Designing a comprehensive fraud task force in the era of real-time payments
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Central 1 News
2025 Gary Gillam Award nominations now open
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Toronto, ON and Vancouver, B.C., February 10, 2025 – The Gary Gillam Award, jointly sponsored by Alterna Savings and Central 1 Credit Union (Central 1), is now open for nominations. Eligible nominees must be credit union members, current or past directors, employees, or volunteers. They will have made meaningful accomplishments in social impact and sustainability in credit unions or promoted credit...
Changes to Central 1’s Executive Leadership Team
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As we progress into 2025, we have important updates to Central 1’s executive leadership team. Our Payments business is a core focus for our organization, and as we look forward, we are increasing our energy and emphasis on it to bring value to current and future clients. With this focus, we are pleased to share that Barclay Hancock has joined...
Central 1 announces the transfer of digital banking operations to Intellect Design Arena Ltd.
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Vancouver, B.C. and Toronto, ON – Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) today announced the signing of an agreement in which Intellect will assume responsibility for Central 1’s digital banking operations, following Central 1’s decision to wind down its digital banking offerings, announced in October 2024. Under the agreement, Central 1’s Forge, MemberDirect, public website...
Fraud prevention in focus: Key takeaways for financial institutions
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Last month at Momentum 2024, our highly anticipated fraud panel delved into the critical issue of the shifting fraud liability from consumers to credit unions and banks. As technology and AI continue to advance, they bring both new challenges and exciting opportunities. The two most upvoted topics were the actions financial services providers (such as credit unions) should take and...
Central 1 reports 2024 third quarter financial results
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VANCOUVER, November 21, 2024 – Central 1 Credit Union (Central 1) today reported third quarter performance reflecting steady financial results across business lines, consistent with plans and expectations. “Our stable third quarter results were in line with our expectations,” said Sheila Vokey, Central 1’s President & CEO. “Central 1 continues to grow its critical payments, treasury and clearing and settlement...
Beyond reporting: A platform to understand and act on IFRS 9 Data
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The International Financial Reporting Standard 9 (IFRS 9) introduced the expected credit loss model which requires financial institutions to forecast potential future losses. This standard emphasizes compliance while encouraging a more integrated approach to data analytics and reporting. As it improves transparency and stability in the financial system, it also influences how organizations budget for future expenses and reserves. An...
Central 1’s Momentum 2024 concluded today
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How can financial institutions across the industry collaborate to enhance banking choices for Canadians? A panel discussion moderated by Sheila Vokey, Central 1’s President & CEO, kicked off this important conversation today. Together with Jay-Ann Gilfoy, President and CEO of Meridian; Wellington Holbrook, President and CEO of Vancity; Blair Wiley, Chief Legal Officer at Wealthsimple and Barclay Hancock, Chief of Payments...
Central 1’s Momentum 2024 kicked off today in Toronto, uniting industry leaders from across Canada
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Sheila Vokey, President and CEO of Central 1, opened the conference, setting the stage for two days of engaging discussions designed to foster collaboration and innovation. In a period of dynamic market change, Sheila reflected: “Despite the turbulence, we’ve also seen a lot of resilience and creativity from our system. Change is upon us all and we need to lean...