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P2P Lending is coming soon to the U.S. Should credit unions worry?
P2P technology offers a new channel for person-to-person payments through e-mail.
The U.S. financial services industry is standing at an IT crossroads-one that will greatly impact its ability to grow its business, satisfy customers, manage risk and cope with an increasingly challenging regulatory landscape.
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Credit unions of all sizes have realized the benefits of offering online Account-to-Account Transfers, including increased incoming funds, greater member loyalty, and reduced staffing demands.
Credit unions and banks offering Account-to-Account (A2A) transfers on their websites have experienced an increase in balances and member retention.
Account to Account transfers (A2A) is emerging as a priority in
more and more credit unions because it is an offering designed to
strategically position the credit union as the central account in
the e-member's diverse FSP relationships. Before adding A2A to your
portfolio of services though, there are a variety of issues that
you should consider. In a recent Callahan
& Associates Webinar exploring the operational aspects of
A2A, Kelli Schultz, Vice President of Information Technology at
iPay, detailed some of the primary considerations a credit union
should explore before implementation. These include: