In The News

Introducing a new Payments Modernization website for Canadian credit unions

Just for Canadian credit unions with everything you need to know, all in one place.

Payments Canada is currently undertaking a multi-year initiative to modernize Canada’s payments system. In the fall of 2018, credit unions will see some of the first impacts of modernization when a third daily exchange deadline is added for Automated Funds Transfers (AFT), and a two-hour funds availability option comes into effect.

To support the entire Canadian credit union system, Group Clearer, comprised of Central 1 Credit Union, Credit Union Central of Alberta, SaskCentral and Credit Union Central of Manitoba will provide leadership on how the modernization initiative will impact credit unions through education, engagement opportunities and guidance.

The new website for Canadian credit unions – www.cupaymentsmodernization.com – is a one-stop-shop resource with everything you need to know about payments modernization, all in one place.

The site requires you to login, and will only be accessible to Canadian credit unions, as we want to create a dedicated space where you can find thought leadership about the future, Payments Canada position papers, system responses via the Group Clearer and operational details specific to credit unions. Details about implementation will continue to be provided by Central 1 for BC and Ontario, as changes may vary by province, while the Group Clearer will work together to provide information and updates that are relevant for the broader credit union system.

The creation of the site is just one step in an overall communication plan that is being developed by the Group Clearer.

Please note: As of June 1, 2018, we will no longer be providing payments modernization updates via Secure Site. Please visit www.cupaymentsmodernization.com, your single source for payments modernization for Canadian credit unions.