Ensuring the continued safety and soundness of Canadians’ payments
Central 1 is an integral part of Canada’s financial services system, processing more than 645 million payments annually on behalf of 295 financial institutions for over 5 million Canadian individuals and businesses. We value our position as a trusted payments partner to the credit union system and within the overall Canadian financial services industry.
As one of 16 Direct Participants in Canada’s Large Value Transfer System (and a participant in the replacement high value transfer system, Lynx, which goes live in August 2021), Central 1 settles billions of dollars in wire payments every month for the credit union system and other financial institutions. Th e pandemic did not hamper our preparations for Canada’s Payments Modernization project, and we met all Payments Canada Lynx milestones including beginning industry testing in preparation for the switch to Lynx. Work included integration testing for an upgraded solution to ensure the continued safety and soundness of the wire payments we process when Lynx goes live.
In 2020, we successfully managed the largest increase in Interac e-Transfer® transactions that Central 1 has experienced since we began offering the service a decade ago. We experienced an almost 50 per cent year-over-year increase in the number of Interac e-Transfer transactions we processed in the six months following the declaration of the COVID-19 pandemic. We helped Libro Credit Union become the first financial institution in Canada to provide Interac scheduled e-Transfers.
Canadians’ increasing adoption of digital payments is a catalyst for significant transformation. Central 1 is confident in our ability to support our clients to deliver payments safely, efficiently and cost-effectively.