ST. PETERSBURG, Fla.— PSCU said it is paying out a $31-million annual patronage dividend for the 2023 fiscal year, with a cash distribution of 30%. According to PSCU, the total cash distribution to its owner-member credit unions this year is $19.4 million, including $7.6 million in capital credits and $2.5 million in revolving funds.
Since its founding, PSCU reported it has issued more than $668.6 million in patronage dividends, with more than 55% distributed in cash.
PSCU is currently planning to complete a merger with California-based Co-op Solutions by year-end.
“PSCU is proud to once again deliver an outstanding dividend to our owner credit unions – a 93% year-over-year increase – while maintaining a record level of capital spend that continues to grow,” Chuck Fagan, president and CEO of PSCU, said in a statement. “PSCU remains a financially healthy cooperative, with a firm commitment to delivering both ongoing investments in innovation and strong returns for our owners. As we look to the future, we are confident that the transformative combination of PSCU and Co-op Solutions will create the premier fintech solutions provider for credit unions, providing an unparalleled portfolio of solutions and services that will further fuel growth and accelerate innovation for our owners.”
Additional Highlights
PSCU said additional highlights from its fiscal year 2023 have included:
- Continued Financial Strength. PSCU said it achieved record revenue of $871.0 million in Fiscal Year 2023, “outpacing the industry with a 16% consolidated year-over-year growth rate.”
- An Award-Winning Culture. “Earlier this year, PSCU earned national and global recognition for supporting a highly engaged team of employees,” PSCU said. “The company was ranked in the top 40 overall and recognized as a top-five employer in the Banking and Financial Services industry on the Forbes list of America’s Best Midsize Employers, and was one of just 57 companies globally to receive the 2023 Gallup Exceptional Workplace Award, which recognizes the most engaged workplace cultures in the world.”
- FedNow Service. Juniper Payments, a PSCU company, was among the first service providers supporting transaction activity for financial institutions on the FedNow Service launched in July, reflecting “PSCU’s commitment to providing instant payments to our Owners on an accelerated timeline,” the CUSO stated.
- Growth of Lumin Digital: “As the company further enables digital experiences, it continues to invest in and empower the capabilities of its best-in-class, cloud-native digital banking company, Lumin Digital. Forty-eight financial institutions are now live on the Lumin platform, with an additional seven signed on and more than four million users under contract,” PSCU said.
- Enhancing the Service Model. PSCU said that using direct feedback from its owner credit unions, it successfully launched an enhanced service model in 2023 that included a reimagined service support approach, greater self-service opportunities and improved service portal features.
- Fighting Fraud. PSCU reported it aved its credit unions more than $650 million in potential fraud dollars in FY23 through industry-leading fraud-fighting tools and capabilities, including its proprietary Linked Analysis technology and expanded Enhanced Fraud Services (EFS) offering.
- Navigating U.S. Payment Card Interchange. “As interchange remained a hot topic across the industry over the last year, PSCU continued to work with its industry partners, including Visa, the Electronic Payments Coalition (EPC), CUNA, NAFCU and others to help credit unions navigate potential legislation, educate their members and engage with policymakers,” PSCU said.
- Thought Leadership. PSCU said it also continued to provide its credit unions, and the industry, with thought leadership to help make informed, strategic decisions. Over the last year, this included the release of PSCU’s sixth annual Eye on Payments study, the continued success of its monthly PSCU Payments Index and the debut of the new PSCUTV video series, which offers a fast-paced way to engage with relevant industry topics.
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