money transferring between smartphones Source: Shutterstock.

The Germantown, Md.-based SkyPoint Federal Credit Union ($207 million in assets, 13,717 members) took mobile payment security to a new level last month when credit union officials launched SkyPoint Pay – a product designed to provide "unprecedented security" when transferring funds between financial institutions and people.

According to a statement from SkyPoint in late September, SkyPoint Pay creates a security question unique for every transaction and then "answers the question, and sends the answer to the payee, who simply supplies the answer when prompted to claim the funds."

"SkyPoint Pay avoids the vulnerability of funds or personal data and the fraudulent issues that can occur when transferring money," SkyPoint Chief Experience Officer Jorge Saenz said. "Rather than relying on security questions and answers that are on the internet, and therefore at risk of being discovered, the payer writes a new question on the spot and sends it only to the payee in the current transaction."

According to SkyPoint, payers do not need to remember answers to questions since a new question is asked with each new transaction.

"SkyPoint is always looking for ways to enhance customer experiences, and SkyPoint Pay is the result of innovative thinking and perseverance," the credit union's statement read. "SkyPoint Pay gives members the confidence of having an extra layer of security when transferring funds. Yet, it delivers that security in a way that is easy for anyone to use, in keeping with SkyPoint's goal of simplifying their members' lives."

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Michael Ogden

Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.