LAS VEGAS—CU Wallet, the credit union-owned digital walletsolution, announced at the Money2020 conference it has contractedwith Massachusetts-based mobile wallet developer Paydiant.
The Paydiant tools that will power CU Wallet will be provided inwhite label form, which means the Paydiant brand is invisible.Paydiant is currently used by Barclays Bank and Paydiant co-founderChris Gardner said in an interview on the conference's exhibitfloor that Bank of America is conducting a trial of his company'sservices.
The driving idea behind CU Wallet, which was founded by digitalbanking pioneer Paul Fiore and Ongoing Operations CEO Kirk Drake, is to providecredit unions with a state-of-the-art mobile commerce tool thatwill enable retail point of sale transactions. More than 20 creditunions have also signed on with the expressed intent of creating aCUSO to support the effort.
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