CU*Answers announced that it will be rebranding its business online banking product, formerly referred to as “It’s My Biz 247,” as BizLink 247 Online Banking for Business. This move is intended not only to clarify the CUSO’s brands for the credit union business member audience, but also to make way for the introduction of additional online banking approaches for both natural-person and business memberships, coming during 2021 and 2022.
CU*Answers currently offers two products in its suite of desktop/mobile banking toolkits. The CUSO’s flagship It’s Me 247 Online Banking product serves two million natural-person members across the country every day, and later this spring will be sporting a fresh new mobile-first look designed for all of the devices today’s members use every day.BizLink 247 Online Banking for Business provides a full-featured multi-user desktop/mobile tool, for business members who need controls for multiple employees responsible for managing the business’s accounts online.… Read more
January 14, 2021 – Through a live audio webcast, the National Credit Union Administration Board held its first open meeting of 2021 and approved six items. One being a proposed rule expanding the list of permissible activities and services for credit union service organizations.
The NCUA Board, by a 2-1 vote (Harper voted against the proposed rule
), approved a proposed rule that would amend the NCUA’s credit union service organization (CUSO) regulation. The proposed rule would accomplish two objectives:
- Expand the list of permissible activities and services for CUSOs to include originating any type of loan that a federal credit union may originate; and
- Grant the Board additional flexibility to approve permissible activities and services.
The NCUA is also seeking comment on broadening the investment authority of federal credit unions in CUSOs.
Comments on the proposed rule must be received no later than 30 days after publication in the Federal Register.… Read more
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. Our 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 trends. In this week’s installment, PSCU compares the second week of the year (the week ending Jan. 10, 2021 compared to the week ending Jan. 12, 2020).
“Spending was strong in Week 2 for both credit and debit, with federal stimulus payments fueling record debit card purchase growth,” said Glynn Frechette, SVP, Advisors Plus at PSCU. “Delivery of stimulus payments occurred in a more condensed timeframe this round, resulting in a significant positive impact on consumer spending. ATM transactions also experienced large increases, as consumers conducted balance inquiries to verify receipt of stimulus funds, along with increased deposit activity for those who received paper checks.… Read more
PSCU, the nation’s premier payments credit union service organization (CUSO), today announced that it has extended its payments processing agreement with Fiserv, Inc. (NASDAQ: FISV) (“Fiserv”), a leading global provider of payments and financial services technology solutions. The agreement extends the companies’ longstanding partnership, which began in 1989.
“PSCU and Fiserv share a mutual respect for each other’s business, and we are pleased to extend our longstanding partnership through this decade,” said Chuck Fagan, president and CEO of PSCU. “Our extended agreement not only provides continuity for the credit unions we serve, it also helps PSCU continue to innovate, as exemplified by our successful early-market launches of contactless and digital issuance. We are excited to continue the strong level of collaboration that we have established between our organizations on behalf of the credit union industry.”
Since the partnership began more than 30 years ago, PSCU has evolved from a reseller of transaction processing services to an integrated, value-add financial technology solution provider offering an end-to-end experience for credit unions and their members.… Read more
Leading provider of data solutions and services adds new core banking connectors, CECL capabilities, four new ancillary system integrations, new visualization capabilities and more.
Trellance, the leading provider of data analytics, business intelligence and professional services for credit unions today announces the rollout of a substantial product release to its signature M360 data analytics platform. This product update includes significant expansions and enhancements to the platform, making it easier than ever for credit unions to increase productivity, pivot frequently, build resiliency and adapt to rapidly accelerating changes.
Expanding on the robust visual enhancements made to the Trellance M360 data platform in 2020, the new update includes the launch of Tableau Software dashboards, as well as a robust Current Expected Credit Losses (CECL) report available in both Microsoft Power BI and Tableau. The CECL report’s capabilities now give financial institutions the ability to predict their expected credit loss within their entire loan/credit card portfolio.… Read more