NAPERVILLE, Ill.–Alloya Corporate FCU and Prizeout Partners CUSO said they are partnering to offer advisory services on technology innovation and to give its member credit unions access to the “CashBack+” suite of solutions.
The latter, the CUSO said, helps credit unions to boost revenue.
“We’re honored to not only have Alloya as a technology partner, but to have them involved in future products,” Prizeout Founder and CEO David Metz said in a statement. “As the largest corporate credit union in the country, Alloya’s insight into the innovation that their credit unions and members need is invaluable, and their mission to support credit unions’ success aligns perfectly with our ability to help them put money back into members’ pockets.”
In February 2022, Prizeout created the Prizeout Partners CUSO in collaboration with Callahan and Associates. The CUSO said it has served as a vehicle for credit unions to license Prizeout's proprietary technology and to enable collaboration across new product development that would benefit the collective.
It further noted that at its inception, the CUSO included nine credit unions, but one year later it has grown to 20 credit unions and CUSOs that have adopted its offerings.
‘Compete With Big Banks’
Prizeout said the new CashBack+ suite of products will provide credit unions within the Alloya network the tools to “compete with big banks, to earn more non-interest income, and to put money back into their members’ pockets.”
“We’re excited to be joining forces with the team at Prizeout to offer their new suite of cashback products to credit unions,” Kurt Stevenson, Alloya’s SVP-payments said in a statement. “Our mission is to support credit union success. With the introduction of CashBack+ to our product and service offerings, we believe Alloya will not only further the success of our member credit unions, but also strengthen the financial well-being of their members.”
How CashBack+ Works for Credit Unions
According to the CUSO, Prizeout’s technology integrates directly with credit unions' online banking and core system providers for a “seamless, white-labeled experience.”
Prizeout said CashBack+ creates a new stream of non-interest income for credit unions by offering up to 3% on every member transaction, going above and beyond interchange fees.
“With new offers and brands joining all the time, CashBack+ also provides credit unions with ongoing reasons to communicate with their members and new ways for members to engage with their digital platform,” the CUSO said.
How CashBack+ Works for Members
Prizeout explained that when credit union members log in to their online banking application, they are presented with the option to purchase digital gift cards with cash back offers from an online marketplace of more than 450+ national brands and access to 1,000s of local brands.
“The cashback is instantly deposited directly into their CashBack+ Balance where it can be used to purchase another gift card or transferred back into their bank account,” the company said.
It added the platform will soon include a full suite of products that can earn members additional cashback.
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