MIDDLETOWN, Penn. and COLUMBIA, S.C. – MY CU Services, LLC, a CUSO owned by Mid-Atlantic Corporate FCU, and PCSimages, LLC (PCSi), a CUSO owned by Palmetto Cooperative Services, LLC, Cooperative Services, Inc. (CSI), and Credit Union Partnership, Inc., have entered into an agreement to transfer ownership of PCSi and its payment services to MY CU Services.
The deal will extend MY CU Services’ offerings and payment processing to more than 1,400 credit unions throughout the United States and Canada. Palmetto Cooperative Services and CSI, the majority owners of PCSi, will have ownership interests and board representation in MY CU Services, with Mid-Atlantic Corporate Federal Credit Union remaining the majority owner, the companies said.
In a statement, My CU Services President/CEO Drew Kishbaugh said the organizations have been discussing for some time how they might work together. This collaboration of MY CU Services and PCSi, which includes First Carolina Corporate Credit Union and several credit union league service corporations, complements and expands the service offerings for each credit union service provider, including payment processing, information technology, bill payment, cash services, core processing, and consulting services, according to the companies.
“For several years, we’ve talked about ways we could collaborate to gain efficiencies and reduce costs, so this union is a natural progression in our relationship,” Kishbaugh said. “By combining PCSi’s payment capabilities with ours, MY CU Services will be able to meet a greater range of client needs.”
The transition is to be completed in September, with both companies initially continuing to operate from their respective locations. Existing PCSi clients will see minimal disruption from the consolidation since the alliance will continue to support existing payment service platforms, the companies said.
As payment volumes increase, MY CU Services said it expects the combined organizations to achieve greater economies of scale which, in turn, will help contain costs – a major benefit for participating credit unions.
“The dynamic state of evolution in payments demands broad perspective and collaboration to ensure credit unions remain competitive and innovative in serving their members,” said Palmetto Cooperative Services President/CEO Brad Miller.
MY CU Services, LLC, a CUSO owned by Mid-Atlantic Corporate FCU, and PCSimages, LLC (PCSi), a CUSO owned by Palmetto Cooperative Services, LLC, Cooperative Services, Inc. (CSI), and Credit Union Partnership, Inc., have entered into an agreement to transfer ownership of PCSi and its payment services to MY CU Services. MIDDLETOWN, Penn. and COLUMBIA, S.C. –
The deal will extend MY CU Services’ offerings and payment processing to more than 1,400 credit unions throughout the United States and Canada. Palmetto Cooperative Services and CSI, the majority owners of PCSi, will have ownership interests and board representation in MY CU Services, with Mid-Atlantic Corporate Federal Credit Union remaining the majority owner, the companies said.
In a statement, My CU Services President/CEO Drew Kishbaugh said the organizations have been discussing for some time how they might work together. This collaboration of MY CU Services and PCSi, which includes First Carolina Corporate Credit Union and several credit union league service corporations, complements and expands the service offerings for each credit union service provider, including payment processing, information technology, bill payment, cash services, core processing, and consulting services, according to the companies.
“For several years, we’ve talked about ways we could collaborate to gain efficiencies and reduce costs, so this union is a natural progression in our relationship,” Kishbaugh said. “By combining PCSi’s payment capabilities with ours, MY CU Services will be able to meet a greater range of client needs.”
The transition is to be completed in September, with both companies initially continuing to operate from their respective locations. Existing PCSi clients will see minimal disruption from the consolidation since the alliance will continue to support existing payment service platforms, the companies said.
As payment volumes increase, MY CU Services said it expects the combined organizations to achieve greater economies of scale which, in turn, will help contain costs – a major benefit for participating credit unions.
“The dynamic state of evolution in payments demands broad perspective and collaboration to ensure credit unions remain competitive and innovative in serving their members,” said Palmetto Cooperative Services President/CEO Brad Miller.