ST. PETERSBURG, Fla.— PSCU said it will pay a patronage dividend for the 2022 fiscal year of $16.1 million, with 30% being distributed in cash.
Saying the payout is part of its commitment to helping its owner credit unions succeed and prosper, the CUSO reported the total cash distribution this year is $14.9 million, including $7.5 million in capital credits and $2.6 million in revolving funds.
Since its founding, PSCU said it has distributed more than $637.6 million in patronage dividends, with nearly 55% paid in cash.
“Following the completion of a successful fiscal year 2022, PSCU is proud to once again deliver a strong dividend to our owner credit unions,” said Chuck Fagan, president and CEO of PSCU. “PSCU remains a very healthy cooperative and we are firmly committed to providing an optimal balance of ongoing investments in innovation and a strong dividend program for our Owner credit unions. We are confident that PSCU is well-positioned to help credit unions provide an optimal member experience through our end-to-end portfolio of products, solutions and services, while the additional liquidity provided through our dividend program continues to help our credit unions achieve their strategic and operational goals.”
Highlights of Year
According to PSCU, highlights from its fiscal year 2022 include:
- Acquisition of Juniper Payments. In May, PSCU acquired Juniper Payments, the largest cloud-based, non-bank third-party provider of interbank transaction and reporting systems in the U.S. “This acquisition will enable financial institutions to participate in faster and real-time payments innovation by providing managed connectivity to the Federal Reserve, The Clearing House and the forthcoming FedNow service,” PSCU said. “This expansion of payment types, which includes ACH, wire and instant payments, further establishes PSCU as the leading payments fintech in the credit union space.”
- World-Class Fraud and Risk Management Solutions. PSCU said it continued to refine and optimize its world-class fraud and risk management suite of solutions, while “effectively shifting to a data lake approach to proactively prevent fraud across the channels and platforms consumers use daily. In 2022, PSCU helped save its credit unions more than $530 million in potential fraud while also maintaining an optimal member experience.”
- Partnerships and Resources Focused on the Future. PSCU said it is providing its credit unions with the right partnerships and resources to explore new opportunities and deliver key digital solutions, including its new partnership with Amount for credit card account origination, the introduction of a Digital Consulting Practice within Advisors Plus and the launch of a crypto microsite at www.pscu.com/crypto.
- Continued Growth and Success of Lumin Digital. PSCU reported it continues to invest in and empower the capabilities of its best-in-class, cloud-native digital banking company, Lumin Digital. “In 2022, Lumin Digital experienced 100% on-time launches, modernizing 13 financial institutions’ digital experiences without disrupting their members during conversion – while achieving an unprecedented 100% uptime for all clients,” the company said.
- Ongoing Investment in Data Strategy. PSCU said its investments in data have provided the CUSO with enhanced technological capabilities, enabling the company to leverage its digital perspective and analyze actual consumer behavior to more effectively create personalized, connected experiences for credit union members.
- Publication of Industry-Leading Thought Leadership. PSCU reported it continues to provide its owner credit unions and the market with actionable thought leadership, including the fifth annual Eye on Payments study and the monthly PSCU Payments Index, which provide “insights into consumer payment preferences and spending trends to help credit unions make strategic, data-informed decisions.”
- Owners Benefit From PSCU’s Investments by Sharing in the Financial Returns That Are Distributed Through the Company’s Annual Dividend. 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 45 years, the company said.
Annual Meeting
PSCU said its annual meeting will be held virtually on Wednesday, March 29, 2023, at 4:00 p.m. EDT.
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