[IMGCAP(1)]
PSCU Financial Services has signed a five-year contract with Corporate One Federal Credit Union to provide debit, credit and ATM processing to Corporate One's credit-union members.
Corporate One Federal, which is based in Columbus, Ohio, will resell PSCU's credit, debit and ATM-processing services to Corporate One Federal members, says Merry Pateuk, a spokesperson for PSCU, a credit-union service organization based in St. Petersburg, Fla.
The two companies announced the signing of their agreement June 11.
Corporate One Federal Credit Union will market the services to its more than 800 credit-union members located in 40 states, says Paul Hixon, Corporate One vice president of marketing. Most of Corporate One's credit-union members are located in Ohio, Michigan, Indiana, Kentucky, West Virginia and Illinois, he says.
Corporate One also will market PSCU's services to nonmember credit unions nationwide, Hixon says.
"This new relationship expands the use of our products and services among credit unions of all sizes," David J. Serlo, CEO of PSCU Financial Services, said in a statement.
Under the agreement, PSCU Financial will process credit, debit and ATM transactions over First Data's Star Network, Pateuk says.
Corporate One previously processed its credit-union members' transactions over Star, but it ended that contract to work with PSCU. By making the move, Corporate One can take advantage of a much larger pricing-volume discount PSCU has with Star, Pateuk says.
The agreement will enable small credit unions to issue credit cards and have the cards' transactions processed over PSCU's platform. Small credit unions face more financial hurdles issuing credit cards compared with issuing debit cards because debit cards are tied to checking accounts, not lines of credit, Pateuk says.
"Our relationship [with PSCU] opens the door for a new group of credit unions to offer card programs that can help them increase earnings while better serving their membership," Robert Coyan, Corporate One senior vice president, said in a statement.
In addition, PSCU offers a full-time call-center service and fraud protection, Pateuk says. ATM
