Communication Federal Credit Union (CFCU) has selected PSCU to provide credit card processing services.
The Kansas- and Oklahoma-based credit union said the credit union service organization (CUSO) will serve as its integrated FinTech solutions provider for those services, according to a Tuesday (Jan. 24) press release emailed to PYMNTS.
“CFCU strives to regularly update our products and processes to meet our membership’s needs,” CFCU Vice President of Electronic Services Christina Titterington said in the release. “In PSCU, we found a partner that understands the credit union’s direction and will work with our current systems to provide the features and functionality required for success.”
PYMNTS research has found that credit unions are emphasizing innovation.
For example, 60% of credit unions report they are investing in innovative products such as real-time and peer-to-peer (P2P) payments. This is an increase from the 50% who said they were doing so in 2021, according to the November 2022 edition of the “Credit Union Tracker®,” a PYMNTS and PSCU collaboration.
Researching what members want and how to best provide those features is one way credit unions can take a proactive approach to innovation, Alliant Credit Union Chief Digital Officer Sumeet Grover told PYMNTS in an interview posted Monday (Jan. 23).
“We look at needs beyond just the transaction,” Grover said. “We want to understand the journey members will go on.”
To do so, Alliant Credit Union talks to its members regularly and solicits feedback directly through member surveys, net promoter scores and other channels. Based on this feedback, the credit union puts the budget in place, focuses on the right platforms and builds the solutions to match, Grover said.
In the new partnership between PSCU and CFCU, the CUSO will begin providing credit card processing support to more than 115,000 of the credit union’s members in August, according to the press release.
The partnership comes as CFCU continues to expand by opening two new branches this year, adding them to its 22 existing branches, the release said.
“PSCU and CFCU share a commitment to service and experience excellence, as well as continuing innovation,” PSCU Senior Vice President and Chief Sales Officer Chris Gunnare said in the release. “We look forward to furthering that shared commitment by delivering secure and innovative credit card processing services to CFCU’s members.”