PSCU Financial Services will send over $21 million back to participating credit unions this year on transactions the credit unions conducted in 2010, the giant payments CUSO announced.
"We are exceptionally pleased with the success of the progressive activities spearheaded by our management team in 2010. We reduced service billings and issued an invoice rebate at the end of the year–a move that resulted in $6.5 million in savings for our members. We also trimmed $10 million in operational costs, which will continue to provide improved efficiencies and savings for years to come," said Craig Esrael, President of First South Financial, Bartlett, Tenn., and Chairman of PSCU Financial Services' board of directors.
"This $21.3 million dividend payout augments net income for our member-owners and also equips them to fund activities to gain members and market share in the coming year," he added.
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PSCU reported that 2010 saw 6% growth in debit/credit/prepaid and online bill payment transactions; 4.9% expansion in Contact Center volumes and 1.3 billion transactions processed, a new milestone for the company.
PSCU said it has 680 member-owner credit unions and 1500 client financial institutions.
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