UFS Tech

• UFS states that all data is owned by the bank. There is no cost to access data, and both tools and expertise are embedded in the solution to provide needed data sharing.
• UFS delivers and supports a variety of solutions that allow a bank to leverage the value of their data in the manner that best aligns with the banks’ strategy in a cost-effective manner.
• Provides services that help customers read and analyze their data.
• Partners with several industry leaders in data standardization and are leading our community on this open banking journey.
• Participates in Sheltered Harbor and FDX. 

• UFS states that it hosts, supports and manages API solutions with portal and libraries on behalf of its customers.
• Does not own the ancillary products but helps connect them. Its model of empowering an integrated technology ecosystem results in flexibility and confidence in long-term alignment. This model supports its members as the industry moves toward the standardized tool sets that are necessary for consumer authorized data sharing.
• Delivers value-added data to ensure encrypted exchange of anonymized information for community banks. 

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

UFS states the following:

• No exclusivity provisions.
• All contracts are coterminous.
• Deconversion fees: contractually, customers own data, and any desired assistance is based on time and materials at published hourly rates for the bank’s defined scope.
• Limitations of Liability: industry standard one year.
• Detailed, industry leading SLAs included in all contracts.
• No product termination fees. In a full contract termination at will, customer equally shares (50 percent) the minimum value of the initial commitment with the UFS community of banks.