VANCOUVER, B.C.—Central 1 Credit Union, one of the largest payments processors for Canadian financial institutions, has selected Fiserv as its strategic partner for delivering state-of-the-art payments processing capabilities for the Canadian market.
Fiserv noted Central 1 is an integral member of Canada’s banking system, processing more than 645 million payments annually on behalf of 280 financial institutions and government organizations across Canada.
Fiserv said it will implement, manage, and host Enterprise Payments Platform for Central 1. According to the company, Enterprise Payments Platform from Fiserv enables financial institutions to process payments across channels, clearing schemes and payment types – on a single, cloud-ready, centralized, real-time, integrated technology platform.
Fiserv said Central 1 members will “benefit from advanced functionality, flexible capacity and 24/7 operational support.”
“Central 1 is a trusted leader in financial services in Canada and our partnership with Fiserv enables us to offer new services to our client base and cooperatively empower those who deliver banking choice to Canadians,” said Sheila Vokey, Central 1’s interim president and CEO. “Our clients have always valued us as a partner in delivering payments. This in turn allows them to focus on their customers, knowing we will provide innovative and secure technology. At this important stage in the evolution of payments, Fiserv technology enables us to take payments to the next level by leveraging the opportunities within payments modernization.”
‘Modernizing to Keep Pace’
“Financial institutions across Canada are modernizing to keep pace with changing market needs and customer demands,” said Dudley White, senior vice president, enterprise payments solutions, Fiserv. “With our best-in-class Enterprise Payments Platform solution, offered as a managed and hosted service, Central 1 can quickly onboard new customers and provide the cutting-edge payment services their clients expect of them.”
Central 1 and Fiserv reported they have also established a joint governance model to ensure the efficient and secure delivery of payments for clients. The model ensures the partnership is delivering maximum value for Central 1’s clients, fostering collaboration and strategic alignment. This includes creating executive leadership, management, operations and security committees to oversee progress and management of deliverables.
In addition, the partnership unites Central 1’s Canadian market insights and expertise with Fiserv technology and capabilities, Fiserv stated.