By Roy W. Urrico
The announcement of the impending Apple Pay offering is just the latest new payment technology from a non-traditional vendor for credit unions to watch. A digital payments revolution, shaped by demanding member expectations and disruptive competitors, threatens to change the payment model for credit unions and all traditional financial institutions. But it does not have to be that way.
Apple Pay’s potential impact aside, credit unions need to wrest control of payments from the many alternatives vying for their members’ payment business. The challenge of digital payments for financial institutions is that it is also an opportunity to leap ahead with the right solution and retain your place at the center of payments.
That is why the recent news of the partnership of Payveris™, a next generation online and mobile digital payments company, and CUProdigy, a CUSO provider of comprehensive core processing platforms, to supply digital payments makes so much sense.