For several weeks now, we have been navigating the many challenges facing our industry. As this pandemic evolves, we will continue our efforts to be responsive to your needs, whether through our core services, or in helping you develop new tools and resources to support your members and customers access important financial programs.
Canada Emergency Business Account (CEBA)
Central 1 is working closely with the EDC and CCUA to enable you in offering the Canada Emergency Business Account program. If you are not yet accredited for this program, Central 1 can provide guidance and next steps. Please contact your Relationship Manager regarding the accreditation and implementation processes or email RelationshipManagement@central1.com
For those of you who are accredited or who are in the process of accreditation, I am pleased to share that the CEBA application form for clients on Forge and MemberDirect is ready for implementation. If you are planning on implementing the CEBA form for your members or customers, you can find the full details here, or you can contact your Relationship Manager.
Our first clients are now live with the CEBA form, with more to be implemented this week. Delivering this initiative in under a week was another tremendous effort. I want to thank everyone for their input and collaboration to provide support for business owners across Canada.
CRA’s Direct Deposit via Financial Institutions service
Our Client Support team continues implementation of clients onto the CRA Direct Deposit via Financial Institutions service. We have over 80 clients who are live with this service on Forge and MemberDirect and many more are underway. We have seen thousands of people register for the CRA Direct Deposit via Financial Institutions service.
Digital Banking, Forge and MemberDirect
With more of your members and customers increasing their use of digital banking, all digital infrastructure and core systems continue to operate as business as usual. We have also completed our proactive capacity measures for MemberDirect in order to support additional use as needed.
We continue to prioritize several Forge initiatives, including development on Forge Small Business and supporting the Instant Interac initiative, while continuing to advance our onboarding of clients.
Treasury and Market Update
Our Treasury team hosted a securitization call with credit unions that are National Housing Act Mortgage-Backed Securities (NHA MBS) issuers. During the call, we discussed the new programs announced by the government and how securitization can be used to improve your access to funding. To listen to the recording, click here.
For specific Treasury information, tools and resources related to market impacts, we continue to update our Treasury page on Secure Site. If you need further information or support, I encourage you to contact our Treasury team at Treasury@central1.com
Our economics team is closely monitoring and analyzing trends and conditions. Last week, one of our economists was interviewed by CBC regarding the impact of COVID-19 on the labour market. The team published an interest rate forecast and our weekly economic forecasts for B.C. and Ontario. To read these reports, click here.
Payments operations continue to operate effectively. As was expected, due to the ongoing COVID-19 physical distancing restrictions, end of March statistics show an average daily increase of 16 per cent in e-transfer volumes and mobile capture compared to the end of February. Meanwhile, ATM sales are showing an average daily drop of 20 per cent and point of sale volumes are showing an average daily drop of nine per cent. Branch capture for cheques are also down by a daily average of 7.7 per cent, while the daily average for mobile cheque capture is up 20 per cent. We anticipate that these trends will continue.
The payments team is in regular contact with Payments Canada, ensuring we are informed of any developments within Canada’s payments ecosystem. We are also in the process of testing additional functionality for remote paper processing in collaboration with our credit union system partners, Credit Union Payments Services (CUPS).
Keeping you informed
I will continue to send you weekly emails to provide you with a summary of our actions and important highlights on how Central 1 can support you and your members. In addition, we have dedicated pages for COVID-19 updates on Secure Site and Central1.com, as well as daily updates through The Hub.
President and CEO
Central 1 Credit Union