PSCU will provide processing to the credit union’s more than 14,500 members beginning in the fall of 2024, the companies said in a Tuesday (Dec. 5) press release.
“NorState FCU is confident in PSCU’s ability to help move our credit union forward in this ever-evolving marketplace,” NorState FCU President and CEO Jeffrey Davenport said in the release.
The credit union, established in 1941, selected PSCU based on feedback and an in-depth review in which it looked for a partner that would be proactive with solutions, offer innovative products and act as an extension of its team when interacting with members, according to the release.
“At PSCU, we are always looking for opportunities to provide credit unions with leading-edge solutions and highly functional programs to facilitate seamless experiences and best-in-class service for their valued members, and we look forward to helping NorState FCU realize these results,” Scott Wagner, chief revenue officer and executive vice president at PSCU, said in the release.
PYMNTS Intelligence found that financial institutions are facing increased competition from nonbank and non-credit union financial entities when it comes to credit products.
Thirty-two percent of credit union members are likely to switch financial institutions for better rates and terms, according to “Credit Union Innovation: How Credit Product Rates Impact FI Selection,” a PYMNTS and PSCU collaboration.
PSCU’s tie-up with NorState FCU comes on the heels of two other recently announced partnerships.
In October, the CUSO said it will begin providing debit and credit card processing services and support in 2024 to United Community Credit Union, which serves Galena Park Independent School District employees in Texas.
In September, PSCU entered into a partnership with Horizon Credit Union, which has more than 30 locations in four states, to begin providing support for debit and credit card programs and ATMs in 2024.