Stanchion, a leading global Fintech solutions company, has been selected to develop and implement a new Fintech aggregation platform for The Ficanex Group, in Canada.
Ficanex, formed as a partnership in 2000 between a group of credit unions and banks, is the operator of The EXCHANGE® ATM Network in Canada. The EXCHANGE Network is a shared services network that permits surcharge-free cash withdrawals, PIN changes, and inter-institutional deposits at ATMs across the country. It provides services to over 170 financial institutions, and over 5.5 million cardholders, across a network of over 3,300 ATMs nationwide.
Ficanex’s main objective is to build a platform that allows a variety of innovative new financial services solutions to gain access to real-time transaction authorizations at many of the tier two financial institutions in Canada. In general, the intention is to allow these financial institutions to quickly add new services to their customer offerings to broaden their product base, while minimizing costs through a shared, optimized interface.
As part of its strategy to expand its offering in the rapidly evolving financial services sector, Ficanex selected Stanchion to custom develop the aggregation platform. The platform will enable Ficanex members to more easily connect with Fintech businesses offering innovative products and services, and will allow for the fast and cost-effective integration of these products.
Stanchion is the prime partner on the project and is responsible for the development and customization of the platform, as well as its integration with traditional Canadian processors. Stanchion has completed the first phase of the project which entailed the specification definition as well as the design of the solution; and are currently working on the development and testing of the platform. It is anticipated that the first Fintech will be connected to the platform and operational in the first part of 2018.
Says Andrew Obee, President and CEO at Ficanex: “This is a highly technical project and while the lack of precedence creates many unknowns, Stanchion’s experience in the payments industry, the local knowledge and presence, and the technology to implement a modern payments solution means we have been able to rise to any challenges during the development phase.”
“We are delighted to develop this innovative solution on behalf of FICANEX,” says Chris Pappas Stanchion’s US Regional Business Head. “Working with our colleagues in the United Kingdom we are proud to be part of a programme that is set to transform Ficanex’s business model, empowering them and their customers to actively participate in the Fintech revolution.
Ficanex Group facilitates collaboration among tier two financial institutions in Canada, helping them deliver the products and services expected by their customers in a way that minimizes their costs and time to market. It has designed a platform that provides effective and intelligent financial services solutions to its member credit unions and banks.