Credit Unions Bank on Personal Relationships as Foundation for Payments Innovation

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.