PSCU joins CULedger’s industrywide distributed ledger technology initiative
ST. PETERSBURG, FL (April 24, 2018) — PSCU – the nation’s leading CUSO – has announced its investment in CULedger, a credit union industry initiative for developing applications of distributed ledger technology. This technology, which offers a protocol that allows innovation around financial transactions, may become the system on which the future of financial processes is built.
“Credit unions must continuously research new methods to improve efficiency and security in order to remain competitive,” said Chuck Fagan, PSCU President and CEO. “CULedger will benefit credit unions and their members by reducing risks associated with cybersecurity and fraud, improving the member experience, and reducing costs. We look forward to working with CULedger to bring this platform to market.”
“Our support of CULedger aligns with the market’s interest to determine how this powerful technology will be used by credit unions across several authentication and ledger use cases,” added Brian Caldarelli, EVP and CFO at PSCU.
CULedger began in 2016 as a “research to action” initiative for developing a concept for a credit union system-wide, permissioned distributed ledger platform. In working with a national consortium of credit unions and trusted industry providers, CULedger is uniquely positioned to help credit unions serve the digital needs of their members.
For more information, visit CULedger.com.
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.
About CULedger
CULedger is a credit union-owned CUSO that focuses on delivering innovative applications on a global distributed ledger platform for credit unions. In working through a national consortium of 13 credit unions and trusted industry investors, CULedger has some exciting new developments around a global self-sovereign digital identity that will be market leading and further enhance the trust credit unions have with their members. CULedger will benefit credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience and cutting costs. For more information, visit CULedger.com.
