Of the initial 500 financial institutions that have signed-up for Apple Pay and the two-thirds majority of credit unions, an estimated 90 of PSCU’s credit union member-owners are at the sponsor level. PSCU says the future of credit union relevance depends on how well credit unions understand and participate in the Millennial Shift and the digital revolution.
Discover Financial Services has become the latest payment network to join the growing membership of EMVCo, the EMV® standards body. Discover will work alongside EMVCo’s existing members to manage and evolve the contact and contactless EMV industry specifications to facilitate worldwide interoperability and acceptance of secure chip payment instruments. Discover has acquired a one-sixth share of EMVCo from the respective holdings of its current member-owners American Express, JCB, MasterCard, UnionPay and Visa. It will therefore have an equal interest in the standards body, actively contributing to the management, technical work and operations of EMVCo.
PSCU will offer the Mastercard “MasterPass” digital payment service to the CUSO’s nearly 700 Member-Owner credit unions, allowing shoppers to more conveniently and securely perform transactions during checkout. The “MasterPass” provides online shoppers a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase. PSCU’s future implementation phases of MasterPass may allow consumers to go beyond plastic and use an enabled device for in-store purchase transactions. Lake Trust Credit Union (Lansing, MI) has joined PSCU as a participant in testing the new digital solution.
American Airlines Federal Credit Union (AA Credit Union) continues to offer benefits that allow member-owners to use their card with a premium dividend rate, out-of-network ATM fee refunds and no monthly fees on its Priority Checking Account. As the Credit Union industry celebrates International Credit Union Day Oct. 20, consumers are being given advice from financial gurus, such as Suze Orman and The Wall Street Journal, suggesting they turn to credit unions as a banking alternative. AA Credit Union, one of the nation’s largest credit unions, is leading the way with its Priority Checking account, offering a premium dividend of 2.51 percent Annual Percentage Yield (APY).
PSCU Financial Services is one of the first in the credit union industry to offer plastics that incorporate both EMV chip and PIN technology. The CUSO worked closely with Andrews Federal Credit Union to launch the new card, which is now available to all PSCU Financial Services’ member-owners. EMV integrated circuit cards are widely used in Europe and other regions because this technology offers higher security than magnetic stripe. EMV cards that offer PIN approval are preferred by international travelers because they offer the convenience of use at unattended kiosks and ATMs.
Hanscom Federal Credit Union returned nearly $730,000 to its member-owners at the end of 2010 in the form of a Loyalty Dividend. The award total represents a 2.5% bonus on dividends earned and consumer loan finance charges paid over the year. Hanscom Federal Credit Union, headquartered at Hanscom Air Force Base, Mass., serves 44,376 members across the country and overseas through 14 branches, over 85,000 service centers and surcharge-free ATMs, 24-hour telephone service and a web-based branch. The credit union holds $850 million in assets.
Delta Community CU members have been feverishly adopting “Mobile Money” from Fiserv, currently used by more than 10,000 members (over 5% of the member base). The “Delta Community Mobile Banking” free mobile service provides members convenient and secure access to real-time account information through their cell phone, smart phone or other mobile device. Delta Community Mobile Banking was designed as a customized version of the credit unionâs online service, optimized for any web-enabled mobile phone that supports WAP browsers, regardless of the make, model or mobile service carrier. Users can look at checking account balances, scheduling bill payments, transfer funds between accounts, review credit card transactions and locate Delta Community branch locations.
PSCU Financial Services posted 31% growth in processing net income and
9% growth in processing revenue for 2009 with 1.1 billion in payment
card transactions, up by 17% since the end of 2008. The cooperative
achieved 20% growth in debit and online bill payment transactions, with
credit transactions and contact center call volumes each up by 6%. The
cooperative issued a $14.7-million payout in December 2009 for
redemption of 1999 and 2000 revolving funds and helped member-owners
grow their core debit/credit/bill payment business by providing
promotional materials, consultative services, and 24/7 Contact Center
support. PSCU Financial credit union service organization serves more
than 1,300 financial institutions nationwide.
Fiserv financial services technology solutions has partnered with Delta
Community Credit Union to deploy its “Mobile Money” m-banking solution.
Selected for its âtriple playâ technology, which allows members to
access accounts using their mobile browser, text messaging or a
downloaded application to their internet phone, “Mobile Money” allows
users to conduct balance inquiries, account transfers, bill payments,
view transaction history and various alerts. The mobile solution offers
online and offline enrollment, integrating with core banking, online
banking and electronic payments systems through the combination of
M-Com’s “BankAnywhere” and Fiserv’s online banking, electronic billing
and payment, and fraud management tools. GA-based Delta Community Credit
Union was founded in 1940 to serve the metro Atlanta area.
CA-based Alta Vista Credit Union is offering its 13,000 members NCR’s “self-healing” ATMS which offer envelope-free deposits. The NCR SelfServ family offers “Intelligent Deposit” and self-healing technology that allows the ATM to quickly recover from soft failures with no need for service intervention. The AVCU order includes NCR “SelfServ 30 Series” ATMs, which offer the most comprehensive capabilities, NCR’s “APTRA” software and a three-year second-line services agreement.
First Data has extended a long-term contract with PSCU Financial Services Under the agreement, First Data will provide an extensive suite of credit and debit products to PSCU Financial Services and its member-owners, including debit and credit processing, ATM driving, fraud prevention services, plastics and statement production, data analytics and PIN-secured debit access via the STAR Network. First Data has provided credit and debit card processing for PSCU since 1989. As a cooperative, PSCU Financial Services supports 1,100 financial institutions and is owned by 500+ member credit unions representing over 11 million cardholder account. First Data is a provider of electronic commerce and payment solutions for businesses worldwide.
The State Employees Credit Union of Maryland has joined the CO-OP surcharge-free ATM network. The State Employees Credit Union of Maryland (SECU) with $1.6 billion in assets has 248,000 members who will now gain access to 490 CO-OP Network ATMs in Maryland and 25,000 surcharge-free machines across the U.S. The CO-OP Network, which consists of ATMs in 50 states and 10 countries, has a partnership with 7-Eleven that provides surcharge-free ATM access for 24 million credit union cardholders at 5,500 7-Eleven locations across the country. CO-OP Financial Services (formerly CO-OP Network) is the nation’s largest credit union service organization.