PSCU announces annual dividend of $25.9 million
CUSO continues to help Owner credit unions succeed and prosper with patronage dividend and capital credit for 2019
ST. PETERSBURG, FL (December 17, 2019) — PSCU, the nation’s premier payments credit union service organization (CUSO), has announced a patronage dividend for the 2019 fiscal year of $25.9 million, with 25% being distributed in cash. As part of its commitment to helping Owner credit unions succeed and prosper, PSCU’s cash distribution to Owners this year is $15.3 million, including $8.9 million in capital redemptions. Since its founding, PSCU has distributed more than $540.2 million in patronage dividends, with over 50% paid in cash.
“The pace of innovation and emergence of new competitors in the payments industry continues to accelerate, with new opportunities for credit unions to consider daily,” said Chuck Fagan, PSCU president and CEO. “We are proud to have delivered expanded digital capabilities, enhanced security and an unparalleled member experience to our Owner credit unions and their members this year. We are committed to continuing to invest in the industry-leading technologies, solutions and services that make us a beneficial and financially empowering credit union cooperative and partner for years to come.”
Highlights from the past fiscal year include:
- Announcement of a multi-year $100 million investment focused on delivering optimized service, credit union tools, advanced technologies and automation capabilities, including $35 million dedicated to Lumin Digital, PSCU’s innovative cloud-based digital banking platform
- Implementation of robotic process automation (RPA) throughout PSCU to drive automation-based process improvements, strengthening efficiency and scalability
- A continued commitment to risk management and fraud prevention, which saved Owner credit unions more than $263 million in potential fraud dollars this year and helped mitigate countless business interruption events while preserving the member experience
- Optimization and enhancement of the CUSO’s service model, enhancing its Service Delivery team and implementations resources, strategically shifting IT infrastructure to a cloud-based environment and refining the organizational design of PSCU’s account management teams to bring greater consultative value to Owners
Owners benefit from PSCU’s investments by sharing in the financial returns that are distributed through the company’s annual dividend. PSCU’s cooperative structure enables distribution of the company’s earnings to its Owner credit unions as tax-free patronage dividends. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years.
The Annual Meeting of PSCU’s Owner credit unions will take place on April 21 during Member Forum 2020, which will be held April 21-23, 2020, at the San Francisco Marriott Marquis. This year’s event – with the theme of “Bridge to the Future” – will feature dynamic keynote speakers, senior leadership sessions and strategic insights on digital payments and other industry-leading and innovative topics. Registration is now open to Owner credit unions and can be accessed here.
About PSCU
PSCU/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.
