Fintech

In its digital payments strategy, American Express is placing more bets on cash. The card network plans to add a free cash reload option for its Serve prepaid digital wallet, reducing its reliance on Green Dot's MoneyPak reload cards. Amex is also adding several features that broaden the functions of the Serve account, and plans a $1 monthly fee that can be waived with direct deposits.

CHICAGO – Great Lakes CU will pick up a branch in nearby Willow Springs with the acquisition of Chicagoland Electrical Industry CU, a struggling one-time $22-million credit union.

MADISON, Wis. – The Filene Research Institute’s i3 innovations program has proposed nine new ideas, including a national network that helps credit unions sell repossessed cars, a web application to track milestones for homebuyers and a mobile app that helps members determine the future value of their savings for retirement planning.

Tyfone Inc. has added Acculynk’s Payzur person-to-person payment capability to the mobile banking application it supports at Boulder Valley Credit Union.

Arroweye Solutions is launching an EMV chip-card customization platform called EMV On-Demand.

While now may not be the right time to convert card bases to EMV, CUs should be building a roadmap for how they will make the switch.

The latest bank to be acquired by a CU says it agreed to the deal to bring a new financial choice to this town-which is the same reason the credit union made the offer in the first place.

For many credit unions, growing members, revenue and service levels can feel like a daily mountain climb. A company that specializes in gear for such climbs-along with camping, paddling and more-is offering advice on making that hike easier.

The Republic of Kenya is among the latest countries to make the move to EMV-chip cards, as its local banks and processors mount an ambitious campaign to transition the smart-card standard by early next year in a move to combat fast-rising fraud.

To adapt to changes in the payments industry, Ceridian, a Minneapolis-based human resources, payroll and payment card company, has split its payments business from its human capital management unit.