Partner Talks – How can credit unions reduce risk during a digital banking migration?
Sunny Soin, VP of Product and Platform at Central 1, explains how certified technology partners such as VeriPark can help Canadian credit unions modernize digital banking while maintaining the payment services their members rely on every day.
In 2025, VeriPark became a Central 1-certified digital banking vendor, confirming its readiness to integrate with four essential services: Interac e-Transfer®, Remote Cheque Deposit Capture (mRDC), CRA Tax Forms Submission and Wire Transfers. The certification gives credit unions moving away from legacy platforms greater confidence that they can retain access to Central 1’s payment infrastructure and fraud monitoring services throughout the transition.
Through VeriChannel, VeriPark provides an API-driven digital banking platform designed around connected member journeys. Together with Central 1’s trusted payment infrastructure, it enables credit unions to modernize while preserving the continuity, security and personal service their members expect.
In this Partner Talks interview, Sunny explores the forces reshaping Canadian payments, what vendor certification means in practice and what credit union leaders should prioritize when planning a digital migration.
Q: Could you introduce Central 1 and explain its core mission and role within the Canadian credit union ecosystem?
Central 1 provides essential payments, treasury, clearing and settlement infrastructure to nearly 300 financial institutions, supporting more than five million Canadians. We work alongside our clients to help them manage liquidity, move money securely, reduce risk and control costs.
As Canada’s largest aggregator of Interac e-Transfer® transactions, we also give credit unions and other financial institutions access to the modern payment capabilities they need to compete and serve their members.
Q: What are some of the biggest shifts or trends Central 1 has observed in payments and digital banking across the Canadian market?
We are seeing a clear shift towards real-time payments, driven by growing expectations for speed and transparency. Demand for API-based integration and open, modular ecosystems is also rising, allowing credit unions to work with best-in-class partners and scale without building costly capabilities in-house.
At the same time, expectations for seamless user experiences continue to grow, while security and fraud protection have become fundamental. Together, these trends are accelerating digital banking modernization across Canada.
Q: Central 1 certified VeriPark as a digital banking vendor in 2025. What was the strategic goal behind creating the certification program?
The certification program was designed to support credit unions and other financial institutions as they transition to modern digital banking platforms, while ensuring they retain access to Central 1’s payments infrastructure and avoid downstream disruption to the services they provide to members and customers.
As our digital banking strategy evolved, we wanted to give clients confidence that they could choose from a group of trusted, pre-vetted partners capable of integrating seamlessly with our core payment services. This approach gives institutions greater flexibility, supports longer-term innovation and reduces risk during a period of significant transformation.
Q: Which key capabilities and criteria did Central 1 consider when evaluating vendors such as VeriPark for certification?
Our evaluation focused on both technical integration and long-term strategic fit. The key criteria included:
- A proven ability to integrate with Central 1’s core payment services through modern APIs.
- Support for essential payment capabilities, including Interac e-Transfer®, Wire Transfers, Remote Cheque Deposit Capture and CRA Tax Forms Submission.
- Demonstrated experience delivering digital banking platforms in the Canadian market.
- A strong track record in security, compliance and fraud mitigation.
- Scalable, user-focused digital experiences that can keep pace with evolving member expectations.
We also looked for partners with the ability to support seamless migration and ongoing innovation for the credit unions and other financial institutions they serve.
Q: What advantages do credit unions gain from working with a certified partner such as VeriPark when moving away from legacy platforms?
Working with a certified partner gives credit unions greater confidence and continuity as they modernize. There are many moving parts in a migration, so institutions need to trust that their chosen partner can help them achieve their objectives without compromising critical services.
The main advantages include:
- Seamless integration with Central 1’s payments infrastructure, reducing disruption during migration.
- Pre-validated technical compatibility and alignment with relevant regulatory requirements.
- Faster deployment timelines through established integrations and testing.
- Continued access to essential payment services and fraud monitoring capabilities without interruption.
Ultimately, certification helps reduce the risk of transformation and enables credit unions to focus on delivering better digital experiences to their members.
Q: How does Central 1 support credit unions throughout the migration to a new digital banking solution?
Central 1 plays an active role in supporting clients throughout the transition. We provide a structured framework for vendor selection through our RFP and certification processes, API-based integration to preserve payment-service continuity, and technical onboarding and validation for certified vendors.
We also collaborate continuously with both the credit union and its chosen partner throughout implementation and beyond, helping to support ongoing performance. This makes migrations smoother and more controlled while minimizing the impact on operations and members.
Q: What opportunities and challenges do you anticipate for credit unions over the next few years as digital transformation continues?
There is a significant opportunity for credit unions to differentiate through their digital experiences and deepen relationships with members. At the same time, they are navigating increasing complexity in payments modernization, rising expectations for seamless digital services, and the need to balance innovation with operational resilience and cost efficiency.
Credit unions that successfully adopt flexible, API-driven ecosystems will be well positioned to compete and grow in an increasingly competitive and rapidly evolving payments environment.
Q: What advice would you give credit union leaders who are just beginning their digital migration journey?
Start with a clear long-term vision for the digital banking experience and the needs of your members. What is your North Star? From there, choose partners that are aligned with an open, API-first ecosystem and prioritize solutions that integrate cleanly with core payments infrastructure.
It is equally important to minimize member disruption throughout the migration. Ultimately, members are who we all serve, so continuity should be a central measure of success. Proven frameworks and certified vendors can also help reduce risk and bring greater structure to the journey.
Digital transformation isn’t just a technology change; it’s a strategic shift. Taking a structured, partner-led approach will help credit unions achieve a more successful outcome.
