ST. PETERSBURG, Fla. — PSCU is distributing a 2019 fiscal year patronage dividend of $25.9 million, the company announced.
The CUSO said 25% will be distributed in cash.
PSCU’s cash distribution to its owners this year is $15.3 million, including $8.9 million in capital redemptions.
Since its founding, PSCU said it has distributed more than $540.2 million in patronage dividends, with more than 50% paid in cash.
“The pace of innovation and emergence of new competitors in the payments industry continues to accelerate, with new opportunities for credit unions to consider daily,” said Chuck Fagan, PSCU president and CEO. “We are proud to have delivered expanded digital capabilities, enhanced security and an unparalleled member experience to our owner credit unions and their members this year. We are committed to continuing to invest in the industry-leading technologies, solutions and services that make us a beneficial and financially empowering credit union cooperative and partner for years to come.”
Highlights From Year
According to the company, highlights from the past fiscal year include:
- Announcement of a multi-year $100-million investment focused on delivering optimized service, credit union tools, advanced technologies and automation capabilities, including $35 million dedicated to Lumin Digital, PSCU’s cloud-based digital banking platform
- Implementation of robotic process automation (RPA) throughout PSCU to drive automation-based process improvements, strengthening efficiency and scalability
- A continued commitment to risk management and fraud prevention, which saved owner credit unions more than $263 million in potential fraud dollars this year and helped mitigate countless business interruption events while preserving the member experience, the company said
- Optimization and enhancement of the CUSO’s service model, enhancing its Service Delivery team and implementations resources, strategically shifting IT infrastructure to a cloud-based environment and refining the organizational design of PSCU’s account management teams to bring greater consultative value to owners
Collaboration & Scale
“Owners benefit from PSCU’s investments by sharing in the financial returns that are distributed through the company’s annual dividend. PSCU’s cooperative structure enables distribution of the company’s earnings to its owner credit unions as tax-free patronage dividends,” PSCU said. “The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years.”
Annual Meeting, Member Forum Set
Separately, PSCU said its annual meeting of PSCU’s owner credit unions will take place on April 21 during Member Forum 2020, which will be held April 21-23, 2020, at the San Francisco Marriott Marquis. This year’s event – with the theme of “Bridge to the Future” – will feature dynamic keynote speakers, senior leadership sessions and strategic insights on digital payments and other industry-leading and innovative topics. Registration is now open to owner credit unions and can be accessed here.