LOS ANGLES--(BUSINESS WIRE)--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, 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.
“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’ 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. Las Vegas based One Nevada Credit Union ($681 million in assets and 75,000 members) will be the first joint customer to launch the mobile wallet platform.
Paul Parrish, executive vice president and chief financial officer of One Nevada Credit Union, said, “It is now quite apparent that having a robust mobile payments strategy is critical to the long-term success of credit unions. We have evaluated all the current mobile wallet options in the market and CU Wallet has the only solution that will function completely in the credit union’s interest in terms of providing functional value for the members, new revenue opportunities to offset diminishing interchange, and most importantly, assurances for continued member loyalty. We’re proud to be one of Connect FSS’ active partners in this alliance with the fast-growing CU Wallet initiative, and we are excited about the seamless E-wallet experience we’ll be able to offer our members across all channels.”
CU Wallet is the industry’s first mobile payments initiative designed specifically for credit unions, by credit unions. 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, mobile wallet product offering. By providing a credit union branded mobile wallet app, credit unions are positioned to meet the immediate demands of an increasingly mobile membership, attract a new generation of members, and generate new, sustainable streams of revenue.
“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.”
About Connect Online Banking
Connect Financial Software Solutions, LLC was formed to aid in the development, operations, and management of software solutions for credit unions. With a customer-centric philosophy and cooperative spirit, Connect’s goal is to continuously provide credit unions with superior technology and at a reasonable price.
Connect’s suite of products include Online Banking, Mobile Banking, Mobile Remote Deposit Capture, Online Account Opening and custom applications. Available as a hosted or in-house solution, Connect Online Banking offers extensive host integration and back office workflow automation, plus a variety of value-added features. Using Connect, members can open accounts online, receive account alerts, view promotions, utilize mobile online banking, mobile remote deposit, pay bills, and access financial transactions directly from a Personal Financial Manager, such as, Quicken®, or Quickbooks®, as well as an optional Online Financial Management Application.
About CU Wallet
Headquartered in Los Angeles, CU Wallet is the industry’s first credit union centric mobile payments initiative. Founded in 2013 by seasoned financial services entrepreneurs, Paul Fiore and Kirk Drake, CU Wallet combines innovative technology and an entrepreneurial spirit with direct credit union ownership, resulting in a highly differentiated mobile payments infrastructure designed for credit unions, by credit unions. The CU Wallet platform helps overcome major industry hurdles to mobile payments adoption, allowing credit unions to better serve current account holders, attract a new generation of tech-dependent members and better compete amongst increased competitive pressure from non-bank mobile payment ventures. For more information about the launch of CU Wallet and the company’s mobile payments platform, visit: www.cuwallet.com.
