Education First Credit Union of Columbus, Ohio, and USA One Credit Union of Matteson, Illinois, have signed credit card processing agreements with Fifth Third Processing Solutions.
The two credit unions pointed to Fifth Third Processing Solutions' partnership approach and proven experience growing yield and managing risk as the key reasons they selected the company as their new card processing partner.
For the $84 million Education First Credit Union, the move reflects the credit union's desire to enhance its $6 million card program and develop a competitive product that is more attractive to members. The credit union is leveraging Fifth Third Processing Solutions' Portfolio Consulting team to evaluate the portfolio's performance and identify growth strategies.
"Our goal is to make our credit card top of wallet," said Tara Neiswonger, CFO for Education First Credit Union. "In order to do this we need a more appealing product and a processing partner that can help us develop the right product mix for our members."
USA One Credit Union, with $40 million in assets, is looking to turn its card portfolio into a high-performing asset, through improved risk management and special promotions. It is Fifth Third Processing Solutions' proven marketing promotions that the credit union will be counting on to acquire new cardholders and drive usage.
"Fifth Third Processing Solutions has already provided guidance and an abundance of suggestions to improve our card portfolio, and we haven't even converted," said Karen Gilliam-Brown, CFO of USA One Credit Union. "We are confident they will strengthen our card product offerings and help us grow the portfolio."
Both credit unions will have access to easy-to-use portfolio management tools, which enable them to internally manage daily monetary adjustments, including fees, balance transfers, and routine cardholder account updates. Online reporting capabilities related to settlement, collections, and delinquencies will also be easily available online, giving the credit unions the ability to evaluate card performance, identify revenue opportunities, and spot portfolio trendss.
"We are pleased that Education First and USA One have become valued partners. We are confident that our portfolio management tools will assist them in helping to increase the performance of their card portfolios," said Royal Cole, President, Financial Institution Services for Fifth Third Processing Solutions. "These two credit unions recognize that to grow their card programs they need more than a processing platform, they need a partner that is invested in their success."