TORONTO, May 14, 2012 /CNW/ - As financial institutions established to respond to member needs, Canadian credit unions boast a rich history of innovation. Continuing this tradition, Credit Union Central of Canada (Canadian Central), along with representatives from Desjardins Financial Group and the largest Canadian banks, today announced an industry-wide initiative that will pave the way for the development of mobile payment options for Canadians.
On behalf of credit unions, Canadian Central worked with other Canadian financial institutions to create a set of voluntary guidelines called the Mobile Reference Model, which provide a framework for how mobile payment capabilities can work with existing payment systems, ensure fair competition among market participants, and outline how market participants can work with existing, secure contactless payment technology already in place today.
"Credit union members, like all Canadians, are eager to be able to use their mobile devices to make payments and the Mobile Reference Model is the first step toward making this an everyday reality," explained Oscar van der Meer, Chief Technology and Payments Officer, Central 1 Credit Union.
Canadian Central, along with expert resources from within the credit union system, has actively participated in this industry initiative on behalf of Canadian credit unions since October, 2011.
"The credit union system's success has depended on - and will continue to depend on - collaboration, and it is exciting to see the financial services industry working together to enable payments innovation in Canada," added David Phillips, president and CEO, Credit Union Central of Canada. "This approach to mobile payment technology represents an opportunity for the credit union system to leverage current implementation plans for contactless payments technology within Canada to deliver a new competitive payments solution to our members."
To learn more about the Mobile Reference Model, click here
To read the Canadian Bankers Association (CBA) release regarding this industry announcement, as well as learn more about all of the financial service providers involved, click here.
About Credit Union Central of Canada (Canadian Central)
Credit Union Central of Canada 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. Canadian Central represents five provincial/regional Centrals and one Federation representing 368 credit unions with more than $140 billion in assets and serving 5.1 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit http://www.cucentral.ca/SitePages/Home.aspx
For the seventh consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Synovate Canada's annual Best Banking Awards. Credit unions also took sole honours in Values My Business and Branch Service Excellence. Credit unions tied for first among all financial institutions for Financial Planning and Advice; and Telephone Banking Excellence.
For further information:
Veronica Feldcamp, Director, Trade Association Services
416-232-3417 or firstname.lastname@example.org