Payment Solutions

Central 1  /  Payment Solutions

Ensuring the Safety and Soundness of Payments for the Credit Union System

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Meet Sue Whitney, the payments guru who is leading Central 1 on our Payments Modernization journey. As VP of Payments Strategy, Sue has brought to Central 1 and the credit union system her vast experience of driving transformational change within Canada’s payments system (in the public and private sector). She was recently appointed to an additional three-year term on Payments Canada’s Member Advisory Council (MAC), a body which is...

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...

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...

Central 1 partners with Libro Credit Union to provide a seamless and richer digital payment experience

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As new data from a Payments Canada study on trends during COVID-19 reveals some dramatic shifts in Canadians’ payment preferences since the pandemic took effect, here at Central 1 we’re committed to providing the digital and payments innovation our clients and members need to thrive in a post COVID-19 world. “Since physical distancing restrictions began at the end of February, we...

Coming Together as One to Support Small Businesses with the CEBA Application Form and Processes

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As COVID-19 continues to present new challenges, I am encouraged to see how we are navigating this together as a community and continuing to support one another in innovative ways. Credit unions are some of the top financial institutions used by small businesses in Canada, with 97.9% of all Canadian businesses being classified as small businesses[1]. As many small businesses...