Onsite Coverage: Credit Unions Need to Remain Alert in Payments Space
ST. PETERSBURG, Fla. — Robert Hackney, CEO of Card Services for Credit Unions, urged credit union card executives attending the organization’s 2013 annual meeting to pick up the pace on educating their members and themselves about changes in the payments space.
Rushing down the pike toward credit unions, Hackney said, are significant changes and developments in both credit and debit cards outfitted with EMV chips, as well as mobile payments.
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Speaking about the shift to EMV cards over those that use only magnetic stripes, Hackney said that CUs have 30 months to get their EMV decisions made and cards issued before the deadlines Visa and MasterCard have set for the shift.
He urged attendees at Thursday’s session in the Vinoy Renaissance to appoint someone to take on the project.
This may not be quite as big as a core processor conversion, Hackney told the meeting, but it is an extremely large and complex change and it needs to have someone in the organization own it.
He also urged credit unions to stay up to date on payments changes because many decisions, particularly in mobile, have yet to be made.
There are still too many different players that have staked out positions with significantly different technologies that still need to shake out, Hackney explained, pointing out the history of great battles such as between eight-track and cassette tape and VCRs and DVDs.
Until the next payments shakeout takes place credit unions need to keep up informed about the topic, Hackney said.