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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,” said Arvind SharmaCentral 1’s Chief Digital & Payments Officer. Our client-centric approach to shaping Central 1’s future payments modernization strategy has been welcomed by our payments clients. They are playing a significant part in designing our collective payments strategy – one that positions the credit union system and financial services industry for growth, innovation, and at the forefront of Canada’s digital payments future through Central 1’s robust, cost-efficient, and modernized payments infrastructure,” he added. 

“We welcome the unprecedented open and collaborative approach Central 1 is taking towards the Payments Modernization journey,” said SVP Operations at Coast Capital Savings Federal Credit Union, Nancy McNeill. 

“Coast Capital Savings and many other Central 1 members have been intimately involved with every step of the vendor selection and decision-making process. We have been provided many opportunities to have a say in how Payments Modernization will roll out at Central 1, to the benefit of us, their payments clients,” she explained. 

“Transparency into how Central 1 will fund the initiative was reviewed in detail by member credit unionsThat transparency will continue through the Payments Council as the modernization project advances,” said McNeill, concluding: “We believe Central 1 is well situated to meet both the obligations of delivering modernized payments as a Direct Clearer to Payments Canada and the Bank of Canada’s advanced risk/regulatory requirements.” 

Central 1 is making strides in preparing for Payments Canada’s modernization initiative which aims to provide consumers, businesses and financial institutions with a modern, fast and convenient payment system. As a leader in the payments space, with long-standing expertise as a payments provider for the credit union system and within the financial services sector for over 25 yearsCentral 1 settles billions of dollars in payments every month for the Canadian credit union system, safely, efficiently and cost-effectively.  

The 11-member Payments Council has been designed to ensure Central 1’s current and future payments clients are aligned on how the payments business operates on their behalf. In order to expedite payments modernization strategy planning during the past nine months, Central 1 chose the 2021 Payments Council members based on their payments volumes, as follows: the eight largest-volume clients; one mid-volume client; and one small-volume client. The eleventh Council seat will be held by Central 1’s Chief Digital & Payments Officer, Arvind Sharma, who will also act as co-chair. A member co-chair will be selected to help set agendas and guide discussions. Going forward, both the mid-volume and small-volume seats will be nominated via election by peers. Central 1 will strive to ensure Payments Council membership reflects each province in which our diverse range of payments clients are based. If payments volumes or voting procedures do not achieve geographic balance, Central 1 will pro-actively work to ensure a representative selection of its payments clients are included. 

“The Payments Council represents the important voices of our clients and provides Central 1 with advice, direction and guidance on our payments strategy,” continued Sharma. “Payments Modernization offers significant opportunities to clients in being able to offer fast, flexible and secure digital payments solutions to their members. Our team appreciates the successful ongoing collaboration with our members and the opportunities to sit at the table with our payments clients as we build our processes, practices and technology to underpin our collective journey to efficient, modernized payments,” he said, concluding: The Payments Council will  help inform future roadmap priorities and recommend enhancements that will deliver value to their customers. Collectively, the credit union system and Central 1 will secure the benefits which will come from offering modernized payments products and services to Canadians.” 

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. 

 ENDS  

Contact
Meadhbh Monahan (pronounced ‘Maeve’)
Communications Specialist 

Central 1
T 604 737 5068
E mmonahan@central1.com