Payments News

On The Web

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Providers

10 Charts On Credit Union Lending

“The shifting economic landscape over the past 10 years has changed the way financial institutions operate and interact with consumers. As banks and mortgage lenders pulled back following the crash, credit unions stepped in and increased lending when members needed it most. In the 10 years following the recession, the credit union industry has grown […]
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Providers

Smaller FIs Weigh In on Mobile Financial Services

“Fifty-five percent of the respondents reported that more than 20 percent of their customers were active mobile banking users. Surprisingly, 14 percent of the respondents indicated they have no plans to offer mobile banking services. All but one of the FIs that have no plans to offer mobile banking had assets under $500 million. These […]
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Providers

Mass. credit union will serve recreational marijuana companies

“GFA Federal Credit Union, founded in 1938 to serve French-Canadian immigrants and headquartered in Gardner, told the Globe Thursday that it’s ready to wade into the recreational marijuana sector, following a year of research and preparations.  Other banks and credit unions have so far stayed on the sidelines, calculating that it’s legally and financially risky […]
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Providers

Recovery in Card Usage Gathers Steam Among Credit-Union Members

“Even though credit card spending is still depressed as a result of the Covid-19 economic downturn, payment card volume trends have now been improving for a month or more, according to new data from credit-union service organization PSCU. St. Petersburg, Fla.-based PSCU reported Monday that overall credit card spending by members of its credit-union clients […]

On The Wires

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Domains

Redstone Federal Credit Union Taps Fiserv for P2P Payments

“Turnkey Service for Zelle will enable P2P payments for Redstone members. This solution streamlines the onboarding process for financial institutions, helping to reduce costs and accelerate time-to-market for Zelle, which gives members a fast, safe and easy way to send money to and receive money from those they know and trust. In addition, Redstone is adding […]
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Deals

IBM Canada and Prairie Credit Unions Team up for Digital Transformation and Payments Modernization on IBM Public Cloud

“A new Prairie Payments Joint Venture (PPJV) and IBM (NYSE: IBM) have signed an 8-year, multi-million dollar agreement to digitally transform and modernize credit union payment services in Canada. This marks the largest agreement of its kind in Canada for the credit union system. The new joint venture between the Credit Union Centrals of Alberta, Saskatchewan and Manitoba collectively represent more than 75 […]
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Deals

PSCU Completes Acquisition of Primax

“PSCU, the nation’s premier payments credit union service organization (CUSO), today announced that it has completed the acquisition of the Primax business from T.K. Keith Company, Inc. Terms of the transaction were not disclosed. Based in Wakefield, Mass., Primax has been designing and providing support services for payment card programs for credit unions and community […]