Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, announced today that PenFed Credit Union, the nation’s second largest federal credit union, will enhance its members’ ability to manage their credit and debit cards using digital card payments technology from Fiserv.
PenFed was seeking a solution that could be deployed quickly and provide its 2.3 million members a modern way to digitally manage their credit and debit cards. With CardHub from Fiserv, members will benefit from greater control of their cards and enhanced visibility into their financial transactions, helping to make smarter spending decisions.
“Our members are increasingly utilizing digital devices and interacting through digital channels, and providing an advanced level of digital card management empowers their daily financial activities,” said Ricardo Chamorro, executive vice president of consumer banking and strategy at PenFed Credit Union. “Self-service capabilities and transparency put convenience and control into the hands of our members, and we’re confident that continued innovation from Fiserv will allow us to be at the forefront of institutions when it comes to meeting member expectations.”
The addition of CardHub will further the credit union’s ongoing focus on digital strategy, allowing them to offer capabilities on par or better than the largest financial institutions in the country. The digital card payments technology was developed by Ondot Systems, which is now a part of Fiserv.
PenFed members will be able to see where they are spending money through an enhanced data enrichment feature, which provides accurate, easy to understand information about each payment transaction. Using this data, members can better manage the way they spend money using the platform’s controls feature. This feature also can facilitate disputed payment resolution, meaning the credit union receives fewer customer support calls and can reduce associated operational expenses.
“Fiserv is enabling PenFed to offer members a digital-first card payment solution that aligns to the way people live today,” said Vaduvur Bharghavan, head of Ondot at Fiserv. “Members interact frequently with their credit union through credit and debit cards, and enhancing the quality of these interactions through digital capabilities can help deepen those relationships.”