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Denise Stevens, SVP, Product Delivery & InnovationFor four decades, PSCU—a Credit Union Service Organization (CUSO)— built, owned, and governed by credit unions, has been providing payment solutions. PSCU’s APIs allow credit unions to customize the user experience, a growing trend in the industry. With complete flexibility from reliable and trusted API services, applications for members and credit union staff can be customized to deliver a unique experience with the right information, right now. Integration with real-time transactions supplements the traditional batch loads and offers members and credit union staff access to the most current data.
PSCU’s Data eXchange—a robust and powerful set of XML and web services APIs—allows credit unions and their third-party service providers to extract, read and write real-time data to/from PSCU and the systems of record represented by PSCU. The services offered include functions associated with credit and debit card information, maintenance and transactional payments. PSCU’s ‘API first’ approach allows every new product offering to be consumable in a variety of ways to suit the needs of the market.
Building on the success of Data eXchange, PSCU launched a web-based solution to help front-line credit union member service staff more efficiently resolve their members’ requests for service on accounts that reside on PSCU-hosted systems. The solution, known as QuickAssist, enables rapid access to PSCU-hosted member account data and functionality.
Virtually every service which we deliver to the market is capable of being integrated in some way
By leveraging single sign-on from the credit union’s core application, QuickAssist integrates data and systems to improve the credit union staff and member experience.
PSCU developed QuickAssist to provide single call resolution to issues and inquiries involving multiple account relationships with the credit union. QuickAssist leverages PSCU’s Data eXchange API architecture that is in use today by over 120 of PSCU’s credit unions. It enables easy single-point access to real-time credit card account data and frequently used functionality via a single sign-on from the member service screens that credit union staff routinely use.
All channels must integrate to provide a unified member experience and ensure data integrity and a consistent user experience. The core has traditionally been considered the system of record. However, reliance on APIs increases as external providers offer robust and powerful tools that allow credit unions to provide services only the largest of institutions could provide a few years ago, at a reasonable cost. Integration with these services delivers, in real-time, what could only be provided by a core system in the recent past. And the information today is no longer a day or two old. It is what members and credit union staff require at the moment.
Credit unions are increasingly looking to enter into partnerships with financial service providers who are not only providing a ‘best of breed’ service, but are also culturally and technically flexible, enabling access to an open architecture of services and data. In the right hands, these disparate services can be effectively and seamlessly integrated to provide an optimal member experience that is customized to the credit union’s specific market.
PSCU partners with Co-op Solutions
Friday, November 10, 2023
US-based PSCU and Co-op Solutions have announced their agreement to combine their products in order to develop a fintech services provider for credit unions.
Following this announcement, the companies will combine their suite of services and products, aiming to optimise the manner in which they meet the needs, preferences, and demands of their customers and credit unions by providing them with improved technology and solutions, increased scale, and differentiated values. In addition, the firms will focus on fostering long-term development and sustainability for the overall credit union movement.
PSCU and Co-op Solutions will bring together their employees, complementary services, key partnerships and collaborations, as well as extensive client relationships, all under the commitment to accelerate growth and the optimisation of credit unions.
More information on the PSCU and Co-op Solutions integration
The companies will continue to operate as two independent enterprises until the close of the transaction, which is expected to be completed by the end of December 2023 according to the press release. After the transaction is closed, PSCU and Co-op Solutions are set to start operational integration under a holding company, which will be led by a combined board and executive management team, with its headquarters in St. Petersburg, Fla.
The combined company is set to leverage a full portfolio of solutions and products from PSCU and Co-op Solutions, and it will focus on providing improved financial stability to credit unions and their members.
Included in the new features provided by the institutions is the possibility to leverage an open environment with integrated services to design an improved, end-to-end product portfolio with capabilities and offerings from each organisation. This includes access to instant payments, digital banking, fraud and risk management, data analytics, contact center solutions and tools, collections, an ATM network, a credit union debit network, and shared branching.
At the same time, companies will be given the possibility to benefit from an increased scale, value, and additional growth opportunities for credit unions through optimised product development resources, improved third-party spend, and reduced overhead to allow for an expanded level of re-investment back into the combined enterprise. This aims to support a continued growth plan and to meet the future fintech needs and expectations of credit unions and their members. Furthermore, they will able be enabled to use a combined portfolio that optimises services while developing an experienced team for the credit union industry, as well as the needed products for the self-service capabilities expansion and increased efficiency.
The companies will combine their tools to further develop financial inclusion and diversity, equity, and inclusion (DEI) in the credit union industry as well.
The team of the new organisation is set to be announced when the transaction is complete, while the combined Board of Directors will include credit union CEO representation from both Boards, with nine members from the current PSCU Board and four members from the current Co-op Board.
Company
PSCU
Management
Denise Stevens, SVP, Product Delivery & Innovation
Description
Designed to allow third-party integration of PSCU information and functionality that will help deliver a superior member experience while also improving efficiency
