This week's promotions, hires, announcements.
The 107,000-member, $3.2 billion Lockheed FCU has signed on with CO-OP Financial Services for credit card processing.
Lockheed had a credit card portfolio of roughly 36,000 active accounts worth roughly $115 million in outstanding balances as of the end of 2011.
Visa USA has reported that U.S. financial institutions have issued more than one million credit and debit cards that use information on embedded computer chips to validate transactions instead of magnetic stripe technology.
Credit unions will need to continue to seek out and provide a full – and expanding – range of services if they wish to position themselves as their members’ payment provider of choice in 2012.
The $4.4 billion Alaska USA FCU has released free mobile banking apps for iPhone and Android users have been rolled out by the $4.4 billion Alaska USA Federal Credit Union.
The $4.4 billion Alaska USA FCU has released free mobile banking apps for iPhone and Android users.
A new white paper offered by Card Services for Credit Unions urges CUs to review the way they process debit and credit card transactions with an eye toward both reducing costs on the debit side and increasing revenue on the credit side.
Despite the documented ability of smart chips to cut fraud losses, experts say some credit unions and CUSOs have not moved very quickly to start issuing credit and debit cards enabled with the higher tech chips.
HEIT, the Colorado-based provider of cloud-based infrastructure, compliance and security services to more than 200 credit unions, is being sold to Computer Services Inc. of Paducah, Ky.