Five-year agreement cements Collabria’s position as exclusive credit card supplier
Central 1 and Collabria Financial 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.
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“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.”
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“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.
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