Posts By: Denise Wymore

PSCU Launches Monthly Payments Index to Track Consumer Behavior and Payments Trends

PSCU, the nation’s premier payments credit union service organization (CUSO), has announced the launch of the PSCU Payments Index, the next evolution of the CUSO’s successful consumer payments trend analysis. In this new monthly publication, PSCU will provide its credit unions and the broader market with timely data, analysis and thought leadership to help make informed, strategic decisions.

As the economic impacts of the COVID-19 pandemic have surpassed the one-year mark, year-over-year performance trends are now influenced by the significant shifts in consumer behavior experienced over the past year. Following the success of PSCU’s Transaction Insights, a weekly analysis comparing year-over-year transactions from its Owner credit union members to identify the impact of COVID-19 on consumer spending and shopping trends that was published from March 2020 through March 2021, the new monthly PSCU Payments Index uses 2019 purchasing history as a baseline comparison for 2021 results, as well as a comparison to 2020.… Read more

PSCU Expands Presence in the Aloha State

PSCU, the nation’s premier payments credit union service organization (CUSO), has announced current Owners Honolulu Federal Credit Union (HOCU) and HFS Federal Credit Union(HFS) have expanded their partnerships with the CUSO, while Pearl Hawaii Federal Credit Union (Pearl Hawaii) has joined the cooperative as a new Owner. All three will partner with PSCU for credit and debit processing services.

“PSCU is extremely proud to continue to grow our Owner base in Hawaii through these existing and new partnerships,” said Scott Wagner, EVP, chief revenue officer at PSCU. “When long-term Owners like Honolulu Federal Credit Union and HFS Federal Credit Union choose to extend their working relationship with us, it is a testament to the continued trust and value they place in our CUSO. In addition, we are eager to welcome Pearl Hawaii Federal Credit Union to the PSCU family, and look forward to providing an unparalleled member experience, cutting-edge technology and high-quality services to this new credit union partner.”… Read more

Constellation Digital Partners Secures $18M in Additional Funding

Credit Union Partners Reinforce Commitment to Enable Expansion of Services

Constellation Digital Partners, a Credit Union Service Organization (CUSO), has recently completed its second round of funding, securing $18 million from its original Class A investors. The additional funding reflects the investors’ commitment to the success of  Constellation and enables the expansion of its service solutions, increased scaling deployment  through additional implementation teams and the ability to now provide solutions to all credit unions (beyond original investors).

Constellation is a unique open-development platform that disrupts the encumbering legacy structure of credit union relationships with their core technology provider. The platform allows credit unions to access a variety of financial services in order to offer members enhanced digital experiences. With a fully-realized platform and cloud-based ecosystem built, this recent funding round expands Constellation’s ability to offer additional services increasing the credit union industry’s ability to compete.

“With this new funding, our investors are reinforcing their commitment to owning their digital future,” said Kris Kovacs, president and chief executive officer of Constellation.… Read more

CUSO TRADE ASSOCIATION WELCOMES NEW CUSO NYMBUS AS A GOLD PARTNER

The National Association of Credit Union Services Organizations (NACUSO), the only trade association focused on growing and protecting the CUSO movement, welcomed Nymbus CUSO as a Gold Partner.

“We are excited to welcome Nymbus CUSO and newly named President John Janclaes to NACUSO,” said Jack Antonini, CEO of NACUSO.  “John has an impressive resume that includes President and CEO of Partners Credit Union where he grew the assets five-fold to more than $2.1 billion while providing outstanding service to their members.”

Nymbus CUSO was founded to help credit unions meet industry challenges.  Its mission is to break through barriers to growth by connecting credit unions with trusted fintech offerings that enable opportunities for generating new revenue streams while deepening connections and value to members.

“To thrive in the new digital age, credit unions have an immediate opportunity to leverage niche digital banking approaches to create new revenue streams and expand reach while continuing to deliver the personalized experiences and differentiated value they are known for,” said Janclaes.… Read more

One Year Later: A Glimpse at Post-COVID Spending

CO-OP Payments Trends Report (Spending Data from February 1-28)

March marked the one year anniversary since the first COVID-19 lockdowns went into effect. After months of unpredictable spending across credit and debit, we appear to be moving towards normalcy; as of last month, transaction volumes climbed back to pre-COVID levels, but with a few caveats:

#1: Members Shifting from Essentials Spending to “Lifestyle” Purchases

While overall payments volume is back up, major spending categories like air travel, restaurants and hotels have still not fully-recovered to pre-COVID levels. However, when we look at credit and debit activity month-over-over month, we can see that trend is slowly changing.

“Full recovery is going to be slow,” says Beth Phillips, CO-OP Director of Strategic Portfolio Growth. “However, comparing January and February data we’re seeing increases across dining, entertainment, lodging, medical and travel – all positive indicators that members are conducting more select life-style related purchases.”… Read more