Fintech

Third-quarter results from the Michigan Credit Union League show hundreds of members are joining CUs in the Great Lakes State each day.

An “emergency merger” with the troubled Progressive Credit Union gives PenFed — already the nation’s third-largest credit union — the ability to welcome any potential member nationwide.

Banks and payment companies are already comfortable using artificial intelligence to guard against fraud. The tech could soon be just as welcome in creating payment products and matching them to potential customers.

The Montgomery, Ala.-based institution has paid out more than $4.8 million to members over the last eight years.

An “emergency merger” with troubled Progressive Credit Union gives PenFed – already the nation’s third-largest credit union – the ability to welcome any potential member nationwide.

The accounts — which eschew paper checks and overdraft protection — appeal beyond the low-income customers they were intended for; lenders are embracing artificial intelligence systems to analyze more data to determine creditworthiness.

The payments process isn’t about just checking a box or signing a check anymore; it’s about cultivating genuinely beneficial relationships for all involved that build trust and drive growth, writes Ravi Thakur, senior vice president of business acceleration at Coupa.

Banks, retailers and technology companies have spent years relentlessly working to replace cash with plastic, digital or mobile alternatives. And cash has hit back hard.

The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.

The credit union rewarded members based on the CU's performance last year and the depth of their relationship with the institution.