Corporate Banking

Central 1 is a leader in payment processing, with more than 25 years of experience. Through a continuum of payment processing services, Central 1 delivers key services, including cheque clearing and AFT processing. Public sector agencies, utilities, telecommunications and insurance corporations can select the solutions they require today and tomorrow, with the flexibility they want for the future.

Photo of board room tableEach year, Central 1 processes more than 235 million electronic clearing items and 110 million paper clearing items for more than 300 corporate and financial institution clients.

Security

While many organizations have security in place, Central 1 is one of only three organizations in Canada to achieve an ISO/ IEC 27001 certification (Information Security Management System) for payments processing — the highest internationally-recognized security standard available for collecting, processing and storing data. Obtaining this standard ensures integrity, security and confidentiality of systems and data, which is essential when handling sensitive customer information.

First to market

Central 1 was the first to market with mobile web banking for iPhone devices, cheque imaging and mobile Interac® e-Transfer.

 

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Automated Fund Transfers (AFT)

Corporations can use Central 1’s Automated Fund Transfers (AFT) service to facilitate the processing and settlement of pre-authorized debits and direct deposit transactions.

AFT equates to faster receivables or payables, increased accuracy and fewer delinquent payments, making it ideal for payroll deposits, monthly customer payments and vendor payments. These electronic payments provide an efficient way for businesses to manage their incoming and outgoing payments, with same day posting and settlement.
 

Key benefits

With AFT, corporations can:

  • Conduct processing through Central 1’s easy and straightforward web-based application
  • Upload standard Canadian Payments Association files directly to the web-based application
  • Originate transactions in Canadian or U.S. dollars when recipient accounts are held at Canadian financial institutions
     

     Faster receivables or payables and fewer delinquent payments

 

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Bill Payments

Companies from across Canada can leverage Central 1’s bill payment remittance processing service to receive bill remittances electronically on behalf of their customers.

Electronic remittance processing facilitates the consolidation of electronic remittances and the reporting of payment details and settlement to a biller in one of two ways:

  • Via a one-to-one relationship. Companies/billers can be added to Central 1's proprietary database of more than 8,400 billers and have electronic bill payments transacted at participating credit unions (and selected other financial institutions in Canada), consolidated and settled to their account.
  • Via lead bank services. Central 1 can act as a lead bank for a biller and consolidate all electronic bill remittances received from credit unions and all other financial institutions (routed to Central 1 via the CCIN — corporate creditor information number). It also delivers payment details to the biller and provides settlement to the biller's account. From a bill payment perspective, the biller only has to interface with one financial institution.
     

Key benefits

  • Multiple delivery channels. Our payment system architecture guarantees channel transparency and supports online, ATM, telephone and in-branch payments — all of which are processed in real-time or batch mode.
  • Real-time account validation. Billers’ account numbers are validated in real-time to provide financial institution customers with instant feedback, reducing payment errors and decreasing the amount of time that staff spends on bill payment tracing.
  • Real-time, self-serve online biller management. Financial institution customers can manage individual biller lists through MemberDirect® Online Services.
  • Same day payment reversal. The system supports same-day payment reversals to correct errors and improve service, while reducing support costs for financial institutions.
  • Enhanced security. We've achieved an ISO/ IEC 27001 certification — the highest internationally-recognized security standard available for collecting, processing and storing data. It ensures integrity and confidentiality of systems and data, which is essential when handling sensitive customer information. We are one of only three organizations in Canada to achieve this certification.

 

There are approximately 8,400 billers on Central 1 's bill payment list

 

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Wire transfers

Central 1’s PaymentStream™ Wire Transfer service is a web-based system that lets corporations transfer money quickly and securely across Canada and around the world.
 

Key benefits

  • Global reach. The system supports more than 60 foreign currencies, including CAD, USD and Euros.
  • Quick implementation. Central 1 is already familiar with many financial institution’s systems and accounts, making it easier and faster than using another provider to supply wire transfers.
  • Secure and easy. The secure web-based service requires no installation or downloading of new applications.


Every year, Central 1 facilitates approximately 300,000 domestic and international wire transfers

 

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