"The minute you let someone else in between the credit union and the member there is risk and exposure to disintermediation," he said.

Founded in 2010, Paydiant's white-label platform provides redemption, loyalty and cardless cash-access platforms for financial institutions and merchants.

"This platform, which we share with the Merchant Customer Exchange, a consortium of the nation's largest retailers, as well as independent retailers and other financial institutions, already enables a great customer experience," Fiore said.

Officially launched in 2013, CU Wallet has 90 credit union subscribers, of which 38 are investors. The CUSO came about as a way for credit unions to help members gather everything into one area rather than sifting through a glut of mobile payment initiatives. It was also a way for credit unions to actively participate in the mobile ecosystem. CU Wallet integrates mobile wallet capabilities into its application including contactless mobile payments, e-receipts, offer redemption and cardless cash access on existing payment terminals, point-of-sale systems, ATMs and online-shopping carts.

"Consumers repeatedly tell us they prefer to use a mobile payment solution offered by their trusted financial institution," Fiore explained. CU Wallet currently has multiple credit unions testing the mobile wallet in a live environment and is developing credit union specific service extensions on top of the Paydiant platform. The firm is also piloting another version of the product in April with $5.9 billion DCU of Marlborough, Mass. Fiore said it would be a more integrated version of the Paydiant app with more features than the version that went out a few months ago.