Too many merging credit unions disregard credit and debit card portfolios in their merger negotiations and preparations and this can result in needless expense and member problems, according to credit union and CUSO executives.
As the payment industry begins to move toward replacing magnetic stripe cards with cards that use embedded smart chips, credit unions and other card issuers will have to eventually decide whether they will issue cards that use personal identification numbers or signatures to validate transactions.
TransFirst LLC of Hauppauge, N.Y., said the $2.9 billion Desert Schools Federal Credit Union in Phoenix plans to deploy the company’s Web-based centralized payment processing system.
While it remains too early to declare victory, there are signs that credit union credit cards are poised to move from the background of credit union lending to take a position closer to the spotlight, according to industry card specialists.
The $2.9 billion Desert Schools Federal Credit Union in Phoenix said it plans to deploy a Web-based centralized payment processing system from TransFirst LLC of Hauppauge, N.Y.
New network comprises more than 1,700 credit unions, 4,400 branch locations and 2,200 kiosks in 7-Eleven stores.
The 13,000-member, $234 million Tucson Old Pueblo Credit Union in Tucson, Ariz., has announced it will re-enter the credit card market after having previously sold its credit card portfolio.
Sophisticated fraud schemes target community lenders, paper says.
With two new credit union partners, CO-OP Financial Services is continuing its push into debit processing and ATM management.
One of the inspirations behind creating a statewide lending brand that would be easily recognized by small business owners in Michigan evolved from conversations with local trade groups.