Posts By: Denise Wymore

CO-OP PARTNERS WITH ZELLE® TO ENABLE CREDIT UNIONS TO OFFER P2P PAYMENTS NOW

P2P Payments Will Keep Members Transacting Remotely, Safely and Securely

The ongoing need for physical distancing and remote working – and the limited ability of members to transact in-person – is making the adoption of person-to-person payments by credit unions more essential than ever.

To support members with their distance banking needs now and in the future, CO-OP Financial Services is announcing today it is partnering with Zelle® to offer P2P payments to credit unions in the CO-OP ecosystem.

Client institutions need only have CO-OP account-based technology in place and have the ability to offer Zelle within their mobile banking solution to get started. The CO-OP account-based technology represents a key differentiator, as it is already widely supported in the credit union marketplace by thousands of institutions and all major core processors. This positions CO-OP clients for fast, successful implementation.

“One of the biggest benefits of Zelle to a credit union is the potential it offers to support members as they increasingly rely on P2P payment technology to complete a variety of daily financial tasks,” said Bruce Dragt, Chief Product Officer for CO-OP.… Read more

Cardinal Credit Union Expands Partnership with PSCU

CUSO to provide debit processing services after successfully supporting credit union’s credit card program for more than 10 years

PSCU has announced it has expanded its relationship with Cardinal Credit Union (Mentor, Ohio). In addition to support services for credit, the nation’s premier payments credit union service organization (CUSO) will now also provide debit processing support for the credit union.

Cardinal Credit Union selected PSCU following a comprehensive review process. The credit union established multiple criteria for its search, including service and staff efficiency. Cardinal Credit Union wanted a partner with consistent, professional and effective staff that would bring forward ideation and keep the credit union at the forefront of opportunities. As an organization that could integrate seamlessly with its core provider and develop a road map for future integration to the core and mobile, PSCU was the ideal fit.

“PSCU has provided Cardinal Credit Union with support on the credit side for more than a decade.… Read more

Michigan Business Connection MBL CUSO Hits $1 Billion Dollar Milestone

Michigan Business Connection (MBC) is excited to announce that they are now managing credit union MBL portfolios exceeding $1 Billion dollars.  MBC is the first single State focused MBL CUSO to achieve this milestone.

While there are several measures of success that Michigan Business Connection uses, the company’s loan portfolio growth demonstrates the impact a Credit Union Service Organization (CUSO) like MBC can provide to its credit union partners, businesses and the local economy.  Assets under management also is important as it reflects the level of trust that credit unions have in the CUSO to help manage the risk of their portfolios. MBC’s portfolio servicing support includes all aspects of billings, accounting, monitoring, and collections. The portfolio includes credit unions and their borrowers from 51 counties across Michigan.

MBC embodies the cooperative spirit of the credit union movement with several lending success stories that range from financing more than 1,000 SBA PPP loans, traditional small business and SBA financing and nearly all community based commercial real estate types.… Read more

PSCU Year-Over-Year Transactions Trends Update (30th week)

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from its Owner credit union members on a same-store basis to identify the impact of COVID-19 on consumer spending and shopping trends. An infographic is also attached.

To provide relevant updates on market performance, experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year weekly performance data trends. In this week’s installment, PSCU compares the 30th week of the year (the week ending July 26, 2020 compared to the week ending July 28, 2019).

  • Overall card payment volumes were steady, with debit continuing to lead the way.
    • Debit card spend was up 18.5%, an increase of 2.2% over last week. Transactions were up 3.5% and have been positive for four consecutive weeks.
    • Credit card spend was down 3.6% year over year, dropping 0.5% from the previous week. Transactions were down 8.1% and have been hovering at that rate for the past six weeks.
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Sound Credit Union Launches Newest Version of The Button™, a Groundbreaking Member and Non-Member Instant Pre-Qualification Solution

Rate Reset, a CUSO which provides the award-winning digital platform called KNOCK KNOCK, today announced that Sound Credit Union has launched the latest version of the consumer driven instant pre-qualification solution called The Button™ -the newest addition to the innovative KNOCK KNOCK platform. KNOCK KNOCK, from Rate Reset is a white-label solution that helps financial institutions retain and acquire loans in the highly competitive financial services industry.
The latest version of The Button allows members and non-members to instantly pre-qualify themselves without having to enter their social security number while the rest of their data is pre-populated in the application. Sound Credit Union is using The Button™ on their main company website where it can be accessed by their entire field of membership, current members and non-members.
No other FinTech company in the industry has built a solution to the outdated pre-qualifying system as sophisticated or user-friendly as The Button™. It removes all friction from the online application process.
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