Farmington Hills, MI – April 2, 2015 – Member Driven Technologies and CU Wallet today announced a partnership to provide integrated electronic wallet capabilities to their mutual clients’ members. CU Wallet, a Credit Union Service Organization (CUSO), currently has 87 member credit unions and provides the industry’s first credit union-driven mobile payment solution. MDT, a Michigan-based Credit Union Service Organization (CUSO), provides cost-effective, innovative IT solutions to credit unions throughout the United States. CU Wallet is majority owned and controlled by a growing number of credit unions and industry thought leaders. MDT announced its investment in CU Wallet in September 2014 and has played a key role in the research and development of the credit union driven mobile platform.
According to MDT’s President and CEO, Larry Nichols, “Technological innovation is key to the success of any financial institution, and especially credit unions. It is important to MDT that we have the products and services our credit union clients both need and want to be successful. We see the electronic wallet as a tool that will be placed in the hands of credit union members to simplify spending in their lives. We want to always have the latest services ready and available to our credit unions, and our investment in CU Wallet is a continuance of that strategy.”
Leveraging the Paydiant white label platform, CU Wallet has developed credit union specific service extensions enabling credit unions to better meet the needs of an increasingly mobile membership, attract the next generation of members, and generate new streams of sustainable income. Most recently, several CU Wallet credit union members successfully completed testing the mobile wallet in a live environment.
“Partnering with MDT further establishes our goal of providing credit unions the tools needed to claim a stake in the future of the payment landscape,” said Paul Fiore, founder and CEO of CU Wallet. “We continue to partner with leaders in the credit union space that share our dedication to the credit union movement and our goal to equip and empower credit unions with innovative technology solutions. We look forward to working with the MDT team, providing an integrated solution that ensures credit unions future success.”
Nichols continued, ”The difference between a standalone electronic wallet and an integrated electronic wallet is night and day. With CU Wallet being tied into the Symitar Episys core platform and Access Softek’s mobile product, both our business partners today, the credit union will be able to have a credit union “branded” wallet with total connectivity to relevant information from the Episys core platform. As an example, the members will be able to have their cards from the credit union preloaded from the Episys core, and as a card renews or is replaced, that card will update automatically in CU Wallet. Members still have the option of loading cards from other financial institutions, giving them a single, total wallet to handle all their needs, eliminating the need for multiple wallets on their devices. A credit union can also offer CU Wallet as a standalone product with Episys integration – not tied to mobile banking – if they wish, to accommodate members who don’t use mobile banking. Early adopters with MDT will be first in line to have a solid strategy via the subscription service. They will be ahead of the race to market because their electronic wallet solution will be totally integrated with the Episys core.”
MDT and CU Wallet will offer joint educational webinars examining the benefits and powerful impact integration brings to the electronic wallet product. To receive information on the upcoming webinars as it becomes available, click here:https://www.mdtmi.com/contact/
Member Driven Technologies – Member Driven Technologies, a Michigan-based Credit Union Service Organization (CUSO), was started by a group of Michigan credit unions in early 2003. Since that time, MDT has provided cost-effective, innovative IT solutions to credit unions throughout the United States. MDT has five offices in the U.S. – three in Michigan and two in Montana – and currently serves 150 clients in 27 states. MDT performs processing for over 1.8 million members, with combined assets of $17.5 billion. Larry Nichols serves as President/CEO. For more information, visit: www.mdtmi.com.
CU Wallet – Headquartered in Los Angeles, CU Wallet is a Credit Union Service Organization (CUSO) that combines proven entrepreneurial talent with credit union ownership to offer a comprehensive, industry-wide, winning mobile payment solution. The initiative is structured as a CUSO, majority owned and controlled by credit unions, in partnership with founder and CU Wallet CEO, Paul Fiore, most notably recognized as the pioneer of online banking (formerly the founder and CEO of Digital Insight). CU Wallet provides the industry’s first mobile payments infrastructure designed for credit unions, by credit unions. CU Wallet credit union members have joined forces to develop and launch a comprehensive mobile wallet solution for credit unions focusing on adoption, deployment and ongoing management of mobile device banking, payments and security. The platform helps overcome major industry hurdles to mobile payments adoption, allowing credit unions to better serve current account holders, attract a new generation of tech-dependent members and better compete amongst increased competitive pressure from non-bank mobile payment ventures. A minority ownership position in CU Wallet consists of private capital, i.e., the entrepreneurial component, which acts as the organization’s leavening agent. This “entrepreneurial leavening agent” will help sharpen focus and drive towards realizing CU Wallet’s mission. For more information about the launch of CU Wallet and the company’s mobile payments platform, visit: www.cuwallet.com.