In this engaging episode of the Payments Podium Podcast, the Payments Professor Professor, Kevin Olsen, and Lisa Coffey, Chief Innovation Officer at Corporate America Credit Union, dive into what it means to be a corporate credit union. They kick off the discussion by clarifying the fundamental differences between banks and credit unions. Lisa, bringing her expertise from Corporate America Credit Union, sheds light on the journey from microfilming checks to climbing the ranks in electronic payments. The conversation navigates through the evolution of financial services, emphasizing the role of technology in facilitating broader reach and efficiency.
A key focus is on how corporate credit unions operate, like a credit union for credit unions, providing essential services such as liquidity, investment opportunities, and technological solutions to their members. These offerings enable smaller community credit unions to offer services comparable to larger financial institutions, leveling the playing field in the financial sector.
The podcast also touches on the active involvement of corporate credit unions in industry-wide regulatory and innovation discussions, highlighting their role in representing community credit unions at a national level. Lisa and Kevin discuss the future of payments, exploring how corporate credit unions aid their members in staying relevant and competitive in the rapidly evolving landscape of electronic payments, including the adoption of instant payment systems like RTP and FedNow.
Overall, the episode offers valuable insights into the function and impact of corporate credit unions, emphasizing collaboration and innovation in the financial industry.
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