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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, Vancity and First West credit unions partner to launch enhanced Interac e-Transfer® instant digital payments

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VANCOUVER, B.C., September 8, 2021 – Central 1 Credit Union (Central 1), one of the largest payments processors for Canadian financial institutions and government organizations and payments partner of choice for emerging fintechs, in collaboration with Vancity and First West credit unions has successfully launched the first phase of Interac e-Transfer® for Business. The solution is an enhancement to the existing Interac e-Transfer service that enables the receipt of real-time, account number routed and data-rich transactions.   Vancity and First West Credit Union are...

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...

Tackling fraud in a world of real-time payments: Meet our expert Gary Eaton

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Gary Eaton brings knowledge, experience and skills derived from over two-decades in the RCMP and 17-years investigating and preventing financial crimes (fraud and money laundering) in the credit union system to his new role as Central 1’s Director, Risk Solutions Consulting. We sat down with him to discuss the implications of Canada’s Payments Modernization initiative on fraud and how Central...

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...