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Sherpa Technologies launches payments solution targeting loan payments

Solution is first to launch from CUSO’s Innovation Council collaboration

COLUMBUS, OH (February 18, 2020) — Sherpa Technologies today announced the launch of Payigy (Pā\ĭ\jēē), a dynamic payments solution designed to enable greater payment flexibility and deepen relationships with indirect auto loan members via a simplified digital user experience, which was modeled to emulate biller-direct payment offerings.

“Payigy offers credit unions a new way of engaging their indirect lending members,” said Keith Riddle, President/CEO, Sherpa Technologies. “According to industry studies, biller-direct payment experiences account for more than 70% of bill payment activity. Payigy’s biller-direct user experience, with the credit union as the biller, keeps credit unions at the center of the engagement process and includes features that support flexible payment methods, notifications and messaging, and the ability to position ‘offers’ within the user experience.”

This new payment solution creates a unique opportunity for credit unions to expand payment options and engagement with indirect members and demonstrates the power of credit union collaboration. Achieva CU (Dunedin, FL), Gulf Winds CU (Pensacola, FL), Kemba CU (West Chester, OH), Ohio Educational CU (Cleveland, OH), KEMBA Financial CU (Columbus, OH) and Pathways Financial (Columbus, OH) collaborated with Sherpa on the initial solution concept, providing feedback and insights to develop a minimally viable product (MVP) by late summer 2019. Gulf Winds CU provided focused collaboration throughout the fall alongside Sherpa to finalize Payigy and will continue as an early adopter and ongoing tester of the solution. Each of the collaborating credit unions are members of Sherpa’s Innovation Council, a group of 28 progressively minded credit unions Sherpa has assembled to brainstorm, develop, and vet best-of-breed solutions for credit unions. Payigy is the first market-ready solution to launch from Sherpa’s Innovation Council collaboration.

“We are grateful to Sherpa’s Innovation Council members who dedicated time and resources to partner with us, providing valuable insight and feedback throughout the development of Payigy to ensure it is a solution that truly meets credit unions’ needs,” said Keith Riddle.

“Sherpa is committed to developing solutions for credit unions by credit unions, and they were open to our feedback on Payigy from the very beginning, which really set them apart from other digital solution providers we’ve worked with in the past,” said Haley Murph, Vice President, EServices and Payments at Gulf Winds Credit Union in Pensacola, Florida. “We’re so pleased to have collaborated with them on this unique payment solution that is an ideal tool to help increase member engagement and retention. As an early adopter of Payigy, our collaboration efforts with Sherpa met our business requirements, and the interaction with their team was easy and fun.”

The Payigy solution is accessed through a link on a credit union’s website or via a notification email from the credit union and provides indirect members a simple, yet robust digital experience to make loan payments. It offers flexible payment options (including recurring payments) and the ability to view loan details, see and take advantage of other credit union offers, and communicate directly with the credit union. An expansive back-office admin portal streamlines support so credit union staff can service loans through quick access to loan details and history, invite new and/or disable existing borrowers, configure the system to align with credit union branding and payment requirements, communicate directly with borrowers through direct messages, and manage targeted outreach via the marketing carousel. While indirect lending presents a strong use case for this solution, Payigy’s strategic roadmap includes supporting additional loan types and real-time payment enablement in the future.


About Sherpa Technologies

Sherpa Technologies is leading credit unions on a journey of digital transformation to provide integrated, seamless and personalized member experiences. Our team’s extensive knowledge can be leveraged to complement our partner credit unions with the desired insights, so they can successfully serve their members in a dynamic digital financial marketplace. Our Mosaic digital business platform provides a comprehensive application development framework, integrates an ever-expanding suite of solutions with credit union systems and applications, and optimizes data to drive personalization and credit union growth. Sherpa Technologies is a CUSO of Corporate One Federal Credit Union. Learn more at www.sherpatech.org.

Contacts

Media Contact:
Heather Goss
614-825-9358 | hgoss@corporateone.coop

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