LAS VEGAS One Nevada CU and two credit union technology firms will introduce a new mobile payments system specifically geared for credit unions Monday, called CU Wallet.
Introduction of the credit union platform comes as credit unions and banks are still piloting digital wallet products provided by Visa, MasterCard, Google and other providers.
“From a credit union’s perspective, really, there’s not much choice out there that will benefit credit unions in the long run, in terms of a comprehensive mobile wallet-like solution,” Paul Parrish, chief financial officer for One Nevada, told Credit Union Journal Friday. Nevada’s biggest credit union is expected to pilot CU Wallet, which is based in Los Angeles.
The new system is being developed by Paul Fiore, who started internet banking company Digital Insight; Kirk Drake, founder of Ongoing Operations, the disaster recovery CUSO; and payments industry consultant Richard Crone. Because it will owned by credit unions as a CUSO, the founders say it will provide the CU community with a differentiated mobile payments infrastructure.
