SOURCE: Canadian Credit Union Association

Canadian Credit Union Association

October 21, 2016 16:45 ET

Canada's Credit Unions win big for Mobile Pay

TORONTO, ON--(Marketwired - October 21, 2016) - Canada's credit unions and their partners have won two coveted IVIE Awards from ACT Canada recognizing the innovative Mobile Pay platform, which was launched in June of this year for credit union members.

Canada's Credit Unions were recognized with the 2016 IVIE Award Winner for Canadian Payment Innovation Benefiting Consumers; and the 2016 IVIE Award Winner for People's Choice, a new category for 2016. The awards program celebrates innovation in payments and digital identity products.

Mobile Pay (www.mobilepaycanada.com) was the result of collaboration between credit unions and industry partners who worked collaboratively to create the most advanced and customer-friendly Android payment service in Canada.

This secure Mobile Pay service uses Interac Flash and enables credit union member/owners to use their smartphones to make purchases directly from their savings or chequing accounts at retailers displaying the Interac Flash logo.

Canada's large Credit Unions led this initiative working closely on this collaborative solution with the following partners:

  • Interac Association/Acxsys Corporation;
  • Everlink Payment Services;
  • Celero Solutions;
  • Central 1 Credit Union;
  • MNP LLP supported by NorthCard; and
  • Canadian Credit Union Association.

Canada's credit unions pride themselves on their long history of innovation and financial services firsts focused on meeting members needs and strengthening their competitiveness.

This approach enabled the four champion credit unions, Conexus Credit Union and Affinity Credit Union (SK); First West Credit Union (B.C.); and Meridian Credit Union (ON), to go to market in June. Additional credit unions will be rolling out Mobile Pay in the coming months.

For more information about the Canadian Credit Unions please visit www.ccua.com

QUOTES:

"Credit union leaders from across the country worked closely with industry partners to develop a structured process that allowed for the collection, cross-collaboration and cross-valuation of ideas. Credit unions have a long and rich history of innovation and we are looking forward to finding new and exciting ways of working with others to continue to meet the needs of our members and push the industry forward." Martha Durdin, president and CEO, Canadian Credit Union Association

"It was a privilege to be a part of the coalition of the 15 largest credit union leaders from across Canada, who were responsible for using their collective knowledge, resources and national presence to provide technology leadership and innovation to enrich the financial lives of credit union members." Chief Information Officer, Gary Genik, Meridian Credit Union.

About Canadian Credit Union Association (CCUA)

Canadian Credit Union Association (CCUA) is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. CCUA represents 303 credit unions and caisses populaires (outside of Quebec) with more than $195.97 billion in assets and serving over 5.6 million members. Credit unions have a long history of innovation, including the recent launch of mobile pay in Canada.

The large credit unions of Canada include: Affinity Credit Union, Alterna Savings and Credit Union, Assiniboine Credit Union, Cambrian Credit Union, Coast Capital Savings & Credit Union, Conexus Credit Union, Connect First Credit Union, First West Credit Union, Libro Credit Union, Meridian Credit Union, Prospera Credit Union, Steinbach Credit Union, Servus Credit Union, Vancouver City Savings & Credit Union (VanCity), Westminster Savings Credit Union.

For more information about Canada's credit unions visit www.ccua.com.

Contact Information

  • CCUA media contact:
    Janet Gibson Eichner
    Senior Manager, National Media & Communications
    Tel: (416) 232-3458
    Jgibson-eichner@ccua.com