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Payfinia has launched a new CreditUnionServiceOrganization (CUSO) to help creditunions modernize their payments experience. The CUSO is launching in partnership with Star One CreditUnion, which invested $4.5 million in the organization. million in the organization. .”
“Creditunions across the country are on high alert for scammers looking to take advantage of members during the pandemic and are stepping up fraud prevention efforts as a result,” according to PYMNTS’ April CreditUnion Tracker® done in collaboration with PSCU. This, in turn, helps mitigate fraud.”.
A new report from payments creditunionserviceorganization PSCU revealed that its owner creditunions saw banner results from the promotional programs offered through PSCU’s Advisors Plus during the two-day shopping event.
Among the most exciting trends of the last two decades is the evolution of payments from a focus on transactions to a strategic driver of revenue and growth. The announcement goes beyond the actual people involved, as he addressed the broader issues facing creditunions at the dawn of a new decade.
Creditunionserviceorganization CULedger has debuted its financial exchange for creditunions using R3’s Corda blockchain technology, the firms said in a press release Thursday (Dec. The EFT option aims to boost transparency from the beginning to the end of a transaction, the announcement noted.
The January CreditUnion Tracker® explores the latest development in the creditunion (CU) sector, including an examination of why it is so important for CUs to expedite their digital transformations and how they can help accommodate pandemic-induced challenges. Around The CreditUnion Landscape .
Close to half of the creditunion (CU) executives surveyed by PYMNTS earlier in the year expected credit card processing revenues to outstrip debit in 2020. Several months down the road, it’s a very different picture, as credit tightens and debit takes on an air of frugality. More than 40 million U.S. The Best-Laid Plans.
The creditunionserviceorganization (CUSO) said it blocked cybercriminals at several channel intersections, including at the point of sale, at its contact centers and other avenues. PSCU is also “committed to preserving the member experience and ensuring successful transactions at the point of sale.”.
The market share of creditunions is only a fraction of their larger bank counterparts, but they tend to inspire a greater sense of loyalty among customers. Data from PYMNTS’ CreditUnion Innovation Index found that 60.8 How Does Open Banking Help CreditUnions?
As the nation’s premier payments creditunionserviceorganization [CUSO] and a leader in the creditunion industry, PSCU is continuously looking for ways to meet and exceed the expectations of the creditunions we serve,” said Gandre. billion transactions annually. .
A new decade — and for creditunions (CUs), might this be the decade of data as a conduit of trust, a way to cement customer loyalty? The focus is on helping creditunions improve and enhance engagement with their members. Digital banking efforts were once only realistic for the most deep-pocketed of traditional FIs.
PSCU , a payments creditunionserviceorganization (CUSO), has rolled out its Digital Issuance solution in an effort to keep bolstering the creditunion (CU) member experience, according to a Thursday (Dec. 10) announcement.
PSCU , the creditunionserviceorganization (CUSO), announced on Monday (Feb. 24) that it is finishing up a proof of concept (POC) with CULedger and Baxter CreditUnion (BCU) for a blockchain-based decentralized identification platform. application.
To that end, according to Scott Young, PSCU ’s vice president of innovation, creditunions (CUs) seeking to cement customer loyalty through tech-driven innovation need to keep one mantra top of mind: “Easy is the new loyalty.”.
Creditunions (CUs) have been riding high in recent years, with one October report finding that global CU membership hit an all-time high of 291 million last year. Around the CreditUnion World. Some organizations are keeping members secure by partnering to provide the latest cutting-edge solutions.
FinTech creditunionserviceorganization (CUSO) PSCU said Wednesday (Jan. PSCU has grown from a transaction processing service reseller to a FinTech provider serving creditunions (CUs) and their members since the start of that partnership over three decades ago, according to the announcement.
His comments came in the wake of findings by creditunionserviceorganizations that a rush to adopt contactless cards is likely to come in 2020 and beyond. PSCU said it has rolled out a half-million contactless cards to members from 14 creditunions (CUs).
PSCU , the creditunionserviceorganization (CUSO), is teaming up with FICO Customer Communications Services (CCS) to develop a fraud alert tool for creditunions (CUs), PSCU said in a statement on Wednesday (Oct. In the firm's contribution to PYMNTS' “ What Did You Change?
Creditunions (CUs) have had to shutter many of their branches or limit capacity alongside other financial institutions (FIs) to protect members and staff as the COVID-19 virus continues on. Around The CreditUnion World.
Payments creditunionserviceorganization (CUSO) PSCU reported 11.4 percent year-over-year debit and credit overall same-store sales volume growth among its owner creditunions over the 2020 holiday season, according to a press release emailed to PYMNTS. Debit contactless transactions expanded to 17.1
Creditunionserviceorganization (CUSO) PSCU compared the week ending April 19, 2020, to the same time frame in 2019 to discover what impact the coronavirus is having on consumer spending and shopping trends. People spent more money on consumer goods, with a 20 percent increase in debit card transactions.
As the coronavirus pandemic continues to disrupt personal finances, a study by creditunionserviceorganization (CUSO) PSCU shows that overall credit card spending is down 29 percent for the week ending April 5, compared to the same period in 2019. Debit card spending is down 12 percent for the same period.
Amid the coronavirus pandemic, PSCU compared transactions of its owner creditunion members on a same-store basis between March 2019 and March 2020. Supermarkets/grocery stores experienced the largest rise in spend and transaction volume. Transaction dollars are higher 41.3 percent decline in transactions and a 22.5
PSCU , which is known as a premier payments creditsunionserviceorganization (CUSO), reported significantly higher year-over-year growth than expected during the holidays, with a 7.86 percent increase in debit and credit sales among its owner creditunions (CUs). Debit sales volume grew by 8.76
Creditunions (CUs) are unique among financial institutions (FIs) for the sense of loyalty they inspire among their members. PYMNTS’ CreditUnion Innovation Index found that 65 percent of such members chose their CUs because they trusted them, for example, with 60.8 Developments From Around the World of CreditUnions.
Features Utilizes a robust cloud-based Loan Management System Delivers reliable, scalable, and proven BNPL capability Offers a comprehensive front-to-back solution covering all lending and BNPL transactions Provides post-purchase financing Who’s it for? Banks, creditunions, payment providers, and SMBs.
Payments creditunionserviceorganization (CUSO) PSCU has acquired payment solution firm Primax , according to a press release. Primax has been working with designing and providing services for payment card programs for creditunions for 40 years in the U.S. and the Caribbean, the press release adds.
In today’s top digital-first banking news, Singapore tech startup Sea has reportedly bought Indonesia’s PT Bank Kesejahteraan Ekonomi (Bank BKE), while creditunionserviceorganization (CUSO) PSCU has lengthened its payment processing collaboration with Fiserv. billion transactions annually.
In the March CreditUnion Tracker , PYMNTS explores how creditunions (CUs) and creditunionserviceorganizations (CUSOs) are working to cater to the unique financial needs of their members, while also focusing on continually combating fraud. Around the CreditUnion Landscape.
As COVID-19, the disease caused by the coronavirus , ravages the economy, and millions of Americans shelter in place to figure out their next financial moves amid layoffs and volatile markets, creditunions (CUs) have a role to play — particularly in the battle against fraudsters who would prey upon CU members at this most vulnerable moment.
Payments creditunion PSCU is prepared to handle what they predict will be a rush in 2020 to adopt contactless cards, the company said in a press release on Wednesday (Nov. In 2020, PSCU anticipates distribution of more than three million new contactless cards to 100-plus creditunions.
Creditunionserviceorganization PSCU has updated its weekly transaction analysis from Owner creditunion members to reflect the impact of the coronavirus, finding that credit spending overall was down 32 percent while debit spending was down 11 percent. percent drop in credit and a 7.4
In an interview with Karen Webster, Chuck Fagan, president and CEO of PSCU , a creditunionserviceorganization (CUSO), said that the impact to consumer spending will be prolonged, but the recovery will be swift and sharp — depending on where you look. Overall credit card spend was down 29.9
Creditunionserviceorganization (CUSO) PSCU compared the 19 th week of 2020, which concluded on May 10, to the same timeframe in 2019 to discover the impact of the pandemic on consumer spending and shopping trends. percent year over year, and the volume of overall debit transactions grew for the sixth consecutive week.
PSCU, a national payments creditunionserviceorganization, is teaming up with dispute management firm Lean Industries to process disputes, PSCU announced in a press release on Monday (Nov. The company will leverage Lean Industries’ AdjustmentHub and NetworkHub solutions to manage dispute services. “As
It also examines how merchants and financial institutions (FIs) are responding and working to enable easy contactless and online purchasing while keeping such card-not-present (CNP) transactions safe. Around The Next-Gen Debit World.
PULSE supports all of these transaction types whether they originate inside a store, in-app or online,” Schroeder said. Learnings and data from prior economic downturns tell us that consumers will prefer debit over credit in uncertain times. It shows there’s life for credit, and there’s power for merchants in offering payments choice.
The creditunionserviceorganization has already sent half a million contactless cards to members from 14 creditunions through national reissuance — and sees 3 million more cards being issued to more than 100 creditunions next year.
The COVID-19 pandemic and safety measures taken to slow the virus’s spread have overturned consumers’ daily lives, including what they are buying and which payment methods they are using to transact. One recent report from data analytics company NPD Group found that the share of all in-store purchases made with credit cards has risen 3.4
With over 58 percent of customers saying they’re “extremely” satisfied with creditunions (CUs) and nearly six in 10 saying they would stick with their CU even if it didn’t have all the bells and whistles of bank tech that competitors do, the bond between members and CUs remain strong. Innovate or Die’. And Finally, Fraud.
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