National Credit Card Program and Collabria are excited to announce the official execution of a Master Services Agreement for credit card services and the official launch of an important new partnership, creating an enhanced credit card offering and an improved credit union member experience. Collabria was selected by the CEO Payments Strategy Committee as the preferred credit card provider for Canadian credit unions. Over 210 Canadian credit unions will be offering this new credit card program and the Universal PayCard (Global Payment Card Replacement) to their members through 2018.
Today, credit unions are able to improve their members’ experience, provide a wholistic approach to financial services, and take greater control and ownership of their credit card program. Considered a best in class product suite, this program will meet the diverse and changing needs of credit union members.
Through this program, credit unions can now offer both Mastercard and Visa products, including a full suite of business cards. In the future, the Universal Pay Card (UPC) will be available, replacing the Global Payment MasterCard card. The UPC offers the convenience, flexibility and worldwide global acceptance of a traditional MasterCard® credit card, and can be used anywhere MasterCard is accepted, including shopping online and at ATMs. Funds are automatically moved from a member’s credit union account to pay off the balance after the transaction is completed.
FlexRewards, the National Credit Card Program’s rewards program, will allow members to earn and redeem points on a variety of credit card products. The FlexRewards program provides credit union members with significant choice, flexibility and control by offering redemption of points through travel, gift cards, merchandise, or cash back (deposited directly into their credit union account).
This program is the result of the work started by the CEO Payment Strategy, and included significant effort from many partners across the credit union system. Selected for their objective in providing credit unions the opportunity for greater control and ownership of their credit card programs, Collabria has entered into a Master Services Agreement for the program that will be administered by Central 1 Credit Union, and an Executive oversight committee made of credit unions participating in the national program.
About Collabria
Collabria is a unique payment solutions provider created to deliver customized, end-to-end credit card products and services. At its core, what sets Collabria apart is its foundation in partnership, collaboration and responsiveness. With Collabria, you’ll never have to settle for “one size fits all” programs. Instead, Collabria professionals work with you to design solutions built around the exact needs of your financial institution and your customers. For more information, visit collabriafinancial.ca.
About the National Credit Card Program
The National Credit Card Program is expected to be comprised of over 200 Canadian credit unions, which have aggregated their collective volume and scale under one Master Services Agreement (MSA). The CEO Payments Strategy Committee selected Central 1 Credit Union as the administrator of the MSA. The National Program’s key role is to provide strategic oversight while supporting credit union success. For additional information, please contact nationalcreditcardprogram@central1.com.
