Payments Modernization: Positioning our clients at the forefront of Canada’s digital payments future
As Canada modernizes its payments systems, Central 1 is ready, as we work closely with Payments Canada and Interac® to meet their Payments Modernization milestones. We are proud to have rounded off 2020 by receiving strong support from our members on our payments strategy, which positions our clients for growth, innovation, and at the forefront of Canada’s digital payments future.
By supporting Central 1’s payments strategy, our clients will benefit from our cost-effective utility payments infrastructure and continued operational support from our payment experts, ensuring they benefit from the faster, data-rich payments and innovation opportunities which will improve the customer experience when the Real-Time Rail goes live in 2022. Our payments strategy will also ensure our clients are fully compliant, have effective fraud and risk management procedures and payments processing capabilities.
In 2020 we formed the Central 1 Payments Customer Advisory Council, an open and collaborative approach to shaping our Payments Modernization strategy, by involving our B.C., Ontario and Atlantic payments clients. The Payments Council ensures our clients’ voices are included in shaping our new payments infrastructure, products and services required to achieve compliance with Payments Canada’s modernization initiative and to help Canadian businesses and individuals benefit from the faster, secure, data-rich payments coming to Canada in 2022.
Central 1’s priorities this year include execution of our strategy, including successful go-live of Lynx (Canada’s new high-value payments system), beginning deployment of exciting new Interac e-Transfer® functionality to our clients and implementing an enterprise payments platform and enterprise fraud solution.