Modernizing for a fast, flexible and secure payment system in Canada
Since part of our strategy is to be the national leader of choice for payment solutions, Central 1 is providing leadership to the entire Canadian credit union system on Payments Canada’s multi-year modernization initiative. Through Group Clearer – made up of Central 1 (as the Group Clearer Manager), Credit Union Central of Alberta, SaskCentral and Credit Union Central of Manitoba – our goal is to educate, engage and guide credit unions through the entire modernization journey.
This past year, we achieved the first significant milestones in the Payments Modernization initiative: a third daily exchange window was added for Automated Funds Transfers (AFT), and two-hour funds availability came into effect. The next priorities are the real-time-rail (RTR) and high-value payments system (LYNX). More information for credit unions on this modernization initiative can be found at www.cupaymentsmodernization.com.