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Easing COVID-19 Pains for Small Businesses

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CHALLENGES With early recovery now in play, it’s important to examine the needs of small businesses in the Canadian market. Labour Force Survey estimates indicate that small establishments employed about 65% of Canadians in 2019, indicating them as a significant backbone of our economy. Now that businesses are in the process of reopening, there are new challenges to face. As we often like to do when we’re developing products...

FirstOntario Credit Union Reaffirms their Commitment to Central 1 as Digital Banking Partner of Choice

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Central 1’s Forge Digital Banking Platform offers Canadians a seamless digital user experience designed to keep financial institutions on the cusp of innovative trends VANCOUVER, BC, September 9, 2020 – Central 1 is pleased to announce that FirstOntario Credit Union has officially entered a new multi-year commitment on the Forge Digital Banking Platform, further establishing Forge as the digital solution...

Take part in Central 1 People Solutions’ 2020 Canadian Credit Union Compensation Survey

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Central 1 has launched our annual Canadian Credit Union Compensation Survey on a new platform and we’re asking all credit unions to take part. The information collected will be compiled and made available in the 2020 Canadian Credit Union Compensation Report(s) later this year. Information and data protection continues to be a top priority at Central 1. That’s why this...

Central 1 and ASAPP partner to deliver Integrated Account and Lending Origination for Forge Digital Banking Platform Clients

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VANCOUVER, BC and TORONTO, ONT, September 3, 2020 – Central 1 and ASAPP Financial Technology are partnering to release a new widget utilizing the Forge Archetype 2 (secure authenticated container) format, in support of the ASAPP 11.0 account and lending origination product release. This contribution will simplify certain activities such as new account setups and loan applications, making for a...

Cancelled: Momentum 2020

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In consideration of the guidelines outlined by the public health authorities, Central 1 has decided to cancel this year’s Momentum Conference. All Central 1 in-person events and conferences have been suspended for the foreseeable future. The health and well-being of our employees, members, clients, and communities are a top priority for Central 1. Although we cannot gather in-person at the...

Payments Modernization: Bank of Canada advises financial institutions be ready for increased competition from ‘technology driven challengers’

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As Central 1 continues to make good progress on our Payments Modernization strategy, we spoke to Deputy Governor Bank of Canada, Timothy Lane, about what’s expected from financial institutions as Canada moves towards a more competitive payments system and as the financial world adjusts to the realization that the COVID-19 pandemic could bring lasting changes in payments behaviour. In the following Q&A, Deputy Lane discusses managing risk among new non-bank payment service providers...

Central 1 reports 2020 second quarter financial results

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VANCOUVER, B.C., August 21, 2020 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a profit after tax of $72.0 million for the second quarter (Q2) ended June 30, 2020, compared to a profit after tax of $12.7 million in the same period in 2019.   Following the extreme widening of credit spreads in the first quarter of 2020, Central 1’s second quarter financial performance was positively impacted by a significant narrowing of these spreads, which led...

Payments Modernization: How to prepare now for Canada’s digital payments future

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Digital payments are coming of age. The COVID-19 pandemic is accelerating the shift towards fast, flexible and secure digital payments and reinforcing the importance of payments modernization. Central 1 is well advanced in preparing for Payments Canada’s modernization initiative which aims to provide consumers, businesses and financial institutions (FIs) with a modern, fast and convenient payment system. As a leader...