MADISON, Wis. (6/3/09)--Two new white papers from the CUNA Operations, Sales and Service Council aim to explore how credit unions can compete against the decoupled debit and create strategies to build core deposits and member relations. Decoupled debit allows third-party card issuers to grant debit cards to credit union members and process transactions through their member checking accounts and the automated clearing house network. “The Decoupled Debit Dilemma” examines the origins of decoupled debit and outlines the opportunities available to credit unions. By understanding the wants and needs of members and merchants and the appeal of the decoupled debit, credit unions can re-engineer their debit offerings to be a competitive alternative, says the paper. “Scoring at the Core: Strategies to Build Core Deposits--And Member Relations” outlines the core deposits that are at the center of credit unions’ efforts to expand wallet share and build their deposit base. Developing business and niche deposit products, offering the full spectrum of delivery channel access to bring in new deposits, anticipating members’ economic outlook on their deposit preferences and pricing strategies, and credit unions’ competition in attracting and maintaining their core deposit base are also covered. For more information, use the links.
TALLAHASSEE, Fla. (6/3/09)--Credit Union 24 and Acculynk have partnered to provide PaySecure to credit unions. PaySecure is a software-only service for personal identification number (PIN) online debit payments. Credit Union 24 is a member-owned, deposit-taking ATM and point-of-sale network based in Tallahassee, Fla. Acculynk offers software that secures online transactions. PaySecure allows online buyers to use only their debit cards and PINs to make purchases. Users enter their PIN on PaySecure’s PIN pad at the checkout, and are not required to use other hardware devices or passwords. PaySecure also provides an extra layer of security for debit card transactions to reduce fraud and charge-backs from credit unions. “We expect it will be widely adopted,” said Ashish Bahl, Acculynk CEO. A recent survey by Javelin Strategy and Research indicated that 78% of respondents said entering their PIN on the PaySecure PIN pad was as simple as entering their PIN at an ATM or grocery store. About 48% of respondents also said they would buy more products and services online if they could pay with PaySecure. Credit Union 24 is the only network solely devoted to credit unions that has partnered with Acculynk, the companies said in a release.