PSCU’s Annual Dividend To Aid Owner Credit Unions Announced

PSCU, a payments credit union service organization (CUSO), has announced a patronage dividend for fiscal year 2019 of $25.9 million, and one fourth of it will be distributed in cash, according to a Tuesday (Dec. 17) press release.

The move is part of PSCU’s commitment to aid owner credit unions and help them to succeed. PSCU’s cash distribution to owners so far this year is $15.3 million, with $8.9 million in capital redemptions.

Owners reap the rewards of PSCU investments by getting a piece of the financial returns distributed through the company’s annual dividend.

PSCU has handed out upwards of $540.2 million in patronage dividends since its founding, with more than half distributed in cash.

“The pace of innovation and emergence of new competitors in the payments industry continues to accelerate, with new opportunities for credit unions to consider daily,” said PSCU President and CEO Chuck Fagan. “We are proud to have delivered expanded digital capabilities, enhanced security and an unparalleled member experience to our Owner credit unions and their members this year. We are committed to continuing to invest in the industry-leading technologies, solutions and services that make us a beneficial and financially empowering credit union cooperative and partner for years to come.”

The release also noted some highlights from the past fiscal year, including the announcement of a $100 million investment over the course of several years to optimize credit union tools and focus on improving technology. This will include $35 million specifically dedicated to Lumin Digital, which is a cloud-based digital banking platform used by PSCU.

Also this year, PSCU has moved toward implementing robotic process automation (RPA) throughout the organization, to help with improving automated processes with the purpose of improving scalability as well as efficiency.

PSCU said it saved owner credit unions over $263 million by delving deeper into a commitment of preventing fraud and improving risk management processes.