Fiserv lands payments deal with Pentagon Federal Credit Union
Pentagon Federal Credit Union (PenFed), the second-largest federal credit union in the US, has picked digital card payments technology from Fiserv.
According to Fiserv, PenFed sought a solution that could be deployed quickly and provide its 2.3 million members with a modern way to digitally manage their credit and debit cards.
The credit union is deploying CardHub from Fiserv, which it hopes will enable members to benefit from greater control of their cards and enhanced visibility into their financial transactions.
The selection is part of PenFed’s ongoing switch to a digital strategy, something the credit union hopes can help it keep pace with the largest banks in the US.
“Our members are increasingly utilising digital devices and interacting through digital channels,” says Ricardo Chamorro, executive vice president of consumer banking and strategy at PenFed Credit Union.
“Self-service capabilities and transparency put convenience and control into the hands of our members.
“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.”
PenFed and CardHub
Established in 1935, PenFed holds around $28 billion in assets under management. It offers checking, credit cards, personal loans, mortgages and student loans.
It has followed a policy of mergers and acquisitions, and recently acquired businesses include McGraw-Hill Federal Credit Union and Pennsylvania-based Valor Credit Union.
Fiserv says that now PenFed members will be able to see where they are spending money through “an enhanced data enrichment feature”. This provides “accurate, easy to understand information” about each payment transaction.
CardHub is a technology suite developed by Ondot Systems, acquired by Fiserv in December 2020.
Vaduvur Bharghavan, head of Ondot at Fiserv, says the platform enables PenFed to offer members a digital-first card payment solution that “aligns to the way people live today”.
He adds: “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.”