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NACUSO Announces New Board Member John Janclaes

On June 7th, NACUSO announced the addition of John Janclaes as its newest Board Member. “We are excited to welcome John Janclaes, President of Nymbus CUSO, to fill an available position on our board,” said Jack Antonini, CEO of NACUSO. “John brings tremendous credit union leadership experience, passion and relationships as well as experience with successful collaborations.”

For more than 30 years, John has successfully led strategic growth initiatives for financial services organizations, dedicating much of his career to the credit union movement, including as president and CEO of Partners Federal Credit Union. He is a highly regarded industry innovator, advocate and connector. After leading five-fold growth at Partners over his 17-year tenure, John was named president of Nymbus CUSO in 2021, working with credit unions to break through barriers to growth by leveraging digital banking for niche member segments and taking on digital challengers.

Nymbus CUSO empowers its credit union owners and partners to break through growth barriers by quickly establishing niche digital banks to expand reach, deepen community connections and create new revenue streams.

John Janclaes has been honored with the James D. Likens Award as a distinguished alumnus of the Western CUNA Management School, where he is on the faculty and has served on the board of trustees. He previously served on the board of directors for the country’s largest CUSO, CO-OP Financial Services, and he is on the current board of AKUVO, one of the most leading-edge CUSOs.

About NYMBUS

Nymbus enables banks and credit unions of any size to grow and attract new market segments by delivering a full suite of banking technology, including Loan Origination, CRM and Digital, along with the operational resources to launch and run a new digital bank. Whichever growth path you choose, Nymbus buys back decades of lost time and accelerates your ability to engage and support the entire customer journey.

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Lumin Digital to Provide DuPont Community Credit Union with Digital Banking Solution

Lumin Digital, a PSCU company, announced that DuPont Community Credit Union (DCCU) has signed a multi-year agreement for Lumin Digital’s cloud-native platform for online and mobile digital banking solutions. DCCU has been part of the PSCU cooperative since 1996.

Founded in 1959 in Waynesboro, Va., and currently holding more than $1.6 billion in assets, DCCU is committed to providing best-in-class products and services that help improve the financial wellness of its members. The credit union believes in the importance of advancing technology to meet the evolving needs of its growing membership and feels the transition to Lumin Digital will help DCCU provide a seamless member experience across all channels and devices.

“DCCU has always strived to create a digital member experience that complements the consultative, friendly and educational environments in our branches and contact center,” said Steve Elkins, president/CEO of DCCU. “Lumin Digital’s innovative focus on member engagement and intuitive interface made moving to the platform an easy decision for our team.”

Lumin Digital will support more than 110,000 DCCU members when the credit union goes live on the platform in July.

“We are excited to move to a product that offers seamless integration with both third-party organizations and DCCU’s own offerings,” said Michael Tranum, chief information officer at DCCU. “Thanks to a robust software development kit (SDK), Lumin’s platform will allow us to quickly release enhancements and new products simultaneously to both desktop and mobile users.”

As a cloud-native digital banking platform built using elite technology, Lumin Digital provides members with a tightly integrated and customized experience that matches larger financial institutions’ offerings. In creating a truly personalized journey, Lumin Digital helps credit unions and banks better engage with their members, increase value and deepen relationships.

“We are extremely pleased that DCCU chose to partner with Lumin Digital and expand its partnership with the PSCU family,” said Jeff Chambers, president of Lumin Digital. “Lumin Digital shares DCCU’s commitment to elevating and enhancing member technology, and we look forward to working alongside DCCU to provide its members with cutting-edge products and services.”

Lumin Digital continues to drive innovation in the digital banking space, differentiating itself through technology built for human connection. Lumin Digital’s offering provides seamless integration to a wide array of PSCU and other platform tools and capabilities, including card services, rewards management, and data analytics to provide a member-centric experience. For more information, visit LuminDigital.com.

About Lumin Digital

Lumin Digital, a PSCU company headquartered in San Ramon, Calif., delivers digital banking solutions to financial institutions across the United States. Founded by financial technology experts, Lumin Digital is working to redefine digital banking with its proprietary user engagement platform, providing banks and credit unions with a solution that allows them to quickly and safely adjust to their users’ needs. Through Lumin Digital’s user data and predictive analytics, organizations can implement custom experiences for users, creating a truly personalized journey that helps consumers thrive while building a connected relationship. For more information, visit LuminDigital.com.

 About PSCU

PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 5.4 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting, and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to grow and meet evolving consumer demands securely. For more information, visit pscu.com.

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CO-OP News – Benson Porter Elected Chairperson of CO-OP Financial Services Board of Directors

Joan Opp of Stanford FCU and Jackie Buchanan of Genisys FCU Fill Board Officer Positions As CO-OP Maintains Focus on Delivering Digital Payments Ecosystem for Credit Unions  

Benson Porter, President/CEO of BECU, based in Tukwila, Washington, is now Chairperson of CO-OP Financial Services, elected during a Board of Directors meeting held May 20, immediately after CO-OP’s 40th annual Shareholders meeting.

“I congratulate Benson on his election as Chairperson of CO-OP, in addition to the other elected Directors during the meetings of May 20,” said Chuck Purvis, who served as Chairperson during the past two years. Purvis, President/CEO of Coastal FCU, Raleigh, North Carolina, continues on the Board as a Director.

In his Chairperson’s report during the Shareholders meeting, Purvis said, “For 40 years, CO-OP has consistently been at the forefront of championing the growth of credit unions and their members’ financial well-being. No other technology organization has made the same level of investments and choices in people, process and technology for the whole of the movement. With the support of our credit union partners, CO-OP has brought forth innovations and firsts that have served as major highlights and turning points in the movement. We are just getting started. Yes, we face a threat from the new fintechs, but CO-OP has been innovating as a change agent for the credit union movement for 40 years.”

Todd Clark, President/CEO of CO-OP, in his own report to Shareholders, acknowledged Purvis for his two years of service as Board Chairperson. “Chuck has led the Board during a truly extraordinary time while also simultaneously leading his own prominent credit union,” said Clark. “We thank him for his service, insight and sound guidance.”

Clark also stated in his report, “In an unprecedented year, CO-OP continued our deliberate and fully-planned-for reinvestment in the company as we become the credit union movement’s ecosystem provider of payments technology and solutions. CO-OP solutions and insights developed in the past year concentrated on services designed to deepen member engagement and win the primary financial relationship. With the full support of our Board of Directors, we are investing and building to meet the needs and expectations of today’s members, and provide maximum value to our credit union owners.”

Porter has served as a Director of CO-OP since 2012, the same year he became BECU’s President/CEO. In the same Board of Directors meeting that elevated him to Chairperson, two other Officers of the Board were elected, including:

  • Joan Opp, President/CEO of Stanford FCU, Palo Alto, California, is now Vice-Chairperson.
  • Jackie Buchanan, President/CEO of Genisys FCU, Auburn Hills, Michigan, is now Treasurer/Secretary.

During the preceding annual Shareholders meeting, Opp was also reelected to the Board along with two other incumbents, including:

  • Bob Falk, President/CEO of Purdue FCU, West Lafayette, Indiana.
  • Wayne Grosse, President/CEO of Bethpage FCU, Bethpage, New York.

In addition to the six Directors previously mentioned, the 11-member Board of Directors also includes: Robert Chavez, President/CEO of Sandia Laboratory FCU, Albuquerque, New Mexico; Theresa Mann, Chief Risk Officer of NASA FCU, Upper Marlboro, Maryland; Todd Marksberry, President/CEO of Canvas CU, Lone Tree, Colorado; Rudy Pereira, President/CEO of Premier America CU, Chatsworth, California; and Greg Mitchell, President/CEO of First Tech FCU, Beaverton, Oregon.

For more information, visit www.co-opfs.org.

About CO-OP Financial Services

CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.coop.org.

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PSCU Payments Index-May 2021

The nation’s premier payments credit union service organization (CUSO) – PSCU – published the May edition of the PSCU Payments Index.  This month’s report includes year-over-year comparisons for overall performance surrounding credit and debit purchases and transactions, including card-not-present, contactless, mobile wallets, ATM and other payments activity. It also takes a deep dive into the Goods sector, which has been one of the strongest throughout the pandemic.

A sampling of key takeaways includes:

  • We continue to see strong growth in cards, with the Goods sector (this month’s Deep Dive) a major contributor
  • Card Present volume is improving as consumer comfort levels with in-store purchases increase, but Card Not Present growth is still leading the way
  • Credit card account balances have been declining and federal stimulus payments have accelerated the paydown
  • Stimulus funds that were saved and those used to pay credit card debt represent a future opportunity for cards; “revenge” spending is on the horizon

The full report is available for download here or can be shared as a PDF upon request.

 

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CO-OP Launches Digital Card Issuance, Continuing Digital Card Payment Ecosystem Expansion

Debit and Credit Digital Card Issuance Will Shorten Replacement Window, Enhance Cardholder Experience to Increase Credit Union Interchange Growth

CO-OP Financial Services is expanding its payments solution ecosystem for credit unions with the rollout of digital card issuance for credit and debit cards. Available immediately, the solution is part of the company’s ongoing commitment to creating connected solutions that deepen credit union-member engagement through modern payments experiences.

With CO-OP Digital Card Issuance, card credentials are issued directly through the credit union’s mobile app or online banking system, enabling the member to add the card to their digital wallet. The member can begin using the card within minutes. Only a handful of large issuers are offering digital card issuance today.

“CO-OP Digital Card Issuance solves real problems for both credit unions and cardholders,” said Bruce Dragt, Chief Product Officer for CO-OP. “When a card is lost, so too is the opportunity to engage with that member. Payments is the path to primary financial relationships, and credit unions can’t afford to lose out on the daily – sometimes hourly – touchpoints with members who rely on them for everyday financial transactions. Digital issuance puts that card right back into play, delighting the cardholder and reactivating critical revenue streams for the credit union.”

Digital issuance is leveraged  anytime a member requests a new card or at the card’s natural time of reissuance. In either scenario, immediacy is critical to maintaining top-of-wallet positioning, especially in today’s digital delivery environment. “Digital card issuance shortens the replacement window from five or more days to just a few minutes,” said Dragt.

Following the acceleration of remote, touchless and digital behaviors spurred by the pandemic, credit union members are increasingly drawn to financial relationships that promise the vast possibilities of digital delivery. Mobile wallet adoption in the U.S. jumped from 38 percent before the pandemic to 55 percent during. CO-OP Digital Card Issuance meets today’s member where they are, helping them transition from trusted, traditional payment methods to modern, digital methods that offer greater convenience and comparable  levels of reliability and security. Outcomes include increases in card usage and revenue, as well as much lower member service costs – without sacrificing member satisfaction.

According to Dragt, CO-OP has made easy implementation of new payment solutions a key strategic priority so that credit unions can get solutions like digital card issuance up and running quickly. “This technology topped the list of payment solutions CO-OP’s Co-Creation Council members most wanted to launch in 2021. The ultimate purpose of our payments platform is to make the rollout of advanced, highly competitive solutions simple for credit unions,” said Dragt.

More information about CO-OP Digital Card Issuance can be found by visiting www.coop.org.

About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.coop.org.