LOS ANGELES--(BUSINESS WIRE)--CU Wallet, a collaborative credit union owned and directed mobile payments technology provider, today announced Security Service Federal Credit Union (SSFCU) has made an investment and selected CU Wallet as its mobile payments, mobile wallet provider. Headquartered in San Antonio, Texas, SSFCU is among the top 10 largest credit unions in the nation, and is the largest in Texas, Colorado and Utah.
Mobile remains a top initiative at SSFCU and the credit union continues to invest in this channel. Within one month of launching its myBranch mobile banking app, more than 7,000 members were using the service. Within one year of launching the app, more than 110,000 members were actively using the mobile banking application. Most recently, the credit union expanded its mobile offerings by adding myBranch Tablet, a banking app designed specifically for tablet devices.
Jim Laffoon, president and CEO of SSFCU, commented, “Member response has been overwhelmingly positive for our mobile initiatives. Our members have made it clear they want us to continue to develop relevant mobile functionality that keeps pace with their on-the-go digital lifestyles. Mobile payments and mobile wallets are clearly the next phase in this lifecycle.”
SSFCU signed an agreement with CU Wallet citing three primary reasons: 1) CU Wallet’s unique business model, designed to generate new revenue streams that replace diminishing interchange models; 2) the ability to attract next-generation members, specifically millennials; and 3) CU Wallet’s focus on merchant relationships and ensuring credit unions are positioned positively to navigate merchant relationships and negotiations.
“There’s no question, mobile is the future,” continued Laffoon. “In fact, for the last six months, we’ve experienced a minimum of 8 to 12 percent growth per month in each of our mobile channels. Partnering with CU Wallet ensures we are able to continue to meet members’ mobile demands through a SSFCU branded mobile wallet
CU Wallet is the industry’s first mobile payments initiative designed specifically for credit unions, by credit unions. The company has forged alliances with the credit union industry’s leading core, online and mobile banking providers, ensuring ease of integration and seamless communication between member-facing channels. CU Wallet currently has more than 70 credit union members, representing more than nine million members nationwide. Through the power of collaboration, CU Wallet credit union members now have the ability to provide a comprehensive mobile payments/mobile wallet solution, offering a valuable service to current members, attracting the next generation of members, and generating new, sustainable streams of revenue.
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.