Digital banking operations transferred as of March 3, 2025

Vancouver, B.C. and Toronto, ON – Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) today announced the completion of all necessary closing activities for the operating partnership agreement in which Intellect will assume responsibility for Central 1’s digital banking operations.

Effective March 3, 2025, operation of Central 1’s Forge, MemberDirect, public website and mobile applications and products, will be transferred to Intellect. Team members from Central 1’s digital banking engineering and service teams will also join the Intellect team to operate Central 1’s digital banking software and support clients as they transition to new digital banking platforms.

Central 1 will continue to provide the technology infrastructure and related services.

“The Intellect team, along with those joining from Central 1, bring a strong commitment to seamless service and collaboration. We are confident that this approach provides the most stable path forward for clients and for Central 1 as transitions to new digital banking platforms take place over the next few years,” said Sheila Vokey, President & CEO of Central 1.

“We are pleased to welcome the Central 1 team members joining Intellect and reaffirm our deep commitment to credit unions and banks in Canada. As trusted financial partners to millions, credit unions are pivotal in fostering economic resilience and community-driven banking. Their ability to stay ahead in a rapidly evolving landscape depends on a strong digital foundation that balances innovation with stability,” said Rajesh Saxena, CEO of Intellect Global Consumer Banking.

About Central 1

Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable the credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada. For more information, visit www.central1.com.

About Intellect Design

Intellect is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect’s revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world.  With three decades of domain expertise, Intellect Design offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit intellectdesign.com.

Caution Regarding Forward Looking Statements

This press release and announcement contains historical, forward-looking statements as well as statements about the timing and completion of closing activities and the nature and quality of the services, collaboration and timing of transitions to new digital banking platforms. All statements and other information about anticipated future events may constitute “forward-looking information” under Canadian securities laws. These include, without limitation, statements relating to Central 1’s intention to wind down its digital banking business, and the timeline and processes relating to the same, Central 1’s plans to transition its clients to alternative digital banking providers, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.

Forward-looking information are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial, condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

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