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Posted: Jan 17, 2017
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Author: Paul Castner

Focus will be on the future of payments. Featured presenters announced.

CSCU announced the theme and featured presenters for the CSCU 2017 Annual Conference.  This year’s conference will focus on the future of payments and will provide the insights and direction that credit unions need to be ready for the many technological advancements coming soon that will impact their institutions and their relationships with members.

“CSCU has held an annual meeting for over 25 years and for the first 20 of those, the payments industry did not change that much,” says CSCU president, Bob Hackney.  “During the past five years the industry has been inundated by countless new technological innovations changing the way members pay for their products and services and connect with their financial institution.  The payments landscape is rapidly evolving and can be interesting to look at, but it also has created a lot of confusion so we designed our 2017 conference to address how the changes today and in the future will impact credit unions.”

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Posted: Jan 12, 2017
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Author: Lou Grilli

Mobile P2P users in the U.S. will grow from 69 million to 126 million by 2020

Credit and debit cards have become the non-cash standard way to pay merchants, due to ubiquitous acceptance and worldwide standards. But when it comes to paying another person, there is no standard way to do so, and many hurdles stand in the way of completing a person-to-person (P2P, sometimes called peer-to-peer) transaction. It certainly is not due to lack of need. Roommates splitting the rent and the utilities, diners sharing the bill, friends sending monetary gifts for a birthday, and travelers splitting vacation costs are the top 5 use cases for P2P payments, which represents $50 - $80 billion in payments. This number is hard to pinpoint, since the vast majority of these P2P payments are still being made using cash and to a decreasing extent, personal checks.
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Posted: Jan 6, 2017
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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.

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Posted: Nov 16, 2016
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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.
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Posted: Nov 7, 2016
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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.

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