27 Apr 2021  /  by:

Sue Whitney, VP Payments Strategy

How this credit union is getting ready for real-time payments

“更快的支付是银河076注册的会员一直在要求的,银河076注册很高兴加拿大的新 Real-Time Rail (RTR) will allow us to provide more convenient payments options to our members, especially our small business members,” reveals FirstOntario Credit Union’s VP Digital Channels and Experience, Ron Renton.

Renton and the team at FirstOntario have had Canada’s Payments Modernization initiative 并与Central 1和一系列金融科技公司合作,作为“关键战略合作伙伴”,支持它们的现代化进程.

众所周知,加拿大必须赶上其他在现代化进程中很先进的司法管辖区, such as the United Kingdom and Australia. Over the last decade, the global payments environment has become much more dynamic, creating even greater challenges for financial institutions. Complex regulatory requirements, outdated and poorly integrated legacy systems, 而竞争日益激烈的市场都给传统金融机构带来了评估支付转型机会的压力. In addition, COVID-19大流行加快了加拿大人对数字支付方式的偏好,预计这一趋势将继续下去. 在其他国家推出新系统的过程中,加拿大能够从这些国家吸取经验教训, particularly real-time payments.  Now it’s our turn to modernize and give Canadian consumers and businesses the fast, flexible and secure payments options they crave.

Canada’s Real-Time Rail is set to go live in late 2022, featuring account number-based routing and ISO 20022 messaging to support data-rich payments; allowing fast, flexible, and secure payments, while acting as a platform for greater innovation.

“支付现代化是银河076注册已经敏锐地意识到并期待了很长一段时间的事情,” said Renton, 解释说first安大略将现代化计划视为“为会员提供急需的支付价值的机会”.”

To prepare, 信用联盟已经与Central 1和一些金融科技公司结盟,为他们的旅程提供支持. “银河076注册选择了合作伙伴,以确保银河076注册在新兴技术中处于领先地位, like RTR, 确保银河076注册能够尽可能迅速和创新地与银河076注册的成员分享现代化带来的好处,” Renton explained. 他补充说:“银河076注册计划尽快启动RTR所能提供的能力. We’re adapting by investing strategically in in our core, payments, 以及数字银行基础设施,以便在加拿大支付部门更清楚地了解如何以及何时建立新功能后,更容易创新并为银河076注册的客户提供价值.”

FirstOntario的小企业成员是一个关键人群,他们将从实时支付中获益良多.

“实时支付将为银河076注册的小企业成员提供很多好处,可以更好地管理他们的流动性, to the opportunity for more straight-through processing,” said Renton.

“实时支付让银河076注册的小企业客户能够立即向供应商付款, billers or even customers in the form of rebates or refunds,” he explained, 他补充说:“这确保了他们的业务活动不会因为付款方式变慢而受到影响, 企业还可以通过实时支付,为供应商提供更好的体验,从而提升自己的声誉, employees, and customers.”

加拿大的新RTR将与ISO 20022消息传递一起推出,以支持数据丰富的支付. This will bring “speed of delivery” to FirstOntario’s small business customers. Renton补充说,另一个好处是“可以通过付款传递的信息对企业来说是无价的,尤其是在应收/应付帐款领域。.他评论道:“由于ISO20022提供的标准化消息传递,改进或自动化协调过程的能力将使银河076注册的业务成员能够花更少的时间在账本上,而花更多的时间与客户联系,并在社区中建立关系。.”

当被问及COVID-19大流行如何影响FirstOntario会员的支付模式时, Renton replied: “As expected, COVID-19 has changed the way our members do business, preferring cards to cash. 即使是小额的票务项目也需要通过借方和贷方来支付,这也意味着ATM机的数量会发生变化. During the pandemic, we have seen a steady uptick of Interac e-Transfer® usage among our membership. 银河076注册预计随着支付现代化的开始,随着规则的扩展,对数字支付技术的依赖将会增加, information, and real-time capabilities.”

With Interac chosen as the exchange solution provider for Canada’s new Real-Time Rail, all eyes are on its forthcoming new functionality: Interac e-Transfer for Business and subsequent potential fintech payments offerings coming with the RTR.

“We expect that the new focus on Interac 面向企业的电子转账功能只会增加这种已经无处不在的服务的使用,” said Renton, adding: “Features such as instant transactions, higher transactions limits, and the ability to include richer remittance data will only serve to make Interac e-Transfer a more attractive service for businesses. As Interac e-Transfer is already our number one money movement transaction, 看看新的RTR服务将如何在未来竞争将是很有趣的.”

展望未来,Renton看到FirstOntario的竞争优势增加. “银河076注册将证明,银河076注册是灵活的,能够提供银河076注册的会员想要并期望能够在桌面或更可能在他们的移动设备上完成数字支付服务的创新支付服务,” he predicts.

与Central 1和其他公司的合作是FirstOntario支付现代化战略的关键. Renton concludes:

“银河076注册对Central 1的信心反映在银河076注册与他们在支付现代化和数字银行方面合作的战略决策上. FirstOntario, like many other credit unions and financial institutions, 在这些对银河076注册的成功至关重要的关键领域,是否指望中央一层发挥领导作用. By partnering with Central 1 to complete our Digital vision, 银河076注册得到了一个席位,以确保银河076注册的声音在中央1号银河yh0076基础设施和创新产品和服务的塑造中被听到. We are confident that this was the right decision for FirstOntario.”

与银河076注册的支付专家讨论Central 1的支付现代化战略,请联系 paymentsmodernization@ynsgb10.com