PSCU, a national payments credit union service organization, is teaming up with dispute management firm Lean Industries to process disputes, PSCU announced in a press release on Monday (Nov. 4).
The company will leverage Lean Industries’ AdjustmentHub and NetworkHub solutions to manage dispute services.
“As the payments industry continues to rapidly evolve, dispute processing rules and technologies have also evolved dramatically in recent years – a trend that is expected to continue,” said Jack Lynch, chief risk officer and president of CU recovery at PSCU.
“If not handled properly, disputed payments can present reputational risks for credit unions and negatively impact member experience. PSCU continues to invest in its people and technology, and we are excited to partner with Lean Industries to leverage their deep experience and deliver progressive solutions to address this growing industry challenge,” he said.
AdjustmentHub aims to standardize the dispute management process by integrating with PSCU’s existing technologies, including NICE Actimize ActOne Extend.
“Our partnership with Lean provides a proven solution with rich functionality and automation, eliminating time-consuming manual processes,” added Lynch. “By simplifying a complex process, credit unions are able to resolve payment disputes in less time.”
PSCU supports 1,500 credit unions representing more than 3.8 billion transactions annually. The company, founded by credit unions more than 40 years ago, offers payment processing, risk management, data and analytics, loyalty programs, digital banking and mobile platforms.
“We are delighted to work with PSCU to implement our disputes management solution,” said Bjorn Larsen, president and chief executive officer of Lean Industries. “Our clients consistently tell us that improving the member experience is paramount to their future success. PSCU leads the way in this regard, and we are eager to join them on this journey to deliver industry-leading disputes management services and platforms for their owner credit unions.”
Membership in credit unions (CU) based in the United States tops 115 million and loan volume continues to grow, as does asset size. Among the greatest opportunities for CUs lie some significant challenges, too – namely, tapping into and serving the financial needs of millennials.