FICANEX Technology and FinConecta partner to deliver the first in market Open Banking platform in Canada
TORONTO and MIAMI, July 21, 2021 /CNW/ - FICANEX Technology Limited Partnership ("FICANEX Technology") today announced that it has signed a Software Agreement with FinConecta to license and deliver FinConecta's industry leading 4wrd open banking platform. FICANEX Technology will white label the 4wrd platform for delivery as a key component of its tunl.TM platform and plans to initially provide the platform and related services to Canadian credit union and banking clients.
The tunl. platform is an API-based platform that provides a robust technology infrastructure to integrate with financial institutions' core systems. It will leverage the FinConecta 4wrd solution, which is built on an infrastructure of modern APIs, creating a modular, flexible, and scalable structure that easily integrates into existing systems to enable Open Banking and Open Innovation for financial institutions. It provides solutions that help address regulatory requirements, launch new offerings faster, and simplify the integration of third-party products. The tunl.marketplace will offer a global catalog of curated Fintech services that provide state-of-the-art digital services using a SaaS model, allowing simple and efficient integration to harness the proliferation of innovative digital solutions.
FICANEX Technology's tunl.marketplace will allow financial institutions to integrate multiple solutions, through one single connection, to accelerate their digital transformation and create new business opportunities within the financial services industry.
For Fintechs around the world, tunl.marketplace will offer an excellent opportunity to power their entry to the Canadian market, and gain exposure to Canadian customers. In addition, FICANEX Technology's tunl. platform will enable FI specific sandbox environments that will allow for testing, experimentation, and proof of concept development, all through a single connection to core banking systems and other applications, avoiding multiple integrations.
A significant benefit of leveraging FinConecta's technology is the opportunity to capitalize on their relationships with Big Tech firms that are enabling Open Finance around the world and paving the way towards a true API economy (read about the Amazon Web Services & FinConecta Open Finance partnership at https://finconecta.com/finconecta-and-amazon-web-services-aws-launch-open-finance-innovation-program-to-allow-financial-institutions-find-third-party-solutions/)
"We are excited to deliver Canada's first Fintech integration platform and open banking marketplace taking advantage of the amazing capabilities of FinConecta, and further expand the value we provide to Canadian credit unions and banks with our enhanced tunl. platform. Our goal is to accelerate innovation in a collaborative way forfinancial institutions in Canada, and the next generation of our tunl. platform accomplishes just that." said Andrew Obee, President of FICANEX Technology.
"The value created by the tunl.marketplace will lay the foundation for open banking through an end to end turnkey solution, that allows financial players to innovate, test, integrate and monetize new digital business opportunities. This unique platform reduces costs and improves time to market which has a positive impact on more and better financial services for Canada. We are honored to join forces with FICANEX Technology to accelerate the move towards Open Banking in Canada", says FinConecta Founder & CEO Jorge Ruiz.
Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy") previously announced that it had entered into a definitive agreement to acquire FICANEX Technology and that it anticipates closing the transaction on or around July 30, 2021. Today's announced Software Agreement and the tunl. platform are included as part of that acquisition. Prodigy has also previously announced an Alliance Agreement with FinConecta to provide consulting, integration and managed services related to the FinConecta 4wrd platform for North American clients.
About FICANEX Technology
FICANEX Technology empowers financial services providers to accelerate innovation by providing next-generation digital services in support of financial institutions across Canada, allowing them to effectively compete in the digital era. FICANEX Technology has its roots in collaboration and developed and supports the tunl. Fintech integration marketplace and open banking platform. Today, FICANEX Technology is well known for its tunl.chat solution and its innovative roadmap that focuses on operational efficiency and delivering an improved customer experience for financial institutions of all sizes across Canada.
For more information on FICANEX Technology visit https://Ficanex.Technology
FinConecta is a global technology company dedicated to accelerating digitization of finance and open banking. Founded in 2016, headquartered in Miami, and with operations in multiple countries around the world, FinConecta is a FDX Member and AWS Advanced Partner.
For more information on FinConecta visit https://FinConecta.com
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. Prodigy provides leading edge platforms, including IDVerifact™ for digital identity , and new Fintech platforms for open banking and payments. Our services business, Prodigy Labs™, integrates and customizes our platforms for unique enterprise customer requirements, and provides technology services for digital identity, payments, open banking and digital transformation. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards: Deloitte's Fast 50 Canada and Fast 500 North America (2016, 2017, 2018), Branham 300 (2017, 2018), Growth List (2018, 2019 and 2020), and Canada's Top Growing Companies (2019 and 2020).
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward looking statements in this press release include statements regarding the acceleration of digital transformation and Open Banking, the facilitation of new business opportunities and the timing of the completion of the acquisition of FICANEX Technology by Prodigy. Although FICANEX Technology believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements These statements are made as at the date hereof and unless otherwise required by law, FICANEX Technology does not intend, or assume any obligation, to update these forward-looking statements.
SOURCE Ficanex Technology Limited Partnership