Increased efficiency, security, and speed. These are the primary benefits credit unions could realize by developing a network based on blockchain. Rich Meade, CUNA chief operating officer, presented the possibilities for credit unions at America’s Credit Union Conference Wednesday.
Credit unions are the original financial services disrupters. And they are the original cooperative cooperators. Those two essential traits of their DNA make them the perfect business model to shake up financial services again by moving squarely into the innovative blockchain or "shared ledger" model of transactions.
Peer-to-peer payments are gaining traction with American consumers, with 46% of respondents having used the function, according to 2015 North American Consumer Digital Payments Survey from Accenture Consulting.
Financial institution clients of The Members Group have begun enrolling in two of the newest digital wallet solutions, Android Pay and Samsung Pay. TMG is beginning to work with interested clients and anticipates having pilots live by late 2015 or early 2016.
Fiserv Inc. and Early Warning, a provider of fraud prevention and risk management services, have partnered to facilitate real-time bill payment and deposit capabilities for users of Fiserv’s NOW Network and good funds network from Early Warning.
Nearly half of the latest financial institutions to support Apple Pay are credit unions. Apple announced 54 more credit unions and banks have joined the system, bringing the total number of issuing financial institutions to more than 650.
MasterCard will provide tokenization services to commercial credit card issuers, allowing corporations and business travelers to load eligible corporate credit cards into participating mobile and digital wallet services.