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Central 1 achieves compliance with SWIFT universal confirmation mandate, ensuring faster and more transparent tracing of wire payments

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Central 1 has successfully achieved compliance with a new SWIFT global mandate, beginning November 22, 2020 onwards, which stipulates that all SWIFT payments must include a final confirmation on its outcome, ensuring faster and more transparent tracing of wires for Central 1’s members and clients. “Being able to track and confirm payments in real-time is fundamental in the world of...

Central 1 Appoints Bryan Yu as Chief Economist

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Vancouver, B.C., January 12, 2021 – Central 1 is pleased to announce the appointment of Bryan Yu to Chief Economist. Reporting to the Vice President of Treasury Solutions, Bryan will be leading and mentoring Central 1’s team of economists who empower credit unions with practical and unbiased forecasting, reporting and analysis. The team provides objective, expert-driven economic analysis that enables...

Central 1 Appoints Kathy Parslow as Chief Corporate Services Officer  

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Vancouver, B.C., January 8, 2021 – Central 1 is pleased to announce the appointment of Kathy Parslow as Chief Corporate Services Officer, effective January 25, 2021.   Kathy’s appointment will support Central 1’s ability to achieve our strategic priorities. In this newly created role, she will take accountability for Operational Excellence and have multiple functional accountabilities including Human Resources, Information Technology, Corporate Secretary, Legal Government Affairs, and Facilities Management. She joins the Executive Leadership team at...

Central 1 promotes Michael Kerdachi as Vice President of Treasury Solutions

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Michael Kerdachi has been promoted to Vice President of Treasury Solutions, leading our Treasury Operations team based in Vancouver and Toronto. Michael is responsible for overseeing a portfolio including securitization, credit union lending, deposits, IFRS 9 and economics. Since joining Central 1 in February 2020 as Head of Treasury Solutions for the Treasury Group, Michael has provided Treasury operations leadership...

Central 1 successfully transitions the Mandatory Liquidity Pool

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Vancouver, B.C., January 5, 2021 – Central 1 Credit Union (“Central 1”) today announced the Mandatory Liquidity Pool (MLP) has been successfully transitioned from a deposit structure to an investment structure. This represents a significant change in liquidity management for Central 1 and the credit union system in B.C. and Ontario. One of Central 1’s core initiatives for 2020 was...

B.C. housing market to remain strong until mid-2021, buoyed by ‘rock bottom’ rates

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Vancouver, B.C., December 21, 2020­ – B.C. home sales remain exceptionally strong as 2020 draws to a close and continued sales growth is expected into 2021, driven by low interest rates, according to Central 1 Deputy Chief Economist, Bryan Yu in his latest B.C. Housing Outlook: 2020-2022. “The rebound in housing demand from pandemic-induced lows in the spring has been spectacular,”...

Central 1 takes “open and collaborative approach” to shaping its Payments Modernization strategy

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Central 1 is excited to launch its Payments Customer Advisory Council (the Payments Council); a collaboration between Central 1 and our existing B.C., Ontario and Atlantic payments clients, designed to ensure their voices are included in shaping the new payments infrastructure, products and services required to achieve compliance with Payments Canada’s modernization initiative and create opportunities for innovation.  “Central 1 values our position as a trusted payments partner to the credit union system and within the overall Canadian financial services industry,”...

2020 Canadian Credit Union Compensation Survey Results

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Central 1 People Solutions’ 2020 Canadian Credit Union Compensation Survey Executive and Non-Executive Reports are now available.  Our compensation survey serves as an effective planning tool for credit unions to benchmark compensation against your comparable peer groups. In addition, it enables you to design a competitive compensation strategy that aligns compensation goals to the market.   People Solutions’ comprehensive database represents over 120 credit unions across Canada and has over 70 benchmark positions, covering executives (including...

Central 1 reports 2020 third quarter financial results 

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VANCOUVER, B.C., November 26, 2020 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a profit after tax of $25.6 million for the third quarter (Q3) ended September 30, 2020, compared to a profit after tax of $5.7 million in the same period in 2019. During the quarter, Central 1 continued to help its members and clients navigate...

Central 1 enables Coconut Software on the Forge Digital Banking Platform

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  Coconut Software will provide customer engagement solutions to over 178 financial institutions presently moving to Central 1’s Forge Digital Banking Platform VANCOUVER, BC, October 29, 2020 – Vancouver, BC - Coconut Software, the leading provider of customer engagement solutions for the banking and credit union industry, has renewed a working relationship with Central 1, Canada’s leading digital banking and...