PenFed Enlists Fiserv to Ease Digital Card Management for Members

Pentagon Federal Credit Union ($28 billion, McLean, Va.) has partnered with Fiserv in Brookfield, Wis., to bring its 2.3 million members CardHub, a digital, self-service-focused credit and debit card management solution designed to help users manage their spending and keep their accounts secure.

With CardHub, PenFed credit and debit cardholders can easily view where their money is going through an enhanced data enrichment feature, which they can also use to set up controls that help them make smarter spending decisions, according to Fiserv. That feature also allows cardholders to resolve payment disputes, resulting in fewer support calls to the credit union and a reduction in associated operational expenses, the global payments and financial services technology provider said.

“Our members are increasingly utilizing digital devices and interacting through digital channels, and providing an advanced level of digital card management empowers their daily financial activities,” Ricardo Chamorro, EVP of consumer banking and strategy at PenFed, stated in a news release last week. “Self-service capabilities and transparency put convenience and control into the hands of our members, and we’re confident that continued innovation from Fiserv will allow us to be at the forefront of institutions when it comes to meeting member expectations.”

Fiserv said the digital card payments technology was developed by Ondot Systems, a decade-old provider of a digital experience platform for financial institutions that Fiserv acquired in December 2020.

“Fiserv is enabling PenFed to offer members a digital-first card payment solution that aligns to the way people live today,” Vaduvur Bharghavan, head of Ondot at Fiserv, stated in the release. “Members interact frequently with their credit union through credit and debit cards and enhancing the quality of these interactions through digital capabilities can help deepen those relationships.”