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Everlink Annouces Co-op Financial Services as Title Sponsor of Connections 2015 Client Conference Everlink Payment Services Inc. is pleased to announce that CO-OP Financial Services, its new majority shareholder as of May 1, 2015, will be the title sponsor of Connections 2015, their annual client conference. The well-known two day conference, which is attended by leading payments and financial institution executives from across Canada, will take place from Monday, October 19th to Tuesday, October 20th, and will be held at the Hilton Fallsview Hotel and Suites in Niagara Falls, Ontario. This year's theme, Connections 2015: Partnerships in Payments, will outline how Everlink and its carefully selected partners work with clients to implement leading payments technologies efficiently and cost effectively, helping them grow their business and improve their member/client service. "Over the past month, we've received highly positive feedback from clients and partners alike in support of CO-OP Financial Services' decision to purchase shares in Everlink," says Mark Ripplinger, President & CEO of Everlink. "We are very pleased and grateful that CO-OP will be the title sponsor for our Connections conference as it not only highlights our new strategic partnership but it also coincides with our theme this year: Partnerships in Payments." "The acquisition of an interest in Everlink enables us to expand our network to clients throughout North America," said Stan Hollen, President/CEO of CO-OP Financial Services. "In fact, we see this investment as a foundation step to a comprehensive North America-wide network and processing solution for credit unions. Connections 2015 is a foundation step also – to helping credit unions keep up with innovations and ahead of competitors." About Everlink's 2015 Connections Conference As the payments landscape becomes increasingly complex, credit unions, banks and ISOs face ever greater challenges in regards to keeping pace with innovation and warding off competition from new market entrants. The best solution: Strategic partnerships with organizations that possess the expertise and experience required to provide the ultimate solutions for your unique business needs. This years' Connections conference is expected to have approximately 150 payments and financial institution executives in attendance, meanwhile sponsorship opportunities at other various levels are also still available. For more information, visit www.everlink.ca/connections2015. Small Banks Level the Field with Surcharge-free ATM Network They say that breaking up with your bank is hard to do. They're wrong about that. One of the biggest reasons to remain a customer of a big bank was pretty well eliminated in a low-key news announcement earlier this month. No longer do you have to sacrifice the convenience of a huge ATM network if you deal with a credit union or smaller bank. For years, there's been an ATM network called the Exchange available to smaller players in the banking business. Customers of participating banks and credit unions could use Exchange-linked ATMs without paying surcharges that can range from $2 to $3 for a simple withdrawal. The Exchange is now on its way to growing in size from medium to extra large. Manulife Bank, a member of the network, is in the process of adding 830 ATMs to convenience stores in nine provinces by the end of September. This gives the Exchange a total of 3,300 or so bank machines, second to the 4,000 operated by Royal Bank of Canada. "There has generally been a perception that if you deal with a small bank or credit union, you had to give up a level of convenience or access to facilities," said Andrew Obee, president and CEO of Ficanex Services, which manages the Exchange in Canada (there is a U.S. arm of the network as well). "The reality is that this isn't true." Manulife Bank's expansion doesn't just give the 184 members of the Exchange network more ATM muscle than five of the Big Six banks. It also suggests we could be entering a golden age of competition for your banking business. Manulife Bank's plan to fight harder for market share is in part based on building its public profile through the ATMs being added to Couche-Tard, Mac's and Circle K convenience stores. The bank previously had 12 bank machines – Manulife Bank CEO Rick Lunny jokes that "at least half of them were probably located in Manulife office buildings." Mr. Lunny said the bank is also developing products, services and technologies to build its competitive position. For example, it recently introduced a combined chequing and savings product called the Advantage Account that provides unlimited, no-fee withdrawals and 1.25-per-cent interest for customers who keep a balance of $5,000 or more. "What we're putting our money into on the technology front is mobile banking," he said. "I'm kind of convinced that the future of banking is in mobile." The big banks are all over mobile banking, but their biggest competitive asset is their branch network. These days, banks are shifting the emphasis in branches from basic teller transactions to selling mortgages, credit lines, mutual funds and other profitable products. Banks like to say they're providing advice, but they're primarily selling stuff. The level of competitiveness in online banking seems to be on the rise as well. Long-time incumbents Tangerine and President's Choice Financial are being challenged by a new player called Zag, which is backed by Quebec's Desjardins Group. And then there are the credit unions that dominate the Exchange's membership list. More of them are getting into no-fee chequing as a way of capitalizing on their images of more customer-focused banking. Some credit unions also compete hard on mortgage rates, and on rates paid to savers. The increased size of the Exchange makes using an alternative financial institution as convenient as a big bank from an ATM point of view. Many years ago, my wife and I had an account with Citizens Bank of Canada, a no-fee online bank and Exchange member that was eventually closed by its parent, Vancouver City Savings Credit Union. At my office in Ottawa, I had the choice of using ATMs operated by National Bank of Canada or HSBC Bank Canada, both less than a block away. While travelling in Prince Edward Island one summer, we used a local credit union's ATM. In each case, there was no surcharge because the institutions providing the ATM were Exchange members. It's great to see alternatives like this becoming available because banks have a proven strategy for maintaining profitability in the kind of economic uncertainty we're seeing these days. They charge customers more and become more dictatorial about rules and terms. If your bank tries anything, break up. It's a great time to start a new relationship. Upcoming 2015-16 Conferences
Canada Conference 2016
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