Payment Methods

TFCU Picks ProPay For Pay-by-Text Loan Payments

ProPay has been tapped by a credit union to expand its members’ options for making loan payments.

It was announced yesterday (March 17) that the TSYS company’s LenderPay solution — which allows financial customers to pay loans by responding to a text message, clicking an email hyperlink or tapping their smartphone — has been selected by El Paso Area Teachers Federal Credit Union (TFCU) for handling such transactions. A press release notes that there is no mobile app or online portal needed in the use of ProPay LenderPay.

“As a society, we are glued to our mobile screens, and we love our debit cards,” Dave Duncan, president of ProPay, commented in the release. “This generation demands the ability to conduct business anytime, anywhere and especially through their mobile devices. Enabling consumers to pay their loans with a single click from any device provides TFCU with a tremendous advantage in servicing their customers.”

“Our commitment to member convenience and turnkey technology is paramount,” stated TFCU Manager Laura Schaffino in the press release. “LenderPay seamlessly integrates with our core system and gives tech-savvy members the payment options they expect.”

The press release goes on to state that the services that ProPay provides minimize Payment Card Industry Data Security Standard (PCI DSS) compliance requirements and are designed exclusively for financial institutions that want to accept loan payments with a minimal convenience fee.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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