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Posted: May 15, 2018
Comments: 0
Author: Lou Grilli

A Look at Zelle, a P2P Solution.

Zelle, the bank-owned P2P payments solution and app which launched late last year, has already achieved a milestone, moving $75 billion across its payments network in 2017. Granted, part of that success is from its previous incarnation as clearXchange, which was white-labeled for the big banks with names like Wells Fargo SurePay and Chase Quick Pay. Now that the brand is singularly named across all its participating financial institutions, with millions being spent on advertising including this one, Zelle hopes to take on Venmo, the highly successful P2P app beloved by millennials and Gen Z. Some credit unions have gotten on board; First Tech FCU, with branches in Oregon, Washington and Idaho and several other states was an early adopter of Zelle, integrating the capability into its mobile banking app.

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Posted: Apr 20, 2018
Categories: Marketing
Comments: 0
Author: Lou Grilli

[Editor's Note: This article was previously published in CU Today, and has been modified.]

 

Amazon’s search for a second corporate headquarters location, dubbed HQ2, is back in the news as the cities rated as finalists put on their best showing to court new business. Many communities have thrown their hats in the proverbial ring to be the new second home of Amazon; some have even gone as far as to offer to rename themselves for Amazon. At the same time, there have been many recent articles describing the downside of having a huge global corporate headquarters in the midst of their city. Along with the good jobs and prestige that comes with a corporate giant, traffic and housing price increases follow.

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Posted: Apr 2, 2018
Comments: 0
Author: Lou Grilli

Card-cracking, also called card-popping, is one of the fastest growing forms of card fraud that no one’s heard of, and its hitting credit unions. Card cracking takes on many forms, but the most common is college students allowing a fraudster to have their debit card number and login information in exchange for some payment, and then deposit bad checks or run up charges, and have the student claim the card was lost or stolen. It’s a form of friendly fraud that’s not very friendly, and the temptation cost 9 Florida Gators their football careers.

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Posted: Feb 27, 2018
Categories: Debit Cards
Comments: 0
Author: Lou Grilli

If decoupled debit continues to gain acceptance among merchants, it will have an impact on issuers' card revenues.

[Editor's Note: This article was previously published in CU Insight, and has been modified.]

A few merchants have found that decoupled debit cards have helped to reduce the cost of payments acceptance without inconveniencing shoppers. This solution offers a significantly cheaper alternative for the merchant since payment bypasses the traditional payment rails, and instead uses ACH (Automated Clearing House) for payment from any of the shopper’s bank accounts. Whereas a merchant would typically pay its processor a 3% fee for the cost of processing a bank’s card, the fee to a third-party provider to handle the ACH is 0.8% and is capped at $5, and larger merchants can get even lower rates.

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Posted: Feb 21, 2018
Comments: 0
Author: Lou Grilli

Use of debit continues to grow as consumers shift their cash and check spend to the convenience of plastic. According to the Fed, the number of debit payments increased from 56.5 billion in 2012 to 69.5 billion in 2015, the largest increase in the number of payments among the payment types. More recently, and more relevantly, Trellance credit unions saw their Visa Signature Debit transactions grow year over year in January 2018 by 8.83%. Yet at the same time, credit unions are seeing a decline in average debit interchange. So, what is going on?

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