Why collaboration is credit unions’ payments innovation advantage

One of the biggest differences between a bank and a credit union (CU) is that unlike a for-profit bank, a CU is owned by its members.

It’s a model based on the concept of collaboration and cooperation, two ideals that have become instrumental in the financial services arena’s payments innovation efforts.

Yet CUs are also typically local institutions servicing close-knit communities, so taking on a leadership role within the global payments innovation ecosystem may not seem like the most natural fit.

As a CU for the United Nations community, however, United Nations Federal Credit Union (UNFCU) holds a unique, global perspective into the role that these financial institutions (FIs) can play to support payments innovation on multiple fronts.

 

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