The Minnesota Credit Union Network (MnCUN) and the New York Credit Union Association (NYCUA) are partnering to offer New York’s prize-linked savings (PLS) product, Lucky Savers.
Beginning Oct. 1, MnCUN will provide the technological backing needed to administer Lucky Savers.
“We see this partnership with New York as a great opportunity to create greater efficiencies for all credit unions participating.,” said John Ferstl, Vice President of the Network Service Corporation.
MnCUN uses the Minnesota Item Processing Corporation (MnIPC), its wholly-owned, for-profit subsidiary, to run proprietary software and administer the technology needs for its own prize-linked savings program, WINcentive Savings. With the new agreement, MnIPC will provide that same technology management for New York’s Lucky Savers program, including prize drawing administration, reporting and technical support for NYCUA’s participating member credit unions.
“We created Lucky Savers with the goal of helping financially vulnerable New Yorkers develop sound saving habits, and it’s safe to say it has exceeded--and continues to exceed--our expectations,” said NYCUA Management Consultant Chris Pajak, who oversees Lucky Savers. “Our partnership with MnCUN will provide New York’s credit unions with the important resources they need to continue offering this critical program.”