Credit union central
In Canada, a credit union central is a back-end provider which provides infrastructure such as cheque clearance and online banking to its member institutions.
Background
Credit union centrals support services such as ATM cashpoints, debit and payment cards, stock and mutual fund brokerage, online banking, wire transfers and cheque clearance for local credit unions. Historically, one credit union central per province served multiple independent local institutions which were too small to economically build all of their own infrastructure. These groups (with the exception of Québec and neighbouring francophone communities, which were served by Desjardins) would in turn join a national group, the Credit Union Central of Canada.[1] That group (and, separately, Desjardins) would then join the Canadian Payments Association, providing its member institutions with access to the clearing house.
Provincial-level centrals
Many of the individual provincial-level centrals are disappearing as a result of mergers and amalgamations; the BC and Ontario centrals were merged as Central 1 while the centrals for all four Atlantic provinces were merged as Atlantic Central. The advocacy and trade association roles of the Credit Union Central of Canada have been replaced by the Canadian Credit Union Association, while its role as point of access to the payments clearing system (for institutions and associations outside Quebec and outside the Desjardins movement) has been taken over by Central 1.
Canadian central
The Canadian Central is itself a member of the Canadian Co-operative Association, while Desjardins is a member of the Conseil canadien de la coopération et de la mutualité.[2]
See also
- Corporate credit union
- Credit union league
- Credit union service organization
References
- ↑ Macpherson, Ian. "Credit Unions | The Canadian Encyclopedia". www.thecanadianencyclopedia.ca. Retrieved 2023-05-21.
- ↑ "Conseil canadien de la coopération et de la mutualité - Bienvenue". Archived from the original on 2012-10-15. Retrieved 2012-10-15. Unknown parameter
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