by
Catalyst Corporate | Nov 28, 2023
CEOs of PSCU and Co-op Solutions say their proposed merger targets “being better together.” They believe joining forces will lead to a more effective entity.
PSCU’s Chuck Fagan and Co-op Solution’s Dean Michaels are confident their combined forces will make them bigger “champions” of the credit union mission as a unified organization. What will this mean for credit unions already contracted with each entity?
What the merger means for Catalyst
Both Fagan and Michaels said current contracts will remain in place and be honored.
Catalyst partners with PSCU for its innovative card solutions, which PSCU builds, develops and supports to minimize reliance on third parties.
That partnership will continue throughout the merger process and into 2024. Over the last two years, Catalyst successfully converted numerous credit unions utilizing multiple core processors to PSCU’s platform. With millions of transactions, Catalyst's card program aligns with PSCU's vision of enabling credit union growth with unparalleled member experience.
What the merger means for new payments experiences
Michaels said unique assets brought to the merger by Co-op include its ATM network and shared branching. PSCU’s unique assets include digital banking, digital lending and “everything around money movements.”
Catalyst’s card program through PSCU allows credit unions to offer ATM cards, debit cards, or both along with contactless payments. This program includes features that minimize legwork for credit unions including, full-service chargeback and adjustments processing, card ordering and ongoing support. Additionally, Catalyst’s card services include attractive features such as a single online authorization point and easy activation for PIN setup/changes (no waiting on PIN mailers) and efficient travel notifications.
PSCU provides Catalyst members a “seamless” payments experience that includes:
- Visa and MasterCard debit cards available
- Service for lost or stolen cards 24 hours-per-day, seven days-a-week
- Card management and authorization within TranZact and PCSU’s Star Station
- Member self-service and digital wallet capabilities via mobile and/or online banking
- Best in class analytics and performance data to support credit union growth
- Call center services to ensure consistent member support
How the merger will impact the payments evolution
“The decision to combine with Co-op comes at a time when the payments landscape continues to see rapid evolution, with innovation and technology reshaping the needs of our industry and financial institutions,” Frank Weidner, chair of the PSCU board and president/CEO of Wings Financial Credit Union, said in a statement. “With their collective history and expertise, PSCU and Co-op have an unparalleled understanding of the credit union space. We believe that we are stronger together, and we look forward to the new opportunities for success that this combination will provide for credit unions.”
PSCU and Co-op said they will continue to operate as two independent companies until the close of the transaction, which is expected to be completed by the end of December 2023.
For more information on Catalyst Corporate’s Card Services, contact the team today or call 800.442.8763, option 3, option 2.