LOS ANGELES CU Wallet, the fledgling mobile payments platform for credit unions, announced this morning it has signed with Paydiant, provider of a white-label mobile payments, offer redemption, loyalty and cardless cash access platform for banks and retailers, to power its mobile wallet offering.
CU Wallet will use Paydiant to integrate complete mobile wallet capabilities into its own mobile application, including contactless mobile payments, e-receipts, offer redemption and cardless cash access on existing payment terminals, point-of-sale (POS) systems, ATMs and online shopping carts.
"Paydiant's white-label approach allows participating credit unions to deploy complete mobile wallet capabilities and all the benefits that accompany them, without giving up control to third-party intermediaries," said Paul Fiore, head of CU Wallet, who created online banking pioneer Digital Insight. "It also enables credit unions to deploy these capabilities sooner and with far less expense. Just as importantly, their platform will allow us to focus on delivering the credit-union specific business, operation and go-to-market capabilities that CU Wallet is uniquely positioned to bring to the market."
CU Wallet also announced it has signed with technology providers DoubleBeam and CheckAlt, to integrate mobile payments and eCheck image cash letter payment processing functionalities into its mobile wallet application.
CU Wallet is integrating DoubleBeam's mobile payments software development kit, giving credit unions the ability to easily sign up members by taking a picture of a blank check and photo ID; and CheckAlt's mobile payment processing solution, which provides end-to-end mobile payment processing.
