Central 1 launched a new foreign currency (FX) feature that enables foreign currency wires to be sent on our digital platform – another way we’re helping our clients to be competitive!
This enables our clients to send out payments in multiple currencies, all from their online banking experience. For credit unions looking to grow their big business customer base, this is an attractive option.
Central 1 clients will be able to offer their business customers the convenience of sending over 100 currencies online during market hours with very competitive rates provided through our Treasury services. In addition, this streamlined experience takes just over three minutes!
The bonus? This feature also reduces manual work credit unions currently do to check and process wires. Without this feature, credit unions and clients must visually check all wires to ensure that none are sent to a list of sanctioned countries. By building this control into the new feature, it provides significant back office efficiency.
Business customers who need to make regular wire transfers for their business operations may increase their commercial deposits with their credit union to cover the volume of wire transfers. Building up commercial deposits is a strategic priority for many large credit unions and mid-sized financial institutions as they look to lower the cost of funds.
According to research we conducted in 2015, 54 per cent of larger companies had a need to send wires through an online platform and it was one of the top five requirements the majority of businesses said they had for a financial institution. Not only does this feature provide that ability, but it also allows users to save wire templates within the system to provide future ease and convenience.
Director, Member & External Communications