CU Wallet has partnered with Paydiant, DoubleBeam and CheckAlt to power components of its credit union-focused mobile wallet.
Paydiant, which sells white-label mobile payments technology, will integrate with CU Wallet to support contactless mobile payments, e-receipts, offer redemption and cardless cash access on existing payment terminals, point of sale systems, ATMs and online shopping carts.
"Paydiant's white-label approach allows participating credit unions to deploy complete mobile wallet capabilities and all the benefits that accompany them, without giving up control to third party intermediaries," says Paul Fiore, online banking pioneer and CU Wallet co-founder, in an Oct. 8 press release. "It also enables credit unions to deploy these capabilities sooner and with far less expense."
CU Wallet will also integrate DoubleBeam's mobile payments software development kit to help credit unions enroll members by taking a picture of a blank check and photo ID.
"Mobile-based e-checking is dramatically cheaper than debit and credit cards. Those savings coupled with simple, yet secure member on-boarding offer credit unions, members and retailers a mobile solution where everyone wins," says Ted Tekippe, CEO of DoubleBeam, in a press release.
CheckAlt, which sells check imaging technology, will handle mobile payment processing.
"By leveraging CheckAlt's end-to-end mobile payment processing application, credit unions using CU Wallet can be confident they are processing transactions in an efficient and timely manner," Fiore said in a press release.
CU Wallet launched in September and currently has about 15 million credit unions, ranging from $400 million to $5 billion in assets. In an earlier conference call, the wallet's founders expressed a preference to partner with established technology companies , rather than build capabilities in-house.