Florida-based Suncoast Credit Union generously provided State Employees’ Credit Union (SECU) with a mobile ATM to help support the financial needs of its members and area residents affected by Hurricane Helene in Western North Carolina (WNC). The mobile ATM offers 24-hour availability and is currently located at SECU’s Asheville-Oak Plaza Branch, which is without a functioning ATM and is operating on a modified schedule until water and other resources are fully restored. 

While most of its area branches and ATMs are operating in some capacity, SECU encourages members to check the online Branch and ATM Locator to determine if their closest location is open or operating on a modified schedule due to ongoing storm recovery.

“We are very grateful to Suncoast Credit Union for their generosity and swift action in helping us deliver much-needed ATM access to support our members and others in the community who desperately need cash during this difficult time,” said SECU President and CEO Leigh Brady. “Western North Carolina has a long and challenging road ahead, and we will continue to find ways to help our neighbors recover from Helene’s destruction. We also recognize that as our Florida friends are extending helping hands to us, they are also recovering from storm damage, most recently from Hurricane Milton. We are keeping them close to our hearts and are ready to support them as well.”
​
“Our goal is to be where we are needed because that is the credit union way,” said Suncoast Credit Union President and CEO Kevin Johnson. “People helping people is part of the Suncoast Credit Union DNA, so our traveling to North Carolina is an act of heartfelt readiness to serve those whose lives have, like many Floridians, been devastated by the fate of nature. Working together, we can create change and expedite restoration.”

SWBC’s SWIVEL Transactions, LLC, a leading fintech company specializing in integrated transaction enablement solutions, has been named a  PayTech Awards USA 2024 winner in the category for “Top Innovation in Payments – Solutions for Banks & FIs,” recognizing its Transaction Enablement™ platform.
 
Produced by FinTech Futures, the PayTech Awards USA celebrates the excellence and innovation in the rapidly evolving U.S. payments technology market, honoring the achievements of the companies and leaders advancing this dynamic sector.
 
A recognized paytech leader in transaction enablement, SWIVEL helps financial institutions, K-12 education institutions and the companies that support them optimize and simplify their transaction processes so they can focus on what they do best. SWIVEL's Transaction Enablement platform provides a comprehensive solution that streamlines money movement, enhances user engagement and mitigates risk across the digital channels, integrating seamlessly and securely with existing systems to ensure compliance.
 
“We are honored to be selected as this year’s Top Innovation in Payments Solution for Banks & FIs for the PayTech Awards USA and I want to thank Fintech Futures and the judges,” said Interim CEO of SWIVEL, Amanda Crocker. “This recognition further validates and reinforces our commitment to helping our clients improve their payment processes, empowering them to provide seamless, secure transaction experiences for their customers to meet their evolving needs. Congratulations to all of this year's winners – we certainly find ourselves in excellent company.”
 
SWIVEL was also named a finalist in the category for “Tech of the Future,” in addition to being recently named a 2024 Finovate Awards finalist for “Best Enterprise Payments Solution,” as well.
 
To see the full list of the winners for the PayTech Awards USA 2024, please visit https://informaconnect.com/paytech-awards-usa/2024-winners/

​EDGE, a credit union technology conference, today announced their 2025 conference will be held in Las Vegas, Nevada at the Aria Resort & Casino and will feature a new opportunity for sponsors, the EDGE Exchange. 
 
EDGE25 will take place on May 7-9, and is co-hosted by Trellance, CUDX and the Filene Research Institute. Following the success of the inaugural 2024 conference, EDGE25 will feature content from industry leaders, networking opportunities and exhibits from industry-disrupting technology providers.
 
New to EDGE this year is the EDGE Exchange, an opportunity for sponsors to take to the main stage and demonstrate their product for conference attendees. Participating sponsors will have seven minutes to demonstrate their product; any company wishing to participate in the EDGE Exchange must first commit to purchasing a booth in the exhibit hall and then submit their product demo for consideration. The EDGE Exchange will take place on day one. On day two, credit unions will have the opportunity to take center stage to explore their technology gaps and how they believe technology providers can play a role in helping to overcome these challenges. By giving technology providers and credit unions dedicated time to explore challenges and solutions, EDGE25 will create more opportunities for collaboration than ever before.
 
“EDGE24 was an outstanding success, and we’re hitting the ground running to get things ready for the 2025 event,” said Tom Davis, President and CEO of Trellance. “At EDGE25, you can expect to find more opportunities for innovation, more ways to incorporate technology and more ways to learn. We’re especially excited for the new EDGE Exchange opportunity. I believe this will be a great benefit for sponsors and attendees – sponsors get in front of key credit union decision makers, and attendees get to see the tech that can help their credit unions up close and personal.”
 
“Filene is excited to deepen its partnership with Trellance for EDGE25. It is critical that credit unions have a technology and innovation-oriented conference,” said Filene CEO Mark Meyer. “The mission of EDGE is to bridge the tech/innovation gap and this collaboration will help speed insights to action.”
 
EDGE25 promises to expand on the successes of the 2024 event. This year’s updated agenda will create more opportunities for meaningful collaboration and networking and allow credit unions to create an ecosystem of credit union and technology partners.
 
Registration for EDGE25 is now open – register here. For more information on how to be a sponsor at EDGE25, or on how to participate in the EDGE Exchange, visit our sponsors page.

​Mahalo Banking today announced its new partnership with California-based Glendale Area Schools Credit Union (Glendale Area Schools). The credit union is converting to Corelation Keystone in January 2025 and having a digital banking partner that would complement and tightly integrate with Keystone was paramount to their conversion. Additionally, Glendale Area Schools needed a state-of-the-art solution that provided enhanced flexibility and modern banking capabilities.
 
Glendale Area Schools was in search of a digital banking provider to facilitate its growth and elevate the member experience. They found the ideal solution in Mahalo’s advanced digital platform, which offers seamless account openings and efficient loan application processes, among a variety of other features. This powerful digital banking solution not only simplifies transactions but also enhances accessibility, ensuring that members enjoy a fast, user-friendly experience tailored to their needs.
 
Wesley Walton, CEO of Glendale Area Schools, stated, “Mahalo checked all the boxes for us in terms of feature functionality, and their staff's reputation is truly unmatched. They have the right people and systems to uphold their brand promise to our members. Mahalo is the complete package: integration, security, and an exceptional member experience.’
 
Mahalo's solution provides a scalable and customizable infrastructure, allowing the credit union to tailor the member experience while remaining flexible to incorporate new features as service offerings grow.
 
Glendale Area Schools is also focused on connecting with the next generation of members—Millennials and Gen Z. Walton added, “Mahalo’s technology delivers exactly what this next generation expects from a digital banking solution. We had noticed a decline in younger members joining our credit union, but Mahalo is our answer for engaging this vital demographic.”
 
“We’re thrilled about the FedNow transfers that Mahalo will implement for our members. This new payment rail will enable us to offer cutting-edge financial products to our membership. The ability to execute P2P payments with a wide network of credit unions and banks on this system will truly set us apart,” he shared.
 
Mahalo Banking provides a digital solution specifically designed for credit unions, addressing their unique challenges and diverse member needs. The Mahalo team is comprised entirely of credit union veterans and brings invaluable industry expertise to their approach to platform development. Mahalo's Credential Assurance Technology (C.A.T.) solution safeguards credit union data with robust architecture, preventing fraud and ensuring a secure digital environment. Additionally, Mahalo’s Thoughtful Banking technology incorporates neurodiverse functionality, creating an inclusive and user-friendly experience for all members.
 
“At Mahalo, our core mission is to empower credit unions to enhance the financial services they provide to their members through digital innovation,” said Denny Howell, COO of Mahalo. “Our partnership with Glendale Area Schools underscores the growing recognition of our cutting-edge digital banking solution. This collaboration not only validates the impact of our technology but also highlights the increasing demand from forward-thinking credit unions to deliver an exceptional digital experience for their members.”

OneAZ Credit Union has been recognized as the number one Healthiest Workplace in America. This prestigious awards program honors people-first organizations that prioritize the well-being of their employees.

“At OneAZ, we are driven by a relentless commitment to associate well-being,” said Brandon Michaels, President & CEO of OneAZ Credit Union. “Investing in the wellness of our team is critical to ensuring that we are healthy in mind, body and spirit so that we can serve our members as trailblazers in our industry. Being recognized as the Healthiest Workplace in the nation is a testament to OneAZ’s commitment to creating a workplace where the whole person matters.”

The Healthiest 100 Workplaces in America is a nationwide competition that evaluates organizations across various industries based on six key areas: Culture and Leadership Commitment, Foundational Components, Strategic Planning, Communications and Marketing Programming and Interventions, and Reporting and Analytics. OneAZ earned its spot on the list by demonstrating a strong commitment to these principles, integrating wellness initiatives into its core values and company culture. 

“We saw some of the highest scores in program history this year,” said Haley Potoczek, Program Manager at Springbuk. “I believe this emphasizes the importance that employers play on employee health, engagement, and overall happiness. Wellness is about more than just physical activity. Employers must continue to evolve to create a positive work environment.”

OneAZ has consistently worked to ensure that employee wellness is a priority, with measurable results that include improved employee satisfaction, increased participation in wellness programs, and lower healthcare costs. Some of OneAZ Credit Union’s wellness initiatives include 100% fitness membership reimbursement to their associates and their families, matching dollars for daycare services, student loan reimbursement and a successful diabetes reversal program.

The company’s comprehensive wellness strategy is designed to adapt to the changing needs of its workforce, ensuring that employees are equipped with the tools and resources they need to thrive. This prestigious award highlights OneAZ’s dedication to fostering a healthy workplace culture and improving lives in significant ways. ​

VentureTech 2024 has announced the 25 fintech companies selected to pitch their innovative solutions to credit union leaders. Co-hosted by Curql Collective and CUNA Strategic Services (CSS), this event showcases emerging fintech that are poised to drive transformative change for the credit union industry.

Now in its seventh year, VentureTech is where the most promising fintech companies present solutions designed to help credit unions enhance member experiences, improve operational efficiencies, and remain competitive. Held from November 12–14 at the Omni Frisco Hotel in Frisco, Texas, this year’s event will feature 10 fintech companies at the VentureTech Launch Party and 15 fintech companies at the Main Pitch event.

These companies were selected from hundreds of applicants and offer a range of solutions, from AI-driven fraud prevention to advanced data analytics, all aimed at solving critical challenges faced by credit unions today.

Meet the Fintech Presenters at VentureTech 2024: This year’s Launch Party will include presentations from early-stage fintech companies including Float, Gestalt, Parlay, Duome, GreenLyne, Ribbon, Wurthy, Fundshine, Remynt, and Value Buddy. The Main Pitch event will feature NudgeMoney, Wysh, Savvi AI, ModernFi, Crux Analytics, Flourish Fi, Aviary AI, Carefull, Allure Security, Saris AI, LoanSense, LoanTerra, Nickels, Ditch, and Coverbase.

“VentureTech continues to bring together some of the brightest minds in fintech and credit unions to collaborate on building the future of financial services,” said Nick Evens, CEO of Curql Collective and co-founder of VentureTech. “This is where innovation happens. Many of the fintech companies you see on stage today will go on to play pivotal roles in helping credit unions stay relevant and lead the financial industry.”

Since its inception, VentureTech has served as the launching pad for fintech companies like Eltropy, Illuma, Posh, Ranqx—and more fintech solutions that have become essential parts of the credit union tech stack. This year’s lineup promises to offer credit unions another exciting opportunity to see the latest technologies poised to shape the future of financial services.

“We are proud that VentureTech encourages, educates and facilitates collaboration between progressive credit unions and innovative fintech by making connections that will help drive the future of the industry," said Jenny Jackson, Alliance Manager of CUNA Strategic Services (CSS) and co-founder of VentureTech. Barb Lowman, President of CSS added, "When brilliant minds, be it credit union executives, fintech, vendors or credit union leagues, showcase our collaborative superpowers, we can revolutionize member engagement and the organizational evolution of credit unions. That’s what VentureTech is all about.”

Register Today
Don’t miss your chance to see the future of fintech at VentureTech 2024. With a limited number of seats, register today at myventuretech.com to secure your spot at this premier event for the credit union industry.

​Velera – formerly PSCU/Co-op Solutions, the nation’s premier payments CUSO and an integrated financial technology solutions provider – published the October edition of the Velera Payments Index, the goal of which is to provide information and insights to help financial institutions navigate the evolving financial landscape to make informed, strategic decisions for their organizations and members.
 
Consumer spending further softened in September, with decreases for both debit and credit. Influencing these lower consumer spending were regional impacts from Hurricane Helene in the southeastern states, namely Florida, North Carolina, South Carolina, Tennessee and Georgia, and the continued impact of lower gasoline prices. In much anticipated news, the Federal Reserve cut interest rates by a half-percent in September and may be close to delivering an “economic soft landing.” In our October 2024 edition of the Velera Payments Index, we revisit a Deep Dive on Money Services, which includes mostly peer-to-peer (P2P) payments.
 
The Consumer Confidence Index fell in September to 98.7 (from an upwardly revised 105.6 in August), dropping toward the bottom of the narrow range for the past two years, with all five areas of the index declining. The largest drop in consumer confidence comes from the 35- to 54-year-old segment, while the most confidence comes from those under 35. When asked about plans to buy more goods or services over the next six months, there is a slightly greater preference for purchasing goods over services. Delinquency expectations continued to increase in the survey and are at their highest point since April 2020. Following two months of gains, the University of Michigan Index of Consumer Sentiment decreased in October by 1.2 index points to 68.9. Long-term economic trajectories are now less clear with elections on the near-term horizon.
 
In September, jobs increased by 254,000, with gains occurring in food services and drinking places, healthcare, government, social assistance and construction. The U.S. Bureau of Labor Statistics (BLS) reported the overall unemployment rate changed little for September, down by 0.1 percentage point to 4.1%, or 6.8 million people.
 
In the Labor Department’s Oct. 10 update, the Consumer Price Index (CPI) increased 0.2% in September, bringing the cumulative 12-month rate of inflation down to 2.4%. Three-quarters of the increase in September came from two areas, as shelter rose 0.2 percent and food increased by 0.4 percent. The energy index dropped 1.9 percent, after a 0.8 percent decline in August. Core CPI, which excludes the Food and Energy sectors, increased to 3.3% for the 12-month Core CPI rate through September.
 
The Federal Reserve cut interest rates by a half-point on Sept. 18 and hinted that two additional quarter-point cuts could come by the end of 2024. While the next Federal Open Market Committee (FOMC) meeting concludes on Nov. 7, influence from the stronger-than-expected jobs report could put a damper on near-term reductions.
 
"P2P payments have experienced tremendous growth over the past several years, initially spurred by the pandemic as consumers moved away from cash and physical transactions,” said David Albertazzi, director of Retail Banking & Payments at Datos Insights. “We now see that many consumers have permanently shifted their purchasing habits, including the adoption of digital wallets. While platforms like Venmo, Zelle and Cash App are not true digital wallets, their rising usage closely mirrors the growth of digital wallets. Also significant is that this trend isn't limited to younger demographics; according to a recent Datos Insights survey, more than half of consumers under age 57 have adopted digital wallets and engage in P2P payment transactions."
 
Key takeaways for September include:

• For September, year-over-year growth rates were at their lowest levels for 2024. Debit purchases were up 1.3%, with two-thirds of the growth coming from Money Services (Cash App, Venmo, Zelle, etc.). Credit purchases were down 1.6%, with half of the reduction coming from the Gasoline sector (0.9%). Debit transactions were up 1.5% and credit transactions were up 0.6% year over year.
• Multiple survey measures reported declines in consumer confidence, increases in delinquencies and overall consumer stress, which may potentially constrain spending during the upcoming 2024 holiday period.
• Money Services, mainly comprising P2P payments, continued to provide strong growth for debit card purchases, resulting in an increase as a percentage of overall debit card purchases. For September, growth in Money Services debit purchases was up 9.6% year over year. As a percentage of overall debit card purchases, Money Services represented 12.2% for September 2024, up from 11.2% a year ago.
• The September delinquency rate was up 15 basis points compared to August 2024, reversing its August improvement and resuming a multi-month trend of increases. Delinquencies are now at their highest point since January 2024.   
• Contactless transactions on dual interface cards continued to show significant growth. As of September, almost one out of every two Card Present transactions were tapped (50% for debit and 47% for credit). 

 
The full report is available for download here or can be shared as a PDF upon request. Please let us know of any questions or additional needs, or if you’d like to coordinate an interview.

Nook, a Credit Union Service Organization (CUSO) and pioneer of niche experiences, is thrilled to announce the appointment of Kirk Drake as its newest Strategic Advisor. With decades of experience in financial technology, entrepreneurship, and innovation, Kirk brings a wealth of knowledge to help Nook continue its rapid growth and expansion.

In this advisory role, Drake will partner with Nook’s leadership team to harness emerging technologies and craft innovative strategies that help credit unions deepen member relationships and thrive in an evolving financial landscape. With 25 years of experience in digital transformation and technology integration for credit unions, Drake is uniquely qualified to help Nook expand its Niche Experience Platform and enhance its service offerings.

“Nook’s vision of reimagining credit unions through personalized member experiences resonates deeply with my own passion for innovation in financial services, and I’m honored to join Nook as a Strategic Advisor,” said Kirk Drake. I look forward to working with the team to create solutions that engage members, drive growth, and prepare credit unions for the future.”

As a lifelong entrepreneur, Kirk Drake has built eight successful businesses, including CU 2.0, Painted Hills, CU Wallet, and the CUSO Ongoing Operations. Drake is widely recognized for his role as the founder of CU 2.0, a digital consultancy and marketing agency with a mission to increase credit union market share through fintech partnerships. He is also the author of Credit Union 2.0: A Guide to Helping Credit Unions Compete in the Digital Age and FinAncIal: Helping Financial Services Executives Prepare for an Artificial World. With a career dedicated to modernizing financial institutions, Drake brings insight that will be instrumental in Nook’s efforts to empower credit unions to offer niche experiences that facilitate member loyalty and engagement.

“Kirk brings invaluable experience and insight to Nook’s Strategic Advisory Board,” said Austin Wentzlaff, Co-Founder & CEO of Nook. “I’ve had the pleasure of working with Kirk in a variety of different capacities over the last decade and can confidently say he’s one of the best innovators in the credit union industry. We look forward to adding his innovative mind to Nook!"

Drake’s appointment comes at a pivotal time as Nook continues delivering niche experiences to broaden its footprint across the credit union industry. His forward-thinking approach to fintech, strategic planning, and business development will be a tremendous asset as Nook continues harnessing new opportunities and maintaining its leadership in providing personalized, relationship-based banking experiences.

​ Velera – formerly PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider – has announced the release of its 2024 Eye on Payments study. The seventh annual report gauges payment preferences and behaviors among credit union members and other financial institution customers (“non-members”), examining how they have shifted and evolved within the past 12 months and recent years.
 
This year’s study found that consumers are reporting they prefer credit over debit when it comes to their preferred top-of-wallet payment method. This represents a notable shift that extended into changes among payment preferences for certain types of purchases and situations, as well as an increase in credit card applications. The rise of credit cards is coupled with consumers turning more frequently toward payment options like mobile wallets and person-to-person (P2P) payment accounts, with some consumers even claiming these as their primary methods of payment.
 
The 2024 report also revealed that younger generations’ preferences and behaviors are driving a majority of these trends, including what offerings are growing in popularity and usage in the payments landscape.  Not surprisingly, younger generations prefer credit cards and are also the most prolific users of mobile wallet technology, contactless cards, P2P payment accounts and Buy Now, Pay Later (BNPL) programs.
 
Not only are consumers leaning more heavily into credit and digital payments options, but security is top of mind, impacting how most consumers choose with which method to pay. Velera’s Eye on Payments has been tracking an increase in reported fraud incidents since 2021: This year, 10% of credit union members experienced identity theft and 14% reported they were victims of card fraud, compared to just 4% and 8% in 2021, respectively. Similarly, eight in 10 (82%) credit union members report they make decisions about how to pay for something based on which is the most secure, up from 73% in 2023.
 
“Through this annual research, Velera aims to determine the factors that influence consumer payments preferences and behaviors to help credit unions make informed, strategic decisions. Each year, this becomes increasingly difficult as credit unions are not only faced with keeping pace with the rapidly evolving payments industry and competitors, but also addressing larger challenges such as an uncertain economic outlook and ongoing inflationary pressures, among others,” said Velera Chief Marketing & Communications Officer Tom Pierce.
 
“The 2024 Eye on Payments study makes it clear that the payments industry is resilient, and that opportunities for credit unions to succeed and grow are plentiful. Whether it is enhancing member experiences or investing in mobile and digital solutions, we believe the key findings and takeaways from Eye on Payments can help credit unions earn the top of wallet and mind spot among current members, while sparking interest from other consumers and non-credit union members alike,” Pierce said.
 
Other key findings from the study include:

• Although there was a shift in overall preference, debit remains a close second with 35% of consumers reporting it as their preferred payment option. Cash has also maintained a steady place in consumers' wallets with 16% of consumers saying cash is their first pick.
• More than one-quarter of credit union members (26%) use an ATM at least a few times a week, and most report cash withdrawals as the reason (70%).
• More than half of credit union members (55%) say that card design – ranging from type of card material to whether it is produced sustainably, among other attributes – influences which card they choose to use, up from 39% in 2023.
• Fifty percent (50%) of credit union members report they use a mobile wallet at least a few times per month, up from 34% in 2023 and 27% in 2022.
• Person-to-person (P2P) accounts have also become more mainstream, with the number of credit union members who report using a P2P account as their primary payment method rising from 12% in 2023 to 25% in 2024.
• Eight in 10 (82%) credit union members who know their financial institution offers a BNPL program have utilized it, increasing from 69% in 2022. At the same time, interest in utilizing a BNPL offering from a financial institution remains steady (32% in 2024, 33% in 2023 and 31% in 2021).
• Not only have more credit union members invested in cryptocurrency this year, up from 24% in 2023 to 39% in 2024, but they also indicate an increased interest in learning more about it from their financial institution, up from 30% in 2023 to 45% in 2024.

 
In addition to taking a more in-depth look at these key findings, the study also analyzes how and why payment method preferences differ among the generations, as well as key takeaways credit unions can implement to better meet member payment preferences and needs in key opportunity areas.
 
Velera surveyed 1,850 credit union members and non-members from across the U.S. The online survey, conducted in June and July 2024, was taken by participants ages 18 to 65+. Of those surveyed, 43% were male and 57% were female, and demographic characteristics of those surveyed align with consumer data from America's Credit Unions Member Profile. Generations were defined as: Generation Z, ages 18-27; Younger Millennials, ages 28-35; Older Millennials, ages 36-43; Generation X, ages 44-59; Baby Boomers (Boomers+), ages 60 and above.
 
The 2024 Eye on Payments white paper is available for download on the Velera website.