November 3, 2023, Ottawa, ON – As one of Canada’s top 10 credit unions, Alterna Savings (Alterna) supports the Ontario government’s position to encourage the Federal Government to move forward with Canada’s open banking framework and modernize digital payment tools, including Real-Time Rail.

“We were pleased to hear Finance Minister Peter Bethlenfalvy supporting open banking and Real-Time Rail,” said Rob Paterson, President & CEO. “We see the benefit for Alterna members having real-time access to their financial information in one place, easy access to tools and products to help them improve their financial health, and the ability to demonstrate their creditworthiness more easily to lenders.” Alterna further supports the evolution of our national payment legislation, including amendments to the Canadian Payments Act to broaden access to Canada’s payment infrastructure. Broader access will foster economic stability and affordability through improved innovation and access in Canada’s financial ecosystem and benefit Canadians.

Credit Unions play an important role in our economy, often leading the way in providing tools for the underserved to achieve financial stability. We believe these initiatives have the potential to reduce barriers to financial success for all Canadians and small and medium-sized business owners as well. We support and thank the Ontario government’s recognition of the importance of moving this work forward and are hopeful that credit union voices will be heard.

About Alterna Savings
Alterna Savings and Credit Union Limited (Alterna) has been the good in banking® for over 115 years. Alterna is made up of Alterna Savings and Credit Union Limited and its wholly-owned subsidiary, Alterna Bank.

As the first full-service, member-owned cooperative financial institution outside Quebec, Alterna Savings shares its expertise with over 210,000 members through a network of over 40 branches across Ontario, as well as call centre and digital channels. Members and customers also benefit from an industry-leading online brokerage, investment management services, and have access to over 43,000 surcharge-free ATMs in North America with THE EXCHANGE Network in Canada and the Allpoint Network in the US.

Alterna Savings & Credit Union Limited operates as Alterna Savings. Alterna Savings is a credit union operating in Ontario. For information on deposit insurance, please ask for a brochure at the credit union or visit the FSRA’s website at www.fsrao.ca/.

For more information contact:
Kim Moseley, Vice President, Product & Marcomm
Alterna Savings | Alterna Bank
Kim.Moseley@alterna.ca