Chuck Fagan is returning to PSCU after a two-year stint at
the Credit Union Executive Society (CUES). Acting CEO Tom Gandre will return to his role as Executive Vice President and Chief Operating Officer on April 27 when Fagan takes the reins.
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.
FL-based CUSO PSCU Financial Services has started posting free educational white papers on www.pscufs.com designed
to help credit unions attract new members and build loyalty. The credit union industry is working hard to attract Gen Y as
part of its long-term growth strategy, a generation that requires
24/7 Web access to financial accounts and information.
The industry is also identifying and marketing specialized services to small
business owners. A recent study by BAI notes that small businesses are
increasingly dissatisfied with banks and more than half would switch financial
institutions to gain online banking and other products that are designed to meet their
needs. Credit unions are targeting this important market segment because owners
tend to seek multiple services for their personal and business finances, and
they often develop long-term relationships with the primary financial institution
that helped them grow their business. Mobile banking presents an area of skyrocketing demand that serves both
these audiences.
FL-based PSCU Financial Services has implemented the “Akcelerant Framework” to upgrade its collection processes.
The “Akcelerant Framework” for collections provides customizable
collection management tools with a workflow and analysis engine
that integrates to host data processors and service providersâcreating a
highly efficient environment. PSCU Financial Services currently conducts 450,000 outbound calls each
month to service delinquent credit card accounts.
PSCU Financial Services is the
nation’s largest credit union service organization and serves
more than 1,300 financial institutions nationwide. As a non-profit
cooperative, the company is owned by more than 600 member credit unions
representing over 13 million accounts and 860,000 online bill payment
subscribers. Its Contact Centers handle more than 16 million inquiries a
year.
FL-based PSCU Financial Services has launched a mass issuance campaign
with credit unions for contactless debit cards. The campaign allows
credit unions that register by June 30th to benefit from special
promotional activities from the credit union service provider. As part
of this special campaign, there is no minimum for cards ordered by
December 31st. Both MasterCard and Visa debit cards are included.
PSCU Financial Services is the nation’s largest credit union service
organization (CUSO) and serves more than 1,100 financial institutions
nationwide. The company provides a broad array of financial services
that include credit, debit, ATM, prepaid, bill payment and contact
center solutions.
Fiserv reports that its “CheckFree FraudNet” automated fraud detection and case management system has blocked more than 21,000 attempted fraudulent bill payment transactions totaling $287.9 million since the service went live in November 2005. FraudNet provides automated fraud detection and prevention for 462 U.S. financial institutions. A top-10 financial institution proactively detected and stopped more than $7.4 million in electronic payment fraud in a single month. The Company says FraudNet’s strength lies in the ability to leverage advanced algorithms and a powerful network of financial institutions sharing negative file data. It is also a centralized fraud detection and integrated case management system.
PSCU Financial Services has hired Tom Gandre, previously SVP at First Data, to serve as Chief Debit Officer. Gandre was First Data Corporation’s Senior Vice President of Product Development and Management, responsible for new development product management for the Debit Services division. This division encompasses PIN and signature debit products, prepaid products, fraud and risk solutions, ATM products and the STAR Network. Gandre oversees the organization’s debit services unit, which continues to report strong year-over-year growth in transactions, ATM placements and the participation of new credit unions. PSCU Financial Services’ debit group currently services over 200 credit unions, 700 ATMs, and processes more than 7 million accounts that generate over 500 million transactions annually.
PSCU Financial Services has joined the PCI Security Standards Council as a participating organization. As a participating organization, the cooperative will work with the Council to evolve the PCI Data Security Standard (DSS) and other payment card data protection standards. The PCI DSS, endorsed by American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa Inc., requires merchants and service providers that store, process or transmit customer payment card data to adhere to information security controls and processes that ensure data integrity. PSCU Financial Services is the nation’s largest credit union service organization and serves more than 1,100 financial institutions nationwide.
FL-based PSCU Financial Services has topped 500,000 subscribers and 2.6 million bill payments per month for its “PayLynx” online bill payment service. PayLynx also boasts a greater percentage of active subscribers and higher rates of acceptance for electronic bill payment by billers than other providers of the CheckFree service. It is also launching online bill payment for small businesses in January. The cooperative was the first to offer “FraudNet”, a bill payment fraud detection and prevention tool and has developed innovative marketing materials that includes an online video designed to build consumer acceptance.
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.
San Antonio, TX-based Firstmark Credit Union with 21,000 credit cardholders has signed a long-term credit card processing agreement with PSCU Financial Services. The credit union is launching an ambitious campaign to grow its credit portfolio, so it had very high requirements for its new credit processor, according to Connie Shoemaker, Firstmark Credit Union’s Vice President of Retail Lending. Firstmark Credit Union (formerly San Antonio Teachers Credit Union) is a member owned, locally controlled, not-for-profit financial cooperative. PSCU Financial Services is owned by more than 500 member credit unions representing 10 million cardholder accounts and more than 345,000 online bill payment subscribers.
FL-based PSCU Financial Services has hired Steve Ruwe, former VISA USA EVP of Operations and Risk for 13 years, as Chief Risk Officer. Prior to joining PSCU Financial Services, Ruwe was Visa USA’s Executive Vice President of Operations and Risk for 13 years. As a highly regarded risk management expert, Ruwe has testified before Congress numerous times on issues related to data security, Internet gaming, and Internet pharmacies. PSCU Financial Services is owned by more than 500 member credit unions representing over 10 million cardholder accounts and more than 345,000 online bill payment subscribers.