St. Petersburg, Fla.-based payments CUSO on Wednesday said it set a new company benchmark by converting a “record number” of credit and debit accounts on behalf of multiple new owner credit unions in just four months.
In all, PSCU said it added 1 million accounts, representing a 5 percent increase in accounts serviced by the cooperative.
“This milestone is significant for us, due to the impact it will have on the cooperative as a whole,” Dan Rosen, SVP operations services for PSCU, said in a statement. “The addition of these accounts gives us the ability to further invest in products and solutions for our owners. It means more transactional data that can be used for fraud management and analytics for marketing, which can translate into an increase in patronage dividends.”
PSCU said it is anticipating additional conversion volume in the coming months as new owners are onboarded.
PSCU noted it tracks credit union satisfaction following the conversion process. The company said it was able to “successfully” handle such a large increase in conversion volume over a short period thanks to internal teams being aligned with the needs of each credit union, along with adherence to project management guidelines and onboarding processes.
According to PSCU, since becoming a cooperative in 1994 it has issued more than $490 million in patronage dividends to its owner credit unions.
Founded in 1977 as a credit union cooperative, PSCU currently supports the success of nearly 1,300 owner credit unions representing 22 million accounts.
