Foreign Exchange Trading: Digital Solutions for Credit Unions

“Our members are educated and engaged in the online channel,” Reuben Schulz, SVP and CFO, Access Credit Union.

iStock_000079775461_LargeIn today’s dynamic and digitally evolving financial services environment, Canadians are doing more of their banking online. In fact, Canadians continue to interact with their financial institutions in new and different ways. Cheque deposits, managing investments, personal loans – convenient and competitive online delivery via a range of digital channels is now expected for these and other financial services. As a result, credit unions are embracing the trend and responding with a call to action.

For Access Credit Union, it simply made business sense to move the management and delivery of their foreign exchange services to an online platform. Their choice – Concentra FX, a digital solution that facilitates fast, secure and competitive foreign exchange trading services. Concentra offers online foreign exchange solutions for both the credit union and commercial members.

We recently spoke with Reuben Schulz, Senior Vice-President and Chief Financial Officer of Access Credit Union, and asked him to share their experience with Concentra FX.

“We were looking for a solution that would provide member retention and competitive advantage, as well as streamline our process internally,” explains Schulz. “Our members are educated and engaged in the online channel, and we want to meet their expectations and their needs.”

Using the Concentra FX online environment results in more efficient processes. With no need for multiple contacts to execute transactions and with same-day payments, Access Credit Union and their members benefit from convenience and value. “Some members like to trade at the end of the day. It is nice that there is no deadline on weekdays that they have to worry about (with the exception of Friday),” says Schulz. Whereas automated same day settlement helps to optimize cash balances and reduce back-end processing costs, resulting in high value creation for credit unions and commercial members.

Finally, we asked if Access Credit Union is happy with the service and solution? “We recommend it,” says Schulz.

With solutions credit unions can rely on, Concentra is a trusted partner to improve financial performance, diversify risk, and meet member needs.

Concentra FX:

  • Convenient way to trade
  • High value digital channel
  • Delivers on member needs

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Providing competitive FX solutions to credit unions is what we do.

Contact the Concentra FX team or 1-306-566-1747 for more information.

Heather Verkoczy
Manager, Foreign Exchange
Concentra

 

This entry was posted in Capital Markets, Foreign Exchange and tagged , , . Bookmark the permalink.

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