Payment Solutions

Central 1  /  Payment Solutions

Unlocking the benefits of enriched payment data for credit unions and their members – An interview with Payments Canada

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In March 2023, Central 1 participated in the second release of Lynx, Canada's new high-value payment system, which included the implementation of the ISO 20022 financial messaging standard. Acting as a universal "common language" for payments, ISO 20022 enables the flow of richer data with each payment. The opportunities to leverage this data are important for credit unions and their...

The open banking opportunity: Prospera Credit Union and Central 1 discuss the benefits for Canadian credit unions

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Open banking is fast approaching in Canada. Financial institutions across the country are anticipating an update from the Government of Canada this year about its open banking framework. As credit unions gear up for the transition, many have questions regarding the impact of open banking on their organization and how it will affect the financial well-being of their members. We...

How First Nations Bank is Facilitating Indigenous Economic Self-Sufficiency

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One of the advantages of banking with a community-focused financial institution is a personalized approach that is deeply rooted in the economic well-being of the individual customers and the communities it serves. Today we are pleased to profile one of our valued Central 1 members who is a leader in this personalized approach to banking and has been making an...

Payments Modernization in Action: Supporting Emergency Payments in B.C.

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Central 1 is pleased to recognize the Province of BC’s (the Province) recent announcement about the availability of Interac e-Transfer as part of its upgrades to Emergency Support Services (ESS). The achievement demonstrates the benefits of leveraging modernized payments to support Canadians’ increasing demand for digitally enabled payment choices. As a financial institution headquartered in Vancouver, B.C., Central 1 knows...

Central 1 Gains Momentum with Forge 2.0 Adoption

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VANCOUVER, B.C., December 17, 2021 – Central 1 continues to build momentum with its Forge 2.0 digital banking solution, including recent launches with BC-based Coastal Community Credit Union and Ontario’s Kindred Credit Union. These implementations now bring Forge 2.0 to 117 committed clients as of today.  “The importance of delivering modern and seamless digital banking experiences to Canadians is greater than ever, and...

Central 1 Announces Change in Digital & Payments Leadership

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Vancouver, B.C., October 6, 2021 – Today, Central 1 announced that Arvind Sharma will be moving on from his role as Chief Digital and Payments Officer. Effective upon his departure, Mark Derraugh has been appointed Interim Chief Payments and Digital Banking Platforms & Experiences (DBPX) Officer. “Over the last three years, Arvind has led several key initiatives including Payments Modernization...

Central 1 and Fiserv to deliver state-of-the-art payments processing capabilities in Canada

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VANCOUVER, B.C., September 14, 2021 – Central 1 Credit Union (Central 1), one of the largest payments processors for Canadian financial institutions, today announced it has selected Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, as its strategic partner for delivering state-of-the-art payments processing capabilities for the Canadian market. Central 1 is an integral member of...

Central 1 leading Canada’s credit union system through Payments Modernization

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Central 1 will have a strong presence at the forthcoming Payments Canada Summit; the industry’s once-a-year opportunity to come together to learn, network, and connect on the future state of payments in Canada. Canada is undergoing a massive transformation in its payments industry to support the rapidly changing needs and expectations of the Canadian marketplace, foster innovation and strengthen competition...

How this credit union is getting ready for real-time payments

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“Faster payments is something that our members have been requesting for some time and we’re excited that Canada’s new Real-Time Rail (RTR) will allow us to provide more convenient payments options to our members, especially our small business members,” reveals FirstOntario Credit Union’s VP Digital Channels and Experience, Ron Renton. Renton and the team at FirstOntario have had Canada’s Payments...

Interac e-Transfer transactions: Central 1 sees busiest ever end of month period

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Central 1 has experienced its busiest ever end-of-month period for Interac e-Transfer® transaction processing as Canadians increasingly choose digital payment options during the ongoing COVID-19 pandemic. During the most recent end of month period, Central 1 processed 1.8 million Interac e-Transfer transactions on behalf of Canadian credit unions and other financial institutions, totalling almost $760 million. This achievement demonstrates not only...