VANCOUVER, British Columbia and TORONTO, Jan. 23, 2025 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) today announced the signing of an agreement in which Intellect will assume responsibility for Central 1’s digital banking operations, following Central 1’s decision to wind down its digital banking offerings, announced in October 2024.
Under the agreement, Central 1’s Forge, MemberDirect, public website and mobile applications and product, along with digital banking engineering and service teams will be transferred to Intellect. Central 1 will continue to provide the technology infrastructure and related services under the agreement.
To ensure continuity for clients, Central 1 team members who support digital banking will join the Intellect team to operate Central 1’s digital banking software, and support clients as they transition to new digital banking platforms.
The transaction remains subject to closing, which is 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 their commitment to serving our members and clients long into the future. We look forward to continued collaboration with the Intellect Design team in the months ahead,” said Sheila Vokey, 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. “Beyond this agreement, our eMACH.ai Digital Engagement platform, built on First Principles Thinking, provides further opportunities to collaborate with credit unions and banks, and reimagine digital banking experiences.”
Intellect is a multi-product enterprise-grade fintech company with an extensive financial services footprint in Canada and globally. The company offers Canada-ready software products specifically to credit unions and banks. Intellect’s digital banking offering includes all of the functionality offered by Forge for retail, SME, and commercial clients, as well as other features not currently provided by Central 1.
About Central 1: Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable the credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada. For more information, visit www.central1.com.
About Intellect Design: Intellect Design is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect’s revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With three decades of domain expertise, Intellect Design offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit https://www.intellectdesign.com.
Caution Regarding Forward Looking Statements
This press release and announcement contains historical and forward-looking statements. All statements and other information about anticipated future events may constitute “forward-looking information” under Canadian securities laws. These include, without limitation, statements relating to Central 1’s intention to wind down its digital banking business, and the timeline and processes relating to the same, Central 1’s plans to transition its clients to alternative digital banking providers, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.
Forward-looking information are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial, condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Contacts
| Central 1 Amanda LeNeve AVP, Communications & Marketing aleneve@central1.com | Intellect Design Nachu Nagappan AVP, Corporate Communications nachu.nagappan@intellectdesign.com |
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