St. Petersburg, Fla. — (Oct. 29, 2020) — PSCU, the nation’s premier payments credit union service organization (CUSO), today announced it achieved top-line growth of 16.7% for its fiscal year 2020, which ended Sept. 30. The CUSO realized $582.5 million in revenue, ending the fiscal year with unprecedented retention and sales success. PSCU’s revenue growth was driven by its expansion into additional markets and solutions, with the intent of fueling additional technology investments to benefit its Owner credit unions.
“PSCU is financially strong and continues to get stronger. This year’s performance is a testament to our Owners’ enduring trust in PSCU, as well as the unwavering commitment of our people – our greatest asset,” said Chuck Fagan, president and CEO of PSCU. “We are humbled by the number of credit unions, both current and new to our cooperative, that partner with PSCU to serve their membership. We remain committed to significant investment in capital expenditures to positively impact our Owners’ growth and service experience – while providing a healthy patronage dividend to our Owners, including a higher percentage in cash, which we will announce in the coming weeks.”
The end of the fiscal year saw substantial fourth quarter growth for PSCU, including a record number of new credit unions joining the cooperative and an exceptional volume of renewals. Additional key results in fiscal year 2020 included:
Significant revenue expansion driven by PSCU’s successful relationship with Jack Henry & Associates®, coupled with enhanced solution capabilities through Lumin Digital, PSCU’s cloud-native digital banking platform, and CU Recovery and The Loan Service Center, a PSCU subsidiary that supports first- and third-party collections activities. Seven credit unions and 234,000 users are now live on the Lumin Digital platform, with 12 more implementations currently in process and a strong pipeline in place.
Exponential growth in contactless cards: PSCU will produce more than 3 million new contactless plastics – the most significant volume in the credit union space – and deliver them to more than 140 credit unions to support natural and mass reissuance strategies in the current calendar year. Continued success and adoption of PSCU’s complementary solutions and services, including DX Mobile, PSCU’s mobile card management solution; its QuickAssist card management portal; and Enhanced Fraud Services, PSCU’s customized fraud support offering for credit unions.
Continued investment in cutting-edge data, network and cybersecurity infrastructure tools, including Linked Analysis, PSCU’s proprietary approach to intercepting and predicting fraud. The CUSO’s best-in-class security practices saved Owners more than $400 million in potential fraud dollars in fiscal year 2020.
“While 2021 will bring uncertainty, PSCU is uniquely positioned to further our growth trajectory and consistently deliver for our credit unions,” Fagan added. “As we continue to execute on our holistic strategic plan, we are confident our industry-leading combination of talent, resources and solutions – along with the investments we have made over the last several years by leveraging feedback from our Owners and Advisory Groups – has created a strong, diverse portfolio that addresses the evolving needs of our credit unions and their members during these difficult times and well into the future.”
About PSCU PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.
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Source: Company press release.