PSCU partners with Co-op Solutions

Following this announcement, the companies will combine their suite of services and products, aiming to optimise the manner in which they meet the needs, preferences, and demands of their customers and credit unions by providing them with improved technology and solutions, increased scale, and differentiated values. In addition, the firms will focus on fostering long-term development and sustainability for the overall credit union movement. 

PSCU and Co-op Solutions will bring together their employees, complementary services, key partnerships and collaborations, as well as extensive client relationships, all under the commitment to accelerate growth and the optimisation of credit unions. 

More information on the PSCU and Co-op Solutions integration

The companies will continue to operate as two independent enterprises until the close of the transaction, which is expected to be completed by the end of December 2023 according to the press release. After the transaction is closed, PSCU and Co-op Solutions are set to start operational integration under a holding company, which will be led by a combined board and executive management team, with its headquarters in St. Petersburg, Fla.

The combined company is set to leverage a full portfolio of solutions and products from PSCU and Co-op Solutions, and it will focus on providing improved financial stability to credit unions and their members. 

Included in the new features provided by the institutions is the possibility to leverage an open environment with integrated services to design an improved, end-to-end product portfolio with capabilities and offerings from each organisation. This includes access to instant payments, digital banking, fraud and risk management, data analytics, contact center solutions and tools, collections, an ATM network, a credit union debit network, and shared branching. 

At the same time, companies will be given the possibility to benefit from an increased scale, value, and additional growth opportunities for credit unions through optimised product development resources, improved third-party spend, and reduced overhead to allow for an expanded level of re-investment back into the combined enterprise. This aims to support a continued growth plan and to meet the future fintech needs and expectations of credit unions and their members. Furthermore, they will able be enabled to use a combined portfolio that optimises services while developing an experienced team for the credit union industry, as well as the needed products for the self-service capabilities expansion and increased efficiency. 

The companies will combine their tools to further develop financial inclusion and diversity, equity, and inclusion (DEI) in the credit union industry as well. 

The team of the new organisation is set to be announced when the transaction is complete, while the combined Board of Directors will include credit union CEO representation from both Boards, with nine members from the current PSCU Board and four members from the current Co-op Board.