Menu
Posted: Jan 6, 2017
Comments: 0
Author: Tom Davis

CSCU's Tom Davis self grades his 2016 predictions. What grades would you give him?

At the beginning of 2016, I made several predictions about what would be happening in payments and how they would impact credit unions. With 2016 now in the rear view mirror, it is time to take a look back at what happened in 2016 and grade my predictions – the original article can be found here.

Mobile wallets

My Prediction: “MasterCard Digital Enablement Service (MDES) and Visa Digital Enablement Program (VDEP) have streamlined credit unions’ enrollment in mobile wallets.  In 2016, we expect as more mobile wallets become available from smartphone makers such as LG and HTC, this process will become even more efficient” “

How I Did: ‘B’ I correctly called the role that MDES and VDEP had in enabling credit unions to enroll in the “Pays” – by the end of the year more than half are enrolled. But I missed the mark on LG and HTC releasing their pays.

Read more
Posted: Nov 16, 2016
Comments: 0
Author: Paul Castner

What sounds like a sci-fi movie is now playing at a home near you. Are you ready?

Editor’s Note: CSCU Director of Payments Strategy, Lou Grilli, presented at the Reach Conference in November 2016 on the topic of payments, and how they are changing with the advent of the internet of things. The following is a summary of his presentation.

The internet of things (IoT) is changing payments, that is, in the IoT, payments "disappear" behind devices or become invisible. What do credit unions need to do to remain relevant in the IoT? First, it’s important to level set on what exactly IoT is.

IoT is widely misunderstood and has many different definitions. The person credited with coining the phrase, Kevin Ashton, spoke at the Payments Innovation Project earlier in 2016, and provided a thoughtful grounding to understand the concept.
Read more
Posted: Nov 7, 2016
Comments: 0
Author: Paul Castner

CSCU was in attendance and found the following topics of interest to credit unions

Editor's Note: CSCU was on the scene at this year's Money 20/20 in Las Vegas.  Billed as the world's largest payments and financial services innovation event, Money 20/20 attracted 11,500 attendees this year while drawing more than 400 fintech vendors.  As our experts saw it, a few themes emerged such as APIs, blockchain, bots, and the critical need for financial institutions to think and act differently to keep up with the changes in technology.  Following is a recap of some of the sessions and announcements with links to relevant articles.

Read more
Posted: Sep 15, 2016
Comments: 0

Same Day ACH payments are on the way and are expected to have huge impact.

Same Day ACH payments are on the way and are expected to have huge impact on how payments are made in today’s environment. Same Day ACH is planned to move payments and payment related information quicker to ensure any ACH payment can reach anyone, anywhere across the country regardless of which credit union or bank is used. 

 
Read more
Posted: Jul 22, 2016
Comments: 0
Author: Lou Grilli

A follow up to previous TPR article on this topic

Fraud continues to be the number one reason why a cardholder moves a card from top of wallet. And fraud isn’t cheap, costing the issuer in liability for the fraudulent charges plus the cost of reissue.  Additionally, there is the potential of lost revenue from the card being moved from the number one position in the cardholder’s wallet.

A previous thought leadership article on ThePaymentsReview.com introduced the concept of putting the cardholder in the middle of the transaction, meaning enlist the cardholder to take ownership of monitoring card purchases and respond quickly to potential fraud.

A shining example of success implementing this strategy took place over the 4th of July weekend. FIS, CSCU’s processing partner and international provider of financial services technology and outsourcing services, rolled out a new product, SecurLOCK Communicate.  The product alerts credit and debit cardholders of potential fraud in real time via a two-way interactive text message (SMS), or a voice call, or an email.

Read more
RSS
123456789

search

Featured Stories