Central 1 and the credit union centrals of Alberta, Saskatchewan and Manitoba (the Prairie Centrals) have completed the transition of Group Clearing for credit unions across the country from Credit Union Central of Canada (CUCC) to a joint venture.
The transition to the joint venture followed Credit Union Central of Canada's decision to withdraw from Group Clearing and become a dedicated National Trade Association.
Central 1 has assumed CUCC's Group Clearer responsibilities and will now act as the credit union system's financial institution connection point to the Canadian Payments Association (CPA).
Governance of the Group Clearing function will be the responsibility of a Management Committee comprised of representatives from Central 1 and each of the Prairie Centrals.
Clearing and settlement of payments items is generally invisible to credit unions, yet it is vital to their competitiveness. There are many financial and strategic benefits in establishing this new joint venture that will ensure the long–term viability of the credit union payments business.
Operations of the Group Clearing joint venture will be conducted by Central 1 and the Prairie Centrals as they have been under the CUCC group clearing arrangement.
For more information please contact:
Oscar van der Meer
Chief Technology and Payments Officer
Central 1
Tel: 604.730.6329
Email: ovandermeer@central1.com
Central 1 Technology and Payment Services