Corporates Launch New CUSO To Assume Payment Functions

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KANSAS CITY – The corporate network announced today it plans to create an alternative to the payment systems now offered by the various corporates, including products such as ACH, national settlement (Automated Settlement), international services, and custody/safekeeping, as well as services formerly offered through subsidiaries of U.S. Central FCU.

Plans call for a new CUSO that will be owned by surviving corporates and other potential credit union system participants, and would work to maintain scale and greater efficiencies. More importantly, the objective would be to minimize any impact or interruption to payment system services and delivery.

The new system is being organized by the Association of Corporate CUs and is expected to be formally introduced at tomorrow’s Corporate Summit in Chicago organized by CUNA.

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Corporate credit unions