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The St. Petersburg, Fla.-based payments CUSO PSCU solidified a partnership with Amount, a Chicago-based provider of omnichannel consumer, small business and buy now, pay later (BNPL) solutions to financial institutions, PSCU said Monday.
PSCU also said it made an investment in Amount, but did not disclose the financial terms of that investment.
The new partnership means PSCU's owner credit unions will be able to leverage Amount's digital credit card opening platform, enabling consumers to apply and instantly receive approval for a credit union credit card by visiting the credit union's app or website.
"Our new partnership with and investment in Amount will add significant value for our credit unions by enabling a digital-first credit card application experience that is simple to implement," Denise Stevens, SVP, chief product and digital officer for PSCU, stated. "In addition to helping grow credit card portfolios, it will drive new member acquisition as consumers can apply for credit union membership while applying for their new card."
According to the announcement, PSCU is working to streamline integration of the new platform to enable a quick-to-market solution for its owner credit unions, and as a result of the partnership, credit unions will be able to offer a branded, end-to-end solution within a matter of days.
"We intend to help solve a current pain point for many credit unions by providing a seamless, fully integrated digital account opening solution with real-time lending approvals and immediate access to card credentials via digital banking and mobile wallets," Amount CEO Adam Hughes stated. "PSCU's investment in Amount underscores our mutual commitment to this strategic partnership, and we look forward to working with PSCU to help credit unions win market share and stay competitive in this modern, digital-first landscape."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
