B.C.’s Sunshine Coast Credit Union will be the first credit union to offer the innovative solution integrated into their online banking system that will enable members to move money globally quickly, cheaply and conveniently.
VANCOUVER, B.C., August 7, 2019 – Central 1 today announced the launch of the new product ‘International Transfers’ which enables credit union members to move money internationally through online banking.
In 2017, international transfers from Canada were estimated to total CAD $32.5 billion according to International Development Platform Statistics Canada. However, transfer options are limited and can be time consuming and expensive in Canada.
International Transfers can be built into MemberDirect Integrated and provides credit unions with access to a low-cost, international settlement system which will significantly lower transaction fees relative to WIRES.
Central 1 Product Owner and VP, Treasury, Brian Raine said, “I am extremely excited to provide a solution that will enable credit unions to win members’ business and attract new members within the international payments space.”
“Credit unions can start to generate revenue through International Transfers in just two weeks with its simple set up at no cost to the organization,” said Raine.
Sunshine Coast Credit Union CEO, Shelley McDade, said the solution will add value to the business and its members.
“International Transfers will empower our members to make streamlined international transfers 24/7 through our trusted online banking platform. As a member-focused organization, we are committed to providing innovative solutions to our members,” said McDade.
The launch of International Transfers demonstrates Central 1’s commitment to provide credit union partners with a competitive edge through proven, innovative solutions.
International Transfers is currently available at no cost to credit unions, who with Member Direct Integrated (MDI) and Central 1’s Bill Payments system. The subsequent rollout of International Transfers to credit unions leveraging MemberDirect Online (MDO) and Central 1’s Bill payments is slated for early September 2019.
Visit our website to learn more about International Transfers today.
More information on International Transfers:
– Access through online banking 24/7 – reducing the need to transfer in-branch so that credit union employees can redirect their resources to other priorities.
– Revenue opportunity for Credit Union
– Cost-free Member Direct Integrated implementation, no licensing fee and no operational costs.
– Estimated two week implementation timeline once onboarding documentation is completed
– Seamless technological integration and consistent user experience through custom branding and single sign-on from online banking for credit union members.
– Access to live exchange rates.
– Dedicated omni-channel support through online chat, email, and phone.
About Central 1
Central 1 is a preferred partner for financial, digital banking and payment products and services – fuelling the success of businesses across Canada. With $16.9 billion in assets, we leverage our scale, strength and expertise to power progress for more than 250 credit unions and other financial institutions, enhancing the financial well-being of more than five million customers from coast to coast. For more information, visit www.central1.com.
For media inquiries:
Sarah Roberts, Communications Specialist | Central 1
Phone: 604.714.6722 ext. 6722 | Email: sroberts@central1.com
