Credit unions and Payrailz launch CU Payz
Digital payments service, Payrailz is partnering with credit unions to launch its new credit union service organisation (CUSO), CU Payz.
The new fintech partnership is designed to give credit unions ‘next-generation products’ so they can compete with banks and fintechs.
The partnership was announced at a Chicago fintech expo.
CU Payz is a product of the working relationship between the credit union network, Members Development Company (MDC) and Constellation Digital Partners, who announced the partnership at a Chicago fintech expo this week.
“Credit unions have been handcuffed by some of the current providers,” says Payrailz CEO, Fran Duggan. “We strongly believe we will offer a solution that enables them to compete against all the other tech competitors jumping into the market.”
He added: “It’s time for credit unions to take control of the member experience, and we are excited to be able to empower these FIs through our own CUSO.”
As strategic partners, member credit unions of CU Payz will be able to influence the development of new payment technologies and as owners they will be able to direct favourable pricing.
CU Payz includes six founding member credit unions: Coastal Credit Union (Raleigh, NC), Farmers Insurance Federal Credit Union (Los Angeles, CA), Georgia’s Own Credit Union (Atlanta, GA), Meritrust Credit Union (Wichita, KS), Teachers Credit Union (South Bend, IN) and TwinStar Credit Union (Lacey, WA).
