20 May 2021  /  by:

Sue Whitney, VP Payments Strategy

  /  2 minutes

Central 1 leading Canada’s credit union system through Payments Modernization

Central 1 will have a strong presence at the forthcoming Payments Canada Summit; the industry’s once-a-year opportunity to come together to learn, network, and connect on the future state of payments in Canada.

Canada is undergoing a massive transformation in its payments industry to support the rapidly changing needs and expectations of the Canadian marketplace, foster innovation and strengthen competition within the payments ecosystem. The 2021 conference is bringing together innovators, thought leaders and game-changers from around the globe to exchange ideas on the current and future state of payments in Canada. Central 1 is an integral part of Canada’s banking system, processing more than 645 million payments annually on behalf of 295 financial institutions for over 5 million Canadian individual and businesses. We’re the largest payments processor for Canadian credit unions, processing the majority of credit union payment items, and we’ve been doing it for over 25 years. We’re implementing a multi-year payments modernization strategy which is designed to position our credit union and financial institution clients for growth, innovation, and at the forefront of Canada’s digital payments future.

I’ve worked in payments for almost two decades and I’m excited to see the impact payments modernization will have on us as a nation, as an industry, and as individuals.

Credit unions are determined to embrace payments modernization to further enrich the lives of their members. They see potential in future partnerships with fintechs which will deepen customer relationships by utilizing the richer customer data coming with the onset of ISO20022 payments messages. They look forward offering Canada’s small businesses all the efficiencies of modernization including transaction data and straight-through processing. These topics and more will be discussed during two panel sessions, moderated by my colleagues Umesh Manocha, VP, Payments and DBPX Technology and Nino Di Teodoro, Director, Business Banking Products, both of whom have been leaders in the credit union and payments space for decades.

Our Interim President and CEO Sheila Vokey will feature on a panel (on June 2, 1:05 -2:00 PM ET/ 10:05 AM – 11:00 AM PT) discussing: ‘The future of value transfer: looking beyond payments to prepare for a more innovative future’. She’ll be joined by representatives from CIBC, TD and Interac.

Modern payments create opportunities for efficiency, helping grow our economy. I’m excited to connect with industry leaders to discuss how these changes will create opportunities to improve business processes to maximize growth. I’ll join representatives from BMO, RBC and Fiserv on May 31st to discuss the topic ‘How do I generate revenue and value from my payments system?’. On June 4th I’ll meet virtually with peers from Payments Canada, Mastercard, Telus, TD Bank and Aite Group to discuss ‘How real-time payments will change the bill payments landscape.’

We’re excited to showcase the great work being done at Central 1 to prepare the credit union system for Payments Modernization and to hear to the perspectives of fellow industry professionals regarding the future of payments in Canada.

Earlier this year, I had an opportunity to participate in a discussion with Andrew Obee from Ficanex, Andrew McFarlane from Payments Canada, and Derek Vernon from BMO. We discussed Canada’s payments modernization plan, including what the upcoming changes in payments will mean for individuals, businesses, and the future of payments in Canada. Listen in to the latest episode of Payment’s Canada’s podcast, ThePayPod, to catch up on the discussion brought to you from The SUMMIT Series webinar.

To find out more about our payments modernization strategy or to dig deeper on any of the topics we’re discussing at the Summit, feel free to reach out today.