Vancouver, B.C., October 5, 2020 –
As more and more individuals and businesses accelerate their use of digital payments, Central 1 Credit Union (Central 1), has seen an almost 50 per cent year-over-year increase in the number of Interac e-Transfer® transactions it has processed on behalf of Canadian credit unions and other financial institutions in the six months since COVID-19 was declared a pandemic.
Prior to the COVID-19 pandemic, Central 1 was already seeing significant growth in Canadians’ use of Interac e-Transfer transactions and other types of electronic payments. However, pandemic restrictions have accelerated the shift from paper to digital payments. In March 2020, Central 1 processed 24 per cent more Interac e-Transfer transactions compared to the same time last year. Year-over-year growth rose steadily, including a 52 per cent increase in July 2020 compared to the same month last year. In total, over the past six months, Central 1’s experienced payments team processed over $15 billion in Interac e-Transfer transactions on behalf of its 200 Interac e-Transfer clients; a 33 per cent increase on the total dollar volume of Interac e-Transfer transactions sent and received during the same period last year.
“Central 1 values our position as a trusted payments partner to the credit union system and within the overall Canadian financial services industry,” explains Central 1 President and CEO Mark Blucher. “The extraordinary growth in the number of Interac e-Transfer transactions sent by Canadians through their credit union or financial institution, and processed by Central 1, is just one example of how we are helping our clients enable their customers to send and receive payments – safely and securely – whether across the country or around the corner.”
“COVID-19 has accelerated a new era in payments driven by the changing needs of Canadians,” said William Keliehor, Chief Commercial Officer, Interac Corp. “Canadians’ adoption of the Interac e-Transfer service is at an all time high, with the number of monthly senders growing by 18 per cent and recipients growing by 16 per cent since February 2020. Making the shift from cash or cheque to digital transactions is a safe, convenient way for all Canadians to manage their finances.”
Positioning the credit union system and other financial institutions for growth and innovation in the payments eco-system has always been a key focus at Central 1. For 25 years, the experienced payments provider has settled billions of dollars in payments every month for the Canadian credit union system. Since Central 1 began offering the Interac e-Transfer service over 10 years ago, it has processed over 120 million Interac e-Transfer transactions on behalf of 200 credit unions and other financial institutions. Central 1 was also the first Canadian financial institution to offer Interac e-Transfer transactions either using a mobile phone number or an email address and has enabled a number of clients to become the first credit unions in Canada with Interac e-Transfer enhancements, such as enabling small business owners to request quick payment via the Interac e-Transfer service, and providing financial institutions the ability to offer Interac schedule send e-Transfer transactions to their customers.
Central 1’s partnership with Interac Corp means that Interac e-Transfer services are available to financial institutions across Canada through Central 1’s Forge and MemberDirect® digital banking platforms, as well as through API integration on other digital banking platforms, allowing millions of Canadians around the country to benefit from Central 1’s efficient and secure payments services.
“Canadians’ increasing adoption of digital payments, along with Payments Canada’s Payments Modernization initiative, is a catalyst for significant transformation,” continued Blucher. “Central 1 is committed to delivering digital payments safely, efficiently and cost-effectively, enabling our clients to thrive in a post COVID-19 world. With Canada’s Payments Modernization initiative well-underway, Central 1’s modern payments commodity infrastructure positions our clients for growth, innovation, and at the forefront of Canada’s digital payments future.”
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 $21.3 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 5 million customers from coast to coast. For more information, visit www.central1.com
Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.
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