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News Now

CU System
Payments corporate business plan moves forward
WESTMINSTER, COLO. (5/10/11)--The Office of Corporate Credit Unions (OCCU) has given the Organizing Council representing a group of U.S. Central Bridge members permission to move forward with plans to create a payments corporate for the transition of certain payment products and services currently operated by U.S. Central Bridge. The payments corporate safeguards the continuity of payments products to credit unions and their members and limits any risk-of-service disruption. The Organizing Council will prepare and submit to the OCCU an organization and charter application for the payments corporate. While a final timeline has not been determined, the transition of products from U.S. Central Bridge will comply with National Credit Union Administration timelines, the OCCU said. The new corporate will not provide any liquidity or investment products and services. “In my view this is a win-win solution for corporates and credit unions,” said Brandt Peterson, executive vice president at SunCorp and a member of the Organizing Council for the payments corporate. “The payments corporate will rely on known expertise and proven technology, limiting risks associated with moving to another service provider and continuing to minimize credit unions’ administrative burdens through the use of existing delivery and support structure.”


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