card, clearing involves steps taken to confirm and prepare the transaction details before money is moved, settlement is the final step where the money is actually transferred. Then the customer and merchant receive confirmation that the payment is complete. The treasury function ensures there are sufficient resources to fund company operations, with excess cash invested in performance optimization. As the primary liquidity provider to credit unions and small financial institutions, Central 1 has been recognized for its efforts to include environmental, social and governance (ESG) factors in its investment strategies. THE CHANGING FINANCIAL SERVICES ENVIRONMENT It is an understatement to say that the market and financial sector have experienced fast-paced change over the past several years. Advances in technology, both for consumers and businesses, need financial institutions to keep up with these advances and changes. Consumers want to bank online whenever it’s convenient for them. They want their banking provider to support their financial goals with insights and innovative products. They want apps that connect multiple financial accounts to make purchases and other financial transactions easy and seamless.The list of needs and desires for consumers is as large as new entrants to the fintech space can imagine. More financial services organizations, including fintechs, are seeking to operate as a payment service provider (PSP). Under Bank of Canada’s regulations, they will need to meet new compliance requirements. Central 1, with their deep understanding and experience in the financial services sector and regulatory landscape, is helping these organizations navigate this complex environment so that they can focus on their innovative offering for Canadian consumers. “Maintaining keen awareness of the change around us and what our members and clients need is table stakes,” said Sheila Vokey, Central 1’s President & CEO at their 2024 annual general meeting.“The size and Sheila Vokey 113 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 10 CENTRAL1
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