MARKHAM, ON, April 6, 2017 /CNW/ - Everlink Payment Services Inc. and The Cooperative Network Services Committee (CNSC) are pleased to announce the renewal of the Master Services Agreement (MSA) contract between Everlink and Credit Union Central Alberta, Credit Union Central of Saskatchewan, and Credit Union Central of Manitoba, acting on behalf of Cooperative Node participating credit unions. The MSA, which was originally signed in 2009 with a 10-year term, provided an option to extend the agreement in 2017 for an additional five-years to 2024. Extending the agreement aligns with the National Credit Union Payment Strategy Committee's recommendation made in 2015 which stated that credit unions should consolidate their transaction processing to the Cooperative Node environment with operations, innovations and services fulfilled by Everlink, encouraging and supporting credit unions to migrate to Everlink. Nineteen additional credit unions successfully converted to Everlink in 2016. Everlink is now providing services for over 90% of credit unions with an additional 5 significant conversions planned in 2017.
The MSA encompasses Everlink's core payments service offerings to credit unions on the Cooperative Node, including Electronic Transaction Processing, ATM Driving and Monitoring, and Transactional Fraud Management Services. The renewal helps to ensure that Canadian credit unions will have long term access to competitively priced switching services and other ancillary services in a highly stable processing environment.
The contract renewal process was coordinated by the Canadian Credit Union Association, which acts on behalf of the three prairie Centrals as the Master Client for the MSA, with support from the CNSC.
Steven Blackmore, Chair of the CNSC, explained the rationale for extending the agreement; "Switching services are a critical component of the credit union system's payment infrastructure and by extending the agreement with Everlink, we're helping to ensure there is long-term stability within the system for transaction processing and the other services covered under the MSA." He further added, "We're delighted to formally extend our valued relationship with Everlink and will continue to work with them to look for new ways to add value to credit unions using the Cooperative Node."
"The Everlink Team and I are honored that the overwhelming majority of Canadian credit unions have placed their trust and payments service delivery in Everlink right through to 2024," says Mark Ripplinger, President & CEO at Everlink.
SOURCE Everlink Payment Services Inc.
For further information: Anastasia Sudetic, Everlink Payment Services Inc., (416) 648-2362, [email protected]