Vancouver, BC — Today Central 1 Credit Union (Central 1), a provider of wholesale financial products, trust services and digital banking solutions to nearly 300 Canadian credit unions, is excited to announce the launch of small business invoicing via online banking. The innovators at Central 1 are the first to bring this technology to market. Never has a North American financial institution integrated invoicing within online banking; currently, fintechs only offer plug-ins as a means to manage transactions. This platform, created by Central 1 for credit unions across Canada, proves small businesses are a priority and serving their needs is of the utmost importance.
Senior Product Manager at Central 1 Credit Union, Randy Johal, says, “At Central 1, we work to provide our member credit unions with the polished user experience (UX) of a fintech, coupled with the data reliability of a traditional bank. Our leading technology supports small businesses by saving them time and money.”
Launching coast to coast, the first two credit unions to adopt the platform include Newfoundland and Labrador Credit Union in Eastern Canada, and Prospera Credit Union on the West Coast.
“Our credit union has been providing financial services to small and medium-sized businesses for decades,” says Allison Chaytor-Loveys, CEO of Newfoundland and Labrador Credit Union. “We have a strong understanding of the unique challenges that small business owners face. Knowing that “time” is one of their most valuable commodities, we’re delighted about the new invoicing feature and what it has to offer.
Meanwhile, Greg Dyck, Chief Information Officer, Prospera Credit Union says, “Prospera’s vision is to be the trusted financial home for families and local businesses and providing innovative solutions to meet the needs of local business owners is a priority at Prospera. Having the cutting-edge technology to add comfort, convenience and peace of mind when it comes to managing and reconciling invoices online will mean a great deal to the financial well-being of our business members.”
Research from the Canadian Federation of Small Businesses shows that credit unions are rated more favourably than conventional banks in providing service to small and mid-sized enterprises. In the report, credit unions ranked above the Big Five Banks when it comes to financing, fees, account management, and customer service. In doing their research for providing invoicing to small business via online banking, Central 1 surveyed over 1,500 small business owners, with a layered focus on the needs of millennials. The finding: small business owners are in search of an all-encompassing platform to meet their small business needs.
The platform will allow small business owners to:
Credit unions are already the financial institution of choice for small business owners across Canada. The integration of invoicing via online banking will further build trust between credit unions and small business owners. The transformational technology made available by Central 1 Credit Union shows small businesses are getting the attention they deserve. Central 1 will be excited to roll out additional features of the platform in the coming months.
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on a balance sheet approximately $17.7 billion in assets. We provide wholesale financial products, trust services and digital banking solutions to almost 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 70 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.3 million members and holds more than $121.6 billion in assets. For more information, visit central1.com.
Member & External Communications Manager
Central1 Credit Union
1.800.661.6813 ext. 5907