PSCU is a cooperative that supports the transactions of 1,500 credit unions. Service 1st, which was founded in 1975 and is based in Danville, Pennsylvania, has over $428 million in assets.
The credit union (CU) found a kindred spirit in PSCU, according to Christopher Court, vice president of Accounting and Operations at Service 1st.
“Partnering with PSCU made sense for our credit union, given the CUSO’s investment in the growth of its business and future technology,” Court said in the release. “At Service 1st, we strive to offer our membership cutting-edge technology, and PSCU was the best partner to meet our aspirations.”
PSCU will begin providing services and support to Service 1st beginning in the fall of 2021.
Service 1st has over 35,000 members and needed a partner that could support the processing of that many portfolios, the release states. The CU also wanted competitive technological capabilities, high levels of service and a similar culture, all of which PSCU seemed to satisfy.
Scott Wagner, chief revenue officer and executive vice president with PSCU, agreed that the CUs’ shared values and aspirations to technological innovation made it a good fit.
Earlier this month, PSCU Executive Vice President and Chief Operating Officer Tom Gandre told PYMNTS that the coronavirus pandemic makes partnerships between CUs and CUSOs like PSCU more advantageous. He said one benefit is the infrastructure PSCU has in place for natural disasters like hurricanes. For the coronavirus, which necessitates working from home, PSCU can help CUs in a remote capacity.
In addition, PSCU is equipped with data and analysis tools that can help its CUs understand the way forward and protect against cybersecurity threats.
PSCU has been keeping track of consumer spending trends during pandemic. It most recently found that the stimulus payments to individuals had likely resulted in a jump in debit card spending with the average purchase up more than 25 percent.