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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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Posted: Nov 3, 2016
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How Credit Unions Can Grow Profits From This Opportunity

People don’t like to pay fees, and many credit union members love their credit unions precisely because they don’t like the fees that big banks charge. But there is one area where members may be willing, and actually want to pay fees. Credit cards with high annual fees that also come with equally generous benefits are in high demand. And credit unions should take advantage of this increasing appetite for what are known as signature, premium, or elite cards, along with the high interchange rates that come with the card.
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Posted: Oct 26, 2016
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Author: Shana Baert

Why make your members wait for their new or replacement cards?

Traditional card issuance involved a credit union requesting a new card from their processor when a member opens a new account, or reports a lost or stolen card. The processor then personalizes a card and mails it, getting a new card in the hands of the member, on average, 8-10 days after opening the account. But instant issuance, the ability to provide an activated card in-branch is a game changer, both for greater member satisfaction, and increased card usage.

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Posted: Oct 18, 2016
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Author: David Stern

Helpful Insights by Transpay's Manager of Strategy and Partnerships

While consumer confidence in traditional banks have waned, shares and deposits in federally insured credit unions grew past $1 trillion in the fourth quarter of 2015. For more than 100 years credit unions have provided affordable financial services for US consumers, ranging from checking accounts to auto loans.  However, one internalized service that a majority of credit unions still lack is the ability to send payments internationally in a cost-effective manner. The regulatory hassle and limited returns have largely dissuaded credit unions from getting their own SWIFT/BIC code. Instead, credit unions turn to correspondent banks to complete international wire requests.

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Posted: Oct 12, 2016
Categories: EMV, Bitcoin/Blockchain
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Author: Paul Castner

Recent articles update CU’s on EMV and the future of blockchain

With the future of blockchain of extreme interest to the CU industry, CSCU president, Bob Hackney, took time out to talk to CoinDesk fintech writer, Bailey Reutzel. The article points out that the advent of distributed ledger technology has brought several CUSOs together with more than 50 credit unions on the CULedger initiative. Hackney notes that these steps represent a “first” for CSCU and many of its peers.  Please click on the following link to read about the impact that blockchain will have on the CU industry:

http://www.coindesk.com/credit-unions-blockchain-competition/ 

Also, it is now the one-year anniversary of the EMV Chip Card liability shift which also makes it a good time to step back and take an objective look at what has gone well with EMV implementation and what has not.  CSCU’s Director of Payments Strategy, Lou Grilli, provides his take in recent interviews with CUToday.info editor, Ray Birch.  You will want to take a few minutes to read the following articles:

http://www.cutoday.info/THE-feature/In-EMV-Migration-Who-Gets-An-A

http://www.cutoday.info/THE-boost/Why-Fraud-Is-Increasing-On-This-Payments-Form
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