 Banking, Canada, Digital Banking, Banking technology, Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) have announced the signing of an agreement through which Intellect will assume responsibility for Central 1’s digital banking operations.

This follows Central 1’s decision to wind down its digital banking offerings in October 2024.

Under the agreement, Central 1’s Forge, MemberDirect, public website, mobile applications and products, and digital banking engineering and service teams will be transferred to Intellect. Central 1 will continue to provide the technology infrastructure and related services.

To ensure continuity for clients, selective Central 1’s team members will join the Intellect team to operate Central 1’s digital banking software and support clients as they transition to a new digital banking platform.

The transaction remains subject to closing, expected to occur in the coming weeks.

“We are confident that Intellect and the transferring Central 1 team members will provide a strong and stable path for our clients as they transition to new digital banking platforms. Our discussions and work with the Intellect team through this process have demonstrated their deep care for clients and commitment to serving our members and clients long into the future. We look forward to continued collaboration with the Intellect team in the months ahead,” said Sheila Vokey, President & CEO of Central 1.

“Intellect has partnered with leading financial institutions in Canada and globally for more than three decades. This strategic agreement reinforces Intellect’s commitment to Canadian credit unions and banks. We take the responsibility of ensuring a seamless and reliable wind-down of Forge and MemberDirect with utmost seriousness and look forward to welcoming the talented team members from Central 1, who we know will bring invaluable expertise in serving Canadian credit unions and banks,” said Rajesh Saxena, CEO of Intellect Global Consumer Banking.

He added, “This agreement symbolises Intellect’s vision to strengthen its presence further in Canada and North America. With our eMACH.ai Digital Engagement Platform, a composable and Open finance platform, we aim to empower them with unparalleled agility and innovation. We are excited to collaborate with credit unions to transform digital banking experiences and meet the evolving expectations of their members through innovation, growth, and meaningful engagement.”

Previous Article

January 27, 2025

Visa & FinTech DealMe launch Cross-Border Card Installment Payments

Read More
Next Article

January 27, 2025

Passbolt secures $8m Series A to enhance password collaboration

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Red Hat & neoleap drive application modernisation in Saudi Arabia

Read More

Today

Backbase & Feedzai partner to enhance fraud prevention in digital banking

Read More

February 05, 2025

CommBank & AWS team to deliver global cloud and AI capabilities

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More