PSCU to partner with Welcome Technologies and MRV banks, bringing credit card program to underserved immigrant communities
ST. PETERSBURG, FL (December 16, 2020) —
PSCU, the nation’s premier payments credit union service organization (CUSO), today announced that Welcome Technologies has selected the CUSO to provide processing services and support for its first-ever credit card program. The foremost technology company empowering immigrant communities, Welcome Technologies has built an innovative consumer platform that provides information and products to enable its two million members to thrive in their adopted country. The two companies are eager to join forces to help immigrant families access financial services and realize the American dream.
Following a comprehensive review process, Welcome Technologies selected PSCU to help launch its first credit card program – in conjunction with MRV Banks (Ste. Genevieve, Mo.) as the agent bank and Mastercard as the card network – to serve immigrants, bilingual community members and underserved households. The CUSO’s industry-leading technology, API connectivity, fraud capabilities, overall product portfolio and 24/7 service model were all key factors in the decision.
“Welcome Technologies’ mission closely aligns with the credit union philosophy of ‘people helping people,’ which is at the center of our culture and everything we do at PSCU,” said Chuck Fagan, president and CEO of PSCU. “We are extremely proud to have the opportunity to work alongside Welcome Technologies, MRV Banks and Mastercard to provide Welcome Technologies’ members with access to financial services, support and – ultimately – greater success in life.”
In addition to credit processing support, PSCU will assist with debt management and credit lending through CURecovery and The Loan Service Center.
“Millions of immigrants are underbanked, unbanked and lack credit scores, being forced to spend upwards of $50 billion annually on predatory financial services. We are working to solve this crisis and were extremely pleased to find a company like PSCU that shares our passion,” said Amir Hemmat, founder and CEO of Welcome Technologies. “At Welcome Technologies, we know and understand the importance of providing tailor-made services, machine learning technology and relevant financial education to our members, all of which PSCU is able to help us provide – and more. We look forward to helping improve the financial lives of immigrants across the U.S. through this partnership.”
PSCU will begin providing credit card services – under the name Saber es Poder – to users in March 2021, with collections support to follow. Credit services will include 24/7 contact center support, comprehensive fraud monitoring services and more. Welcome Technologies will also have access to PSCU’s QuickAssist, which gives staff single-point, real-time access to member credit card account data.
“Our shared values and commitment to helping consumers across the U.S. made a partnership with Welcome Technologies an ideal fit,” said Scott Wagner, EVP, chief revenue officer at PSCU. “We are pleased for Welcome Technologies to join the PSCU family and are eager to work together to provide industry-leading technologies and services, while delivering an unparalleled experience to their members at a time when it is more important than ever that we come together and support one another.”
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.
