Mobile payments are growing by 68% annually—from $16 billion in 2010 to a projected $214 billion by 2015. This transaction type continues to be the single greatest opportunity for—and threat to—credit unions.
"Technology is shifting the landscape of how we pay," says Mark Sievewright, president of credit union solutions for Fiserv.
CUNA’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.