Paydiant, provider of a white-label mobile payments, offer redemption, loyalty and cardless cash access platform for banks and retailers, today announced that it has been selected by CU Wallet to power its recently announced credit-union centric mobile wallet offering. CU Wallet will leverage the proven Paydiant platform allowing them to get to market quickly with a host of innovative mobile wallet capabilities.
With Paydiant, CU Wallet will integrate complete mobile wallet capabilities into its own mobile application including contactless mobile payments, e-receipts, offer redemption and cardless cash access on existing payment terminals, point-of-sale (POS) systems, ATMs and online shopping carts.
CU Wallet is the industry's first mobile payments initiative designed specifically for credit unions, by credit unions. It targets the needs of an increasingly mobile membership base, and helps credit unions attract a new generation of members and sustainable revenue streams. To date, more than 20 credit unions, ranging from $100 million to more than $6 billion in assets, and representing more than 2.8 million members nationwide, have signed agreements with CU Wallet.
The Paydiant platform is currently deployed in partnership with prominent card-issuing banks, retailers, restaurants, merchant processors, debit/ATM networks and POS providers. Unlike other mobile wallet solutions that require consumers to buy new phones or retailers to invest in costly new point-of-sale (POS) infrastructure, Paydiant's white label platform works with existing smartphones, POS systems, and payment terminals, including entry-level countertop devices. In addition, the solution enables banks, credit unions and retailers to avoid sharing sensitive customer information with intermediaries, and share in new revenue streams from highly targeted mobile ads and offers.
"Paydiant's white-label approach allows participating credit unions to deploy complete mobile wallet capabilities and all the benefits that accompany them, without giving up control to third party intermediaries," said Paul Fiore, online banking pioneer and CU Wallet co-founder.
"It also enables credit unions to deploy these capabilities sooner and with far less expense. Just as importanlty, their platform will allow us to focus on delivering the credit-union specific business, operation and go-to-markeket capabilities that CU Wallet is uniquely positioned to bring to the market. That's a win for everyone involved."
"The mobile wallet is about a lot more than payment," said Chris Gardner, co-founder of Paydiant. "That's important, but the real opportunity for banks, credit unions and retailers is in targeted offers, customer retention, new services and new revenue sources. That's why it's so important to control this touchpoint. Working with Paydiant, CU Wallet will provide credit unions with control, and a real and tangible service advantage that appeals to members, enhances loyalty and increases new revenue opportunities."
Separately, CU Wallet, a collaborative credit union owned and directed mobile wallet provider, announced during the MONEY2020 Emerging Payments & Financial Services event, it is partnering with technology providers DoubleBeam and CheckAlt, to integrate mobile payments and eCheck image cash letter payment processing functionalities into its credit union-centric mobile wallet application.
CU Wallet launched its credit union driven mobile wallet initiative in September. The company is partnering with other innovative, proven mobile technology providers to integrate best-of-breed applications into one credit union branded mobile wallet. CU Wallet is integrating DoubleBeam's mobile payments software development kit (SDK), giving credit unions the ability to easily onboard members by simply taking a picture of a blank check and photo ID, and CheckAlt's mobile payment processing solution, providing credit unions end to end mobile payment processing.
"We are strategically partnering with leaders in the credit union and mobile technology space," said Paul Fiore, co-founder and CEO of CU Wallet. "DoubleBeam clearly shares our desire to focus on the end-user member and has designed their on-boarding process to be simple, yet secure for members activating the payments functionality of the mobile wallet for the first time. We understand the success of CU Wallet ultimately depends on member satisfaction, and the user's overall experience."
Fiore continued, "Like CU Wallet, CheckAlt is committed to ensuring the future of the credit union movement. ChekAlt is a proven technology leader in the credit union space and a natural partner. By leveraging CheckAlt's end-to-end mobile payment processing application, credit unions using CU Wallet can be confident they are processing transactions in an efficient and timely manner."
Ted Tekippe, CEO of DoubleBeam said, "Mobile-based eChecking is dramatically cheaper than debit and credit cards. Those savings coupled with simple, yet secure member on-boarding offer credit unions, members and retailers a mobile solution where everyone wins."
Currently 15 credit unions, ranging from $400 million to more than $5 billion in assets, representing more than 2 million members nationwide, have signed agreements with CU Wallet.
"We are excited to bring our Check 21 application software to credit unions via CU Wallet," said Shai Stern, co-chairman and CEO of CheckAlt. "Consumer conversions depend heavily upon a fast, efficient deployment model. That's what CheckAlt will provide for CU Wallet."