When we think of payments today, we often think about mobile and relatively new offerings like Apple Pay, Venmo and maybe even remote deposit capture.
But when I attended the first virtual class of CUES’ new Payments University last Tuesday, presenters Terence Roche and Michelle Shoop focused on credit and debit cards, bill-pay, recurring ACH and wires. Why? Because a large portion of credit unions’ payments revenue comes from such established products.
Fortunately for credit unions’ bottom lines, the pair’s forecast for these revenue-generating systems—if well-managed—is sunny.
Principal with CUES Supplier member and strategic provider of technology and risk services Cornerstone Advisors, Scottsdale, Ariz., Roche cited 2015 statistics from Nilson that projected growth in mature and legacy payments systems that has aligned closely with actual volumes to date. And the data project continued growth through 2019.continue reading »