News

CU-owned collaborative launches CU-driven mobile wallet

September 27, 2013

CU Wallet, a collaborative credit union-owned and -directed mobile payments technology provider, is launching a "credit union-centric" mobile wallet application. So far, 15 credit unions — with assets ranging from $400 million to more than $5 billion, and representing more than 2 million members — have signed agreements with CU Wallet, according to a press release.

"We've evaluated third-party mobile wallet solutions currently available in the market, and there isn't a viable choice for credit unions," said Paul Parrish, EVP and CFO of Las Vegas-based One Nevada Credit Union. "By aligning the credit union industry in a collaborative initiative, CU Wallet is providing a solution that will meet members' demands, while protecting and building member loyalty."

Co-founded by online banking pioneer Paul Fiore and veteran credit union technology entrepreneur Kirk Drake, CU Wallet combines high-tech innovation with direct credit union ownership, the release said.

The wallet's mobile payments platform is designed by credit unions, for credit unions to meet the needs of an increasingly mobile membership base, attract a new generation of members, and generate new, sustainable revenue streams.

"CU Wallet provides credit unions across the country the opportunity to not only stay competitive, but to potentially leap ahead of other financial institutions," said Dennis Pierce, CEO of Kansas City, Mo.-based CommunityAmerica Credit Union. "We've seen significant mobile adoption at CommunityAmerica, and we believe mobile wallet adoption is in the near future. Credit unions must be at the forefront of these emerging technology solutions to ensure future growth."

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