Coalition of Canada’s credit unions forms exclusive partnership with Collabria Financial
Five-year agreement cements Collabria’s position as exclusive credit card supplier
VANCOUVER, BC AND CALGARY, AB April 7, 2022 - Central 1 and Collabria Financial today announced that the National Credit Card Program (NCCP), a coalition of more than 180 credit unions across Canada, has signed an exclusive five-year agreement with Collabria Financial, cementing Collabria as their credit card supplier of choice. More than 99% of NCCP participants support the initiative to develop, grow and optimize credit card offerings to credit union members across Canada.
Credit unions participating in the agreement will benefit from a competitive, customized portfolio of credit card options including low-interest cards, travel cards, U.S. dollar cards, and premium reward offers. The new agreement highlights increased revenue for credit unions, along with extensive digital and modernization upgrades.
“In a constantly evolving marketplace, credit unions need to partner with companies who understand the unique needs across our ecosystem and deliver reliable, technology-forward solutions,” said Ken Shea, Chair, NCCP National Advisory Program. “With this five-year agreement, Collabria will continue to play an integral role in enabling NCCP credit unions to provide best in class credit card solutions to all of their members.”
“Throughout the planning and negotiation process, we have seen a unified commitment from all parties to strike an agreement focused on cardholder benefits and an improved user experience for both credit union employees and members,” said Dave Schurman, Chair, NCCP Negotiating Committee. “We appreciate the efforts all parties have made to engineer a successful agreement and are thankful to the many people who have been invested and involved in the process.”
“Credit cards are the most commonly used form of payment by Canadians—and during the pandemic, where online transactions have significantly grown, the need for modern, reliable, digital payment solutions is imperative,” said Jean-Marc Handfield, CEO, Collabria Financial. “We have listened to the credit unions and put a program in place to deliver long-term value to their members and communities.”
The new agreement takes effect January 1, 2023 and includes a phased rollout of upgrades for cardholders including high-quality cards, improved mobile and online experiences, as well as security and usability enhancements.
About the National Credit Card Program (NCCP)
The NCCP is a collaboration of 189 Canadian Credit Unions, formed in 2018 to deliver a suite of best-in-class retail and business credit card products and loyalty programs. The NCCP is governed by a National Advisory Committee of credit union executives, with the day-to-day administration of the program provided by Central 1.
About Collabria Financial
Collabria Financial offers a competitive and compelling credit card program on behalf of credit unions and mid-sized banks. By operating as a subsidiary of Desjardins Group, Collabria benefits from the strength and experience of one of Canada's oldest financial institutions, driven by its cooperative values for over 120 years. Collabria combines flexibility for financial institutions with the scale and expertise needed to deliver an increasingly complex product in a highly competitive market.
About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $13.4 billion as of December 31, 2021, Central 1 provides critical services at scale to enable a thriving credit union system. Central 1 collaborates with their clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada.
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