Libro Credit Union is first in Canada with new digital service
May 26, 2020
Libro Credit Union is proud to announce it is the first Canadian financial institution to offer a new digital payments service.
Libro Owners – which is what the southwestern Ontario credit union calls customers, because they own a piece of the company –are the first banking customers to have the opportunity to schedule an Interac e-Transfer®, the electronic money transfers sent through Interac. That’s across the entire banking industry – all banks, credit unions and fintechs.
The announcement, part of a pilot project in partnership with Central 1 Credit Union, comes as COVID-19 is driving dramatic changes in Canadians’ spending habits. One Payments Canada study, for example, shows 62% of people are spending less cash.
With digital services becoming increasingly important, Libro has continued enhancing its already-strong online service offering. This advance adds to the seamless and rich payment experience by making it possible for Owners to set up one-time transfers at a future date.
Scott Ferguson, Libro’s Executive Vice President, Information Systems, said: “Everyone at Libro is thrilled to be leading the way on bringing this service to Canada’s financial services industry. We’re happy to say it’s another example of Libro making sure we are involved in the latest trends in payments, and being ready to meet the demands of customers.
“We think it is fitting that Libro Owners should be trying this first, because they are regularly seeing more and more advances from Libro in the digital space. That includes all major mobile wallets, to ensure we offer the latest payment options.
“We’re proud to have 36 physical locations across southwestern Ontario, and we also recognize that more and more people want to bank digitally and find the solutions they need to get the most out of their busy days. Scheduling Interac e-transfers fits perfectly into our suite of digital tools.
“Much of the credit for this initiative’s success is down to our strong partnership with Central 1 and Interac. We think that’s another place where Libro can show leadership: in a willingness to partner with strong organizations that share our values.”
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