PSCU Platform Rollout Helps Prepaid Cardholders Manage Money
My Card Manager is also designed to boost prepaid card usage and member engagement for credit unions.
The St. Petersburg, Fla.-based payments CUSO PSCU announced the rollout of a new digital platform Wednesday – My Card Manager, which will help give credit union members with prepaid cards better control over their finances.
Through My Card Manager, prepaid cardholders can view their transaction history and account balances, create budgets and receive real-time alerts. Other features of the platform include the ability to view card details and select a PIN, personal financial management tools, support and management tools for holders of multiple reloadable cards, and the ability to lock or unlock a card and request a replacement for a lost or stolen card, PSCU said.
A recent addition to My Card Manager’s personal financial management tool kit was Smart Budgets, which helps members set money aside toward specific goals and automatically tracks 30 days of transactions. After 30 days, Smart Budgets suggests recommended budgets; cardholders can also use the tool to set up notifications to help keep them from overspending.
PSCU also emphasized the benefits of My Card Manager to credit unions, which include increased member engagement, as well as more penetration, activation and usage among prepaid card users.
“PSCU is committed to delivering on our digital-first strategy by investing in digital platforms and addressing real member challenges with enhanced solutions that result in a better member experience,” Cody Banks, vice president of payment and fraud solutions at PSCU, said. “Member experience is key to ensuring the success of prepaid programs, and My Card Manager provides members with the ability to seamlessly conduct their essential prepaid banking needs through their preferred channel.”
State Department Federal Credit Union ($2.5 billion, Alexandria, Va.) piloted My Card Manager earlier this year and shared a few details about its experience in a PSCU news release about the platform’s rollout.
“PSCU’s My Card Manager platform is easy to use and fast, and the additional functionalities make it a major benefit for our members,” LaShonda Benson, card strategist at SDFCU, said. “The ability for members to track spending by category, set aside money toward goals and receive text notifications are also very convenient and beneficial. Additionally, PSCU made the transition to the new platform seamless.”
The platform has been accessible through a web browser since earlier this year, and a mobile app version will be available this month, according to PSCU. The Smart Budgets tool will be available on both the website and app versions of My Card Manager.