SkyPoint FCU launches SkyPoint Pay to provide unprecedented security when transferring funds
Verification through question and answer known only to payer and payee offers greater security than other funds transfer methods.
GERMANTOWN, MD (September 28, 2022) — SkyPoint Federal Credit Union (SkyPoint), a premier, member-owned financial institution, announces the launch of their new product, SkyPoint Pay, which will provide their members with unprecedented security when transferring funds between banks or to individual payees.
While members still need only an email address or mobile phone number to find the payee, SkyPoint Pay adds another layer of security. The payer devises a security question that is unique for each transaction, answers the question, and sends the answer to the payee, who simply supplies the answer when prompted to claim the funds. Such transfers occur in minutes using a debit card.
“SkyPoint Pay avoids the vulnerability of funds or personal data and the fraudulent issues that can occur when transferring money,” said Jorge Saenz, Chief Experience Officer for SkyPoint Federal Credit Union. “Rather than relying on security questions and answers that are on the internet, and therefore at risk of being discovered, the payer writes a new question on the spot and sends it only to the payee in the current transaction.”
Payers don’t need to remember the answers to questions that were prepared months or even years ago because the question and its answer are new with each transaction. SkyPoint Pay is easily accessed through Sky Point’s digital banking solutions.
SkyPoint is always looking for ways to enhance customer experiences, and SkyPoint Pay is the result of innovative thinking and perseverance. SkyPoint Pay gives members the confidence of having an extra layer of security when transferring funds. Yet, it delivers that security in a way that is easy for anyone to use, in keeping with SkyPoint’s goal of simplifying their members’ lives.
About SkyPoint Federal Credit Union
A community-based, not-for-profit, financial institution, based in Montgomery County, Maryland, SkyPoint serves the greater Washington D.C. metro region and those who want to partner with a financial institution who makes banking simple and accessible. A designated Community Development Financial Institution (CDFI) credit union, SkyPoint helps our members, partners, and the communities we serve, gain access to the investment capital and financial services needed to prosper, increase economic independence, and drive overall sustainable economic growth and community development. For over 50 years, SkyPoint has served as a strategic and reliable partner to both public and private organizations that directly support underserved and unbanked communities, who want to work together to elevate the community and one another. To learn more about SkyPoint, visit www.skypointfcu.com.
