FinTech credit union service organization (CUSO) PSCU said Wednesday (Jan. 13) that it has extended its payment processing arrangement with Fiserv. The partnership between the two entities started in 1989, according to an announcement.
PSCU has grown from a transaction processing service reseller to a FinTech provider serving credit unions (CUs) and their members since the start of that partnership over three decades ago, according to the announcement.
“Our extended agreement not only provides continuity for the credit unions we serve, it also helps PSCU continue to innovate, as exemplified by our successful early-market launches of contactless and digital issuance,” PSCU President and CEO Chuck Fagan said in the announcement. “We are excited to continue the strong level of collaboration that we have established between our organizations on behalf of the credit union industry.”
Currently, PSCU works with CUs across the country and helps with over 5.4 billion transactions each year. PSCU owner CUs have the ability to access a processing engine and other offerings via the organization’s collaboration with Fiserv.
“PSCU and Fiserv share a commitment to helping financial institutions prepare for the future and provide a best-in-class experience for their members and customers,” Fiserv President and CEO Frank Bisignano said in the announcement. “We are proud to extend our partnership with PSCU and look forward to working together to help promote the growth and success of credit unions throughout the country.”
The news comes as the pandemic has challenged a number of institutions — like CUs — that have had to adjust to a digital-first economy. Even though a number of CUs had started putting digital technologies into place pre-pandemic, they were forced to greatly speed up their efforts after stay-at-home and social distancing procedures provided them with little choice. Many CUs have since leaned into these initiatives with digital technologies focused on a host of issues like bolstering members’ remote banking access.
