Credit Unions Bank on Personal Relationships as Foundation for Payments Innovation
PSCU/Co-op Solutions' new BNPL solution allows credit unions to engage members, tailor eligibility criteria, and help members achieve their financial goals by converting transactions into buy now, pay later arrangements.
Read the original article from PYMNTS here.
Here is a brief summary of the article:
- PSCU/Co-op Solutions has launched a BNPL solution for credit card issuers.
- The solution allows cardholders to convert their transactions into a buy now, pay later arrangement.
- Credit unions can use the BNPL tool to proactively engage with members and tailor eligibility criteria based on different card products and member cohorts.
- The solution addresses cash positioning and helps members achieve their financial goals, establishing credit unions as forward-thinking financial institutions.
- The BNPL solution is perfect for scenarios where credit unions can reach out to members after specific purchases, such as a significant home improvement expense or a special event purchase.
- Credit unions can stay competitive in the evolving lending landscape by offering BNPL services and polishing their digital innovation bonafides.
- The solution’s dynamic eligibility criteria is a way to future-proof offerings and service members.
- Credit unions can leverage their existing relationship with members to extend BNPL services and establish themselves as members’ primary financial relationship.
