As new data from a Payments Canada study on trends during COVID-19 reveals some dramatic shifts in Canadians’ payment preferences since the pandemic took effect, here at Central 1 we’re committed to providing the digital and payments innovation our clients and members need to thrive in a post COVID-19 world.
“Since physical distancing restrictions began at the end of February, we have seen a 45 per cent increase in e-Transfers experienced by our credit union and financial institution clients and members,” explains Central 1 Chief Digital and Payments Officer Arvind Sharma. He added: “We are actively responding to trends such as the move towards digital payments and have a range of Interac solutions – including Interac scheduled e-Transfers – to help clients meet customer demand.”
Through working with Central 1, Libro Credit Union has become the first financial institution in Canada to provide Interac scheduled e-Transfers. Central 1’s relationship with Interac means our clients and their customers can look forward to ongoing payment innovation. Libro recognizes this and by partnering with us on this initiative they have strengthened their digital payments offering.
Libro’s customers will now experience a seamless and richer payment experience through having the flexibility to schedule future dated one-time transfers. Once set up, the scheduled transfers are sent with no further action required by the customer or their financial institution. Money is withdrawn from the customer’s account on the appropriate day, and a transfer is sent.
Scott Ferguson, Libro’s Executive Vice President, Information Systems, said: “Everyone at Libro is thrilled to be leading the way on bringing this service to Canada’s financial services industry,” adding that this is “another example of Libro making sure we are involved in the latest trends in payments and being ready to meet the demands of customers.”
Scott continues: “We think it is fitting that Libro owners – we call customers ‘owners’ because they all own a piece of the company – should be trying this first, because they are regularly seeing more and more advances from their credit union in the digital space. That includes all major mobile wallets, to ensure we offer the latest payment options.”
He said: “We’re proud to have 36 physical locations across southwestern Ontario, and we also recognize that more and more people want to bank digitally and find the solutions they need to get the most out of their busy days. Scheduling Interac e-Transfers fits perfectly into our suite of digital tools.”
Describing their experience of working alongside Central 1’s payments experts, he said: “Much of the credit for this initiative’s success is down to our strong partnership with Central 1. We think that’s another place where Libro can show leadership: in a willingness to partner with strong organizations that share our values.”
Arvind concluded: “At Central 1, we are focused on delivering ongoing payment innovation to our clients, in order to accelerate their digital transformation.
“Despite the ongoing pandemic, we continue to work with our clients to bring digital capabilities to market and we’re confident the Interac scheduled e-Transfer feature will be a welcome addition to the Canadian credit union system’s offering as we anticipate the trend towards digital payments to continue post COVID-19.”
As Canadians shift to digital banking and payments faster than ever, we encourage you to contact us to learn more about our digital and payments innovations.
Central 1 is a partner of choice for financial, digital banking and payment products and services for over 250 financial institutions across Canada. Our innovations improve the banking experience of nearly five million Canadians, every day.