FLEXBridge API Overview

FLEXBridge FLEXBridge FLEXBridge API Overview
  1. Introduction to FLEXBridge API FLEXBridge is an API (Application Programming Interface) interface that enables third-party solution providers and credit unions to securely access FLEX core data and business rules. It serves as a single API with a customized developer portal.
    • Core Purpose: FLEXBridge aims to eliminate obstacles credit unions face when trying to deliver new financial technology. It provides a quick and agile channel to deploy new fintech solutions.
    • Adaptability: It is universally adaptable, allowing fintech developers to easily connect with the FLEX core.
    • Benefits for Credit Unions:
      • A technology partner like FLEX, which encourages third-party integration, grants credit unions a new level of freedom when choosing technologies and services to offer their members, regardless of the provider.
      • It helps credit unions innovate with speed and agility.
      • FLEXBridge leverages APIs as an enabler for new products and services within the financial sector.
  2. Key Features and Functionality of FLEXBridge FLEXBridge is built upon principles of open architecture, which is a top feature credit unions seek in a core provider, with seamless core integration being identified as the most important.
    • Secure Data Access: FLEXBridge connects all internal credit union systems while exposing data to developers in a secure and compliant way.
    • Industry Standards: It employs industry-standard best practices, providing a web-centered RESTful API.
    • Real-time Operation: As its name implies, FLEXBridge operates in real time, facilitating the secure passage and updating of data between the FLEX core and any connected external source.
      • This precludes third-party solution providers from manually maintaining each database.
    • Standardized and Documented Format: FLEXBridge is offered in a standardized and well-documented format that is easily interpreted.
    • Enabler for the Fintech Marketplace: It unleashes the power of an ever-expanding financial technology marketplace, providing an array of service opportunities for the benefit of credit unions and their members.
  1. Benefits of Open Architecture and FLEXBridge for Credit Unions Credit unions are actively seeking core systems with seamless integration capabilities. Open architecture initiatives are gaining significant traction in the financial industry, with a substantial percentage of financial institutions already investing or planning to invest in them.
    • Seamless Integration: Seamless integration of third-party products within the core is identified as a top feature for growing credit unions and the number one deciding factor for those who have recently converted to a new core system.
    • Choice and Flexibility: FLEX’s open architecture and robust API (FLEXBridge) allow credit unions to connect to the open world of financial service offerings. This means FLEX can deliver solutions even when third-party applications are preferred or required due to credit union processes, member preferences, or other factors.
    • Competitiveness: A core system should provide integrated connections to the products and services a credit union requires to remain competitive and relevant in today’s crowded financial services space.
  1. FLEX Core Integration Categories and Examples The FLEX framework and FLEXBridge API support a wide array of third-party integration options. It’s important to note that while many solutions may not require third-party integration (as FLEX is a software developer offering these natively), these integrations are optional and available if preferred.
    • Member Services Integrations:

      • Identity Check: Integrates ChexSystems’ or Deluxe Detect’s new account verification, including cross-check and OFAC reports. It can also pre-fill new account data into FLEX.
      • Reward Checking: Integrates with industry-leading providers to incentivize deposits.
      • Check Order: Provides members with the option and convenience of ordering checks.
      • Customer Relationship Management (CRM or MCIF): Integrates with leading CRM providers like Marquis and Raddon to link core data with CRM systems, enhancing sales, service, and productivity.
      • Overdraft Privilege: While FLEX offers a core-driven program, integration with external ODP solutions is possible.
      • Check Image: Securely links online banking directly with check images maintained by the draft processor, allowing members to retrieve images.
      • eSignatures: Offers powerful REST API integration to send any FLEX form for electronic signature and automatically imports signed documents into the FLEX core document management system.
      • Call Center: Grants call centers access to crucial member data for improved service.
      • Account Origination: Automates and simplifies the process of opening accounts by bringing necessary member data into FLEX.
    • Digital Banking Integrations:

      • Direct integration of features like Bill Pay, Remote Deposit Capture (RDC), and Personal Finance Management (PFM).
      • Other potential digital offerings include credit and debit card controls (on/off) and P2P payments.
      • FLEX partners with many fintech providers to enhance digital product offerings and can implement best-of-breed providers directly within mobile apps and desktop banking.
      • A study by Citi indicates that consumers with feature-rich mobile banking apps are more loyal to their financial institution.
    • Lending Integrations:

      • Integrations for essential lending functions include:
        • Credit Bureau
        • Loan Decisioning
        • Loan Origination
        • Indirect Lending
        • Insurance
        • Mortgage Origination
      • These integrations help automate and consolidate lending processes to boost efficiency and reduce transaction costs.
    • Cards Integrations:

      • FLEX allows for advanced card management directly through the FLEX core.
      • Integration enables single entry for new cards, updates, maintenance, and instant issue.
      • Specific card integrations include:
        • Online Debit & ATM Network Cards
        • Online In-House Credit Cards
        • Card Maintenance
        • EMV
        • Full-Service Credit Cards
        • Card Rewards
        • Card Activation
        • Instant Issue
    • Operations Integrations:

      • Share Draft & ACH: Complete integration with all major players in the ACH and share draft industry, reducing duplicate entry and tedious tasks for staff.
      • Cash Machines/Coin Dispensers.
    • Compliance Integrations:

      • FLEX offers integrations to assist credit unions in today’s heavily regulated financial environment.
      • Integrations cover areas such as:
        • Fraud Prevention
        • Forms
        • AML (Anti-Money Laundering): Assists credit unions with BSA/AML compliance.
    • Accounting Integrations:

      • ALM (Asset Liability Management): Provides universal downloads to all major asset liability management software, allowing integration with the ALM package of choice. This helps manage asset, liability, and investment portfolios.
  1. FLEX’s Approach to Integrations FLEX develops software with the aim of reducing the need and complexity for third-party products and solutions, rather than depending on them to complete the core system.
    • However, recognizing that third-party solutions and apps may be preferred or required by credit unions, FLEX is designed with an open architecture and a robust API (FLEXBridge) to connect credit unions to the open world of financial service offerings.
    • FLEX provides credit unions with options that best fit their needs, emphasizing that third-party solutions are often optional.
    • FLEX is described as the credit union industry’s largest single-sourced core provider, with its software designed, developed, and supported from its corporate offices in Sandy, Utah.