July 31, 2018
Irene Villaverde – Aquino, Compliance Officer, Payments, Canadian Credit Union Association
Following the CUETS’ decision to exit their business relationship with credit unions, CCUA has been working closely with Everlink Payment Services and Visa Inc. to ensure the continued availability of Visa and Plus acquiring services for credit unions, with Everlink acting as the Visa Access Point (VAP).
To minimize the interruption to credit unions that wish to continue offering Visa and Plus acquiring services, CCUA worked on the following activities on their behalf:
- Negotiated with CUETS to extend the current service agreements with credit unions to January 31, 2019
- Worked with the legal team of Norton, Rose & Fulbright to finalize a services agreement between CUCC and Everlink for Visa and Plus acquiring as well as the Master Network User Participation Agreement (MNUPA). The MNUPA will ensure credit unions understand their obligations to the payment networks that they either currently participate in or intend to participate in, such as Visa and Interac.
- Recently distributed the MNUPA to credit unions to sign and return. Credit unions will need to execute the agreement before contacting Everlink to sign up for Visa connectivity.
If you require further information regarding Visa and PLUS acquiring services or have questions regarding the MNUPA please e-mail us at email@example.com