CU Wallet a collaborative credit union owned and directed mobile payments technology provider, and Connect Financial Software Solutions, an online and mobile solution provider for credit unions, have announced they have formed a strategic alliance to enable and equip credit unions with the necessary tools to succeed in an increasingly competitive mobile payments market.
Connect FSS’ credit union customers will now have access to the CU Wallet mobile payments platform. The platform will be integrated with Connect FSS’ mobile banking and online banking channels to ensure a seamless member experience. By integrating CU Wallet’s mobile payments platform to its mobile banking and online banking channels, Connect FSS will provide credit union customers the opportunity to easily deploy a mobile payments and mobile wallet product offering.
“The partnership between Connect FSS and CU Wallet will enable credit unions to claim a stake in the future of the payment landscape,” said Grant Parry, president of Connect FSS. “As mobile wallets become more prevalent, credit unions run a real risk of becoming a back-end commodity. Survival in the mobile wallet age is about scale, in other words the number of consumers that a financial institution can bring to a partnership with a merchant. Individual credit unions do not have the necessary scale, but collectively, credit unions not only have the scale, but are in a very unique position to significantly shape the payments landscape. The CU Wallet initiative is uniting credit unions around this cause, and we are proud to be a part of this movement.”
“Connect FSS shares our dedication to the credit union movement,” said Paul Fiore, co-founder and CEO of CU Wallet. “Like Connect FSS, our primary goal is to equip and empower credit unions with innovative technology solutions to ensure their future success. Working together in a collaborative effort, credit unions have a distinct advantage in determining what their future will be as mobile payments continues to transform the banking institution. We look forward to working with the Connect FSS team as we move into the next phase of our mobile wallet initiative.”
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