The Association of Corporate Credit Unions today announced that a CUSO will be formed for credit unions payment systems.
The new network will capitalize on the various core services currently used by more than 7,200 credit unions, according to the ACCU. The new CUSO will work toward a smooth transition for products such as ACH, national settlement, international services, and custody/safekeeping, as well as services offered through subsidiaries of U.S. Central Federal Credit Union.
The new entity will be jointly owned by the corporates and other potential credit union system participants and will work toward maintaining scale and greater efficiencies.
A press release stated, "Corporates are in agreement that the payment systems developed and operated by U.S. Central-systems both supported and distributed by the corporates-are an invaluable resource for the credit union network. Consensus is that these systems are critical to keep intact, as they represent significant scale and offer a great example of industry collaboration."