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April 4, 2005

Telus and Fincentric bring banking technology to Canada

Canadian telecommunications firm Telus and Fincentric, a retail banking software provider, have launched a new service, Bank by Wire, that will make retail banking technology available to credit unions in Canada.

By CBR Staff Writer

Bank by Wire is aimed at credit unions of any size, said Luc Vilandre, vice president of Telus national application solutions. It is cost-effective, simple, and functionally rich, he added. Where a large credit union can afford to bring such an advanced self-serve banking system in-house, a smaller credit union may prefer a hosted service with a monthly fee. Bank by Wire supports either approach.

The new alliance expands upon an existing relationship between the two companies, which have been working together for six years in an effort to provide software and services to Canadian credit unions.

Bank by Wire provides a retail banking platform available as an in-house or hosted system, an integrated platform for applications and software and services through internet, ATM, IVR and wireless channels on a daily basis.

According to Telus and Fincentric, the new product will also reduce operational costs, complexity and risk, increase flexibility and adaptability to deliver new products and services and improve member satisfaction and retention.

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