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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...

Payments Modernization in Action: Payments Canada announces Lynx Release Two

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Central 1 is pleased to recognize Payments Canada’s recent announcement about the launch of the second release of Lynx, supporting the introduction of the ISO 20022 financial messaging standard to high-value payments in Canada. This second release helps to set the foundation for further payment innovation to occur in Canada over the coming years.  Central 1, in collaboration with other partners including...

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 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...

Central 1 completes important milestones on the journey towards go-live of Canada’s new high-value payments system, Lynx

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Central 1 has completed further milestones on the journey towards go-live of Canada’s new high-value payments system, Lynx: a real-time gross settlement system which will replace the existing Large Value Transfer System (LVTS). It is among 16 confirmed Lynx participants to begin industry testing with Payments Canada in preparation for the switch, this summer, to a new payments system which...

Central 1 achieves compliance with SWIFT universal confirmation mandate, ensuring faster and more transparent tracing of wire payments

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Central 1 has successfully achieved compliance with a new SWIFT global mandate, beginning November 22, 2020 onwards, which stipulates that all SWIFT payments must include a final confirmation on its outcome, ensuring faster and more transparent tracing of wires for Central 1’s members and clients. “Being able to track and confirm payments in real-time is fundamental in the world of...

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...

Central 1 takes “open and collaborative approach” to shaping its Payments Modernization strategy

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Central 1 is excited to launch its Payments Customer Advisory Council (the Payments Council); a collaboration between Central 1 and our existing B.C., Ontario and Atlantic payments clients, designed to ensure their voices are included in shaping the new payments infrastructure, products and services required to achieve compliance with Payments Canada’s modernization initiative and create opportunities for innovation.  “Central 1 values our position as a trusted payments partner to the credit union system and within the overall Canadian financial services industry,”...

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...