TALLAHASSEE, Fla. — Credit Union 24, the CU-owned ATM and point of sale network announced that changes in its POS interchange model has resulted in 20% more interchange income for its participating member CUs.
The network credited the increase to changes in the way it structures its interchange fee schedule to leverage the network's sales volume to a better advantage for the CUs.
"This is a clear and quantifiable benefit of a member-owned cooperative and the best example of why it's so important that credit unions maintain control over the dominant transaction set in the payments landscape-point-of-sale," said Jim Park, president and CEO of Credit Union 24.
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"In these trying economic times, one of the primary benefits of a member-owned cooperative such as Credit Union 24 is the ability to act as one to respond to market conditions. A singular focus on our member's best interests led the network to design and implement this beneficial new interchange model," he added.
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