PSCU Teams With Aloha Credit Union for Card Processing

PSCU/Co-op Solutions teamed up with Aloha Pacific Federal Credit Union (APFCU).

The partnership will see the payments credit union service organization (CUSO) help Hawaii-based APFCU provide credit and debit card processing services and support, PSCU/Co-op Solutions said in a Wednesday (May 1) news release provided to PYMNTS.

“We’ve seen an increasing number of fellow credit unions in Hawaii teaming up with PSCU/Co-op and asked for their feedback during our search for a card processing services provider,” said APFCU President and CEO Vince Otsuka in the release. “The credit unions’ responses were overwhelmingly positive and, after assessing PSCU/Co-op’s services and platform, we’re confident we’ve found an exceptional partner.”

PSCU/Co-op will begin providing “comprehensive credit and debit card services and support to APFCU members” this month, according to the release.

The partnership is happening as credit unions (CUs) and community banks are gaining traction in the consumer credit card space.

According to data from PYMNTS Intelligence’s “Credit Unions and Community Banks Gain Credit Card Issuing Momentum,” 68% of consumers are choosing national banks to issue their primary credit cards, down from 76% four years ago.

“[O]ur study — based on surveys with more than 2,000 consumers — found that 24% of consumers would, given the option, prefer that a more local option, such as their credit union or community bank issue the main credit card they use,” PYMNTS wrote this week.

Meanwhile, PYMNTS spoke in March with Scott Young, senior vice president of emerging services at PSCU/Co-op Solutions, about the importance of innovation in the CU space.

“Credit unions are faced with competing priorities from left to right all the time, but those CUs that actually have an enterprise strategy around innovation are better poised to excel and grow,” Young said.

This approach sets the foundation for investing in cutting-edge technologies at a time when shifting customer expectations and advancing technologies have given CUs a choice: Evolve or get left behind.

“The pandemic told us that member self-service is now, and it’s going to be the future,” Young said, adding that digitization is “the hallmark” of most successful credit unions, helping CUs meet their members’ need to “save time and make life more convenient.”