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In order to stay competitive in the financial services market, credit unions have historically partnered with banks in an attempt to offer a wide range of financial services to their members.
However, over time this approach has proven to be counter-productive due to high operational costs to the credit union, resulting in expensive financial service product pricing to members.
Today, credit unions continue to face numerous challenges in the marketplace, when it comes to delivering existing and new financial services:
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For many years, hyperWALLET has been a trusted payment services provider to over 200+ credit unions across Canada through our partnership with Central 1 Credit Union. Central1 is an “umbrella organization”, representing a full-service retail financial system serving over 300 credit unions, 2.9 million members and holding $70 billion in assets.
As noted in our case study, in the year 2000 Central1 identified a need to provide customers with cost-effective money transfer services to other credit unions and financial institutions, from within their MemberDirect® online banking product. hyperWALLET provided an integrated and brandable payment solution that handles all transaction processing, settlement, risk management and authentication services, and provides ongoing dedicated customer support to members.
Through hyperWALLET, credit unions can compete with the five major banks in Canada from a product capability perspective, each under their respective brand. This partnership has also provided Central1 and credit union members with a cost-effective, feature-rich email money transfer service - both domestic and global.
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hyperWALLET provides credit unions with a white label, multilingual, multi-currency platform as well as a payment network that provides local settlement of funds.
Our payment services are designed to enable credit unions to compete in domestic, international consumer and commercial payment markets.
hyperWALLET provides dedicated customer support for credit union members, and the solution can be easily integrated with existing payment and operational systems.
Credit unions can embed the hyperWALLET solution within their branded online banking platform to enable new payment features and product functionality for their members, including:
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The hyperWALLET solution provides numerous benefits to credit unions, including:
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