October News: Canada's New Payments Framework; InfoLend's Central 1 Partnership; A First Look at InfoGo; User Group Highlights!
This month, in our InfoNews, we’re highlighting Canada's "Consumer-Driven Banking" framework, the official reveal of our InfoGo digital banking platform, a new strategic partnership for InfoLend, and a celebration of our partners' latest milestones.
Tech Trends
Canada Advances Retail Payments Framework
In a significant move for the Canadian financial industry, the Bank of Canada has begun registering the first cohort of Payment Service Providers (PSPs) under the new Retail Payments Activities Act (RPAA). This act establishes a critical supervisory framework that requires these providers to comply with new rules, including safeguarding user funds and maintaining robust risk management protocols. This development is a foundational step in preparing Canada's infrastructure for Open Banking, as it brings hundreds of new fintech innovators into the regulated financial ecosystem. Read the full article here
Industry News
Canada's "Consumer-Driven Banking" Framework: What's Next?
The move toward 'Consumer-Driven Banking' in Canada is gaining momentum. A new report from Retail Banker International details the government's legislative progress and the critical next steps for establishing common rules on security, privacy, and liability. The analysis highlights the active involvement of the Canadian Credit Union Association (CCUA), which has provided official recommendations to ensure the new framework is secure, well-governed, and protects the interests of all members. Read the full article
Product Updates
Introducing InfoGo: Our Digital Banking Solution for Credit Unions
We recently presented InfoGo, our digital banking solution designed for credit unions, during our latest User Group Meeting. We’re now engaging with our clients to gather their feedback and explore next steps together, ensuring InfoGo continues to align with their needs and priorities.
The session highlighted InfoGo’s clean layout, intuitive navigation, and smooth connection to the core banking system. These are key elements that support a reliable and easy-to-use digital experience for members and staff. We’re excited about the collaboration and look forward to sharing more progress soon.
Pilot Partner with Central 1 Banking Host Integration
We’re proud to share that InfoLend is now a pilot partner with Central 1 for their new Banking Host Integration (BHI) initiative.
This partnership marks an exciting step forward, allowing InfoLend to connect seamlessly with a growing range of core banking systems used across Canadian credit unions. Through this integration, our credit union partners will benefit from real-time data exchange, simplified workflows, and faster loan processing, all within InfoLend.
Becoming a Central 1 pilot partner opens the door for InfoLend to expand nationwide, supporting a variety of core banking system connections while maintaining the same intuitive and user-friendly experience credit unions know and trust.
This collaboration reinforces our commitment to building strong partnerships that help credit unions streamline their operations and enhance member service.
To see how InfoLend can streamline your operations, book a demo with our team here .
FMH Pinning Project and E-Connect File Updates
We’re excited to share that as part of our group arrangement with Everlink, we’ve successfully completed development and preliminary testing for the FMH Pinning project. This enhancement enables PIN reset functionality, providing greater flexibility and support for participating credit unions and their members. At this stage, we're awaiting confirmation from Everlink regarding implementation date, and will inform our partners as soon as we have updates. In addition to this milestone, our team has been working closely with Everlink to implement a number of important updates to how data is exchanged between our systems. These changes include a new file structure introduced through Everlink’s E-Connect project, designed to support improved efficiency and consistency in communication.
If you have any questions about the new files or the recent updates, please don’t hesitate to reach out to our team!
Customer Success
Cybersecurity Month: The Credit Union's Frontline Role in Combating Romance Scams
A recent surge in romance scams across Canada has led to devastating losses for consumers, with criminals using dating apps to build trust before convincing their victims to transfer large sums of money. The Canadian Anti-Fraud Centre reported that in 2023 alone, Canadians lost over $50 million to these deceptive tactics, with the trend showing no signs of slowing down. Victims often believe they are developing legitimate connections, only to discover too late that their trust has been exploited by individuals skilled at crafting believable stories of love and urgent financial need.
This rise in romance scams coincides with Cybersecurity Awareness Month, observed each October in Canada to emphasize the importance of adopting strong digital habits. The 2025 theme, “Get Cyber Safe – For Future You,” reinforces how vigilance today protects both individuals and organizations from tomorrow’s threats. Cybercriminals are now more sophisticated, leveraging social platforms and advanced technologies (including artificial intelligence) to tailor their schemes. As online romance becomes increasingly common, so does the imperative to remind Canadians about the risks of sharing personal or financial information online.
Credit unions, as community-focused financial institutions, play a critical frontline role in detecting potential fraud linked to these types of scams. Employees have a fiduciary duty to scrutinize unusual account activity, especially large, unexplained money transfers that could signal attempts to divert funds under false pretenses. Guidance from regulators like FINTRAC requires credit unions to report suspicious transactions, emphasizing the legal and ethical responsibility to protect members from financial harm.
Fulfilling this duty starts with education and proactive questioning. Staff should be empowered to ask members about the purpose of significant withdrawals or wire transfers, especially if the explanation is vague or if the transaction fits the classic pattern of romance fraud, such as urgent requests for money to help a new online “partner”. Early intervention can halt fraud in its tracks, preventing emotionally and financially devastating outcomes.
By connecting fraud detection with the annual focus of Cybersecurity Awareness Month, credit unions affirm their commitment to member safety. This partnership between vigilant financial professionals and informed consumers forms the strongest defense against the rapidly evolving tactics of modern scammers. Promoting digital literacy, clear communication, and rigorous account monitoring, especially during heightened fraud risk periods, is essential to protecting both credit union members and the broader Canadian public from the harms of online romance scams.
Partner Spotlight
Taiwanese Credit Union Expands with New Branch in Mississauga
We are excited that our partner, Taiwanese Credit Union, has announced the opening of its newest branch in Mississauga, marking a significant milestone in its continued growth across the Greater Toronto Area. The new location, situated in one of Canada’s most vibrant and diverse cities, reflects the credit union’s commitment to serving a growing community of members with roots in Taiwan and the broader Asian-Canadian population.
The Mississauga branch will offer a full range of personal and business banking services, including chequing and savings accounts, mortgage lending, small business support, and financial planning. With a focus on personalized service and community values, Taiwanese Credit Union aims to provide members with the trusted financial guidance that has defined the organization since its founding.
An official ribbon-cutting ceremony took place on October 31st, featuring local dignitaries, community leaders, and credit union members. The event celebrated Taiwanese culture and community partnership, highlighting the credit union’s role as both a financial institution and a cultural bridge.
With this new branch, Taiwanese Credit Union now operates multiple locations across Ontario, continuing its dedication to accessible, member-driven financial services that meet the needs of an evolving community. We are proud to have assisted in setting up the new branch and wish CEO Sandra Lu and her team continues success and growth.
What’s New at Infonancial?
Shaping Our 2026 Roadmap
October was a busy month as we hosted our annual User Group Meeting, sharing product roadmap updates (InfoGo, Mobile Wallet, InfoAnywhere, InfoLend), reliability investments, and best practices. Partner feedback is shaping our 2026 plan—clearer implementation playbooks, expanded API capabilities, and more.
Additionally, members of the Infonancial team attended the Young Ontario Leaders Emerge Conference, bringing back ideas members services of the future.