Payments credit union service organization (CUSO) PSCU has announced it will invest $100 million over the next few years to focus on improving solutions for the credit unions it serves around the country, according to a release.
The company aims to further develop tools and solutions to help the approximately 1,500 credit unions it works with. The investments were approved by the company’s board for the next three years.
“PSCU’s strategic priorities continue to focus on optimizing digital experiences, driving the ability to grow member engagement and delivering market-leading security solutions – all while delivering an unparalleled experience for our credit unions and their members,” said Chuck Fagan, president and CEO of PSCU. “This significant level of additional investment will provide a further catalyst for these efforts.”
PSCU said the continued investments will fuel the development of an end-to-end payments platform that will help credit unions provide a seamless experience for customers. The company will focus on things like modernizing infrastructure and moving more into cloud technology, as well as implementing things like machine learning and artificial intelligence (AI). A portion of the investment will also go to expand Lumin Digital, PSCU’s proprietary banking platform.
“To remain competitive in the rapidly evolving payments landscape, credit unions must continue to enhance the member experience, provide leading digital capabilities and elevate security,” said Cathie Tierney, chair of PSCU’s board of directors and president/CEO of Community First Credit Union. “The board is confident these investments will enable PSCU’s owner credit unions to better compete in today’s market and ultimately contribute to their sustainable growth and success.”
PSCU handles upwards of 3.8 billion transactions a year, providing solutions and support with services like payment processing, risk management and digital banking.