Minnesota and New York Credit Union Leagues Announce Prize-Linked Savings Technology Agreement
Monday, August 8, 2016
ST. PAUL, Minn. and ALBANY, N.Y. (Aug. 8, 2016) - The Minnesota Credit Union Network (MnCUN) and the New York Credit Union Association (NYCUA) are partnering to offer New York’s prize-linked savings product, Lucky Savers. Beginning Oct. 1, MnCUN will provide the technological backing needed to administer Lucky Savers.
MnCUN utilizes the Minnesota Item Processing Corporation (MnIPC), its wholly-owned, for-profit subsidiary, to run proprietary software and administer the technology needs for its own prize-linked savings program, WINcentive Savings®. With the new agreement, MnIPC will provide that same technology management for New York’s Lucky Savers program, including prize drawing administration, reporting, and technical support for NYCUA’s participating member credit unions.
“MnCUN and MnIPC are pleased with the success we have seen with WINcentive Savings in Minnesota, and are excited to support another credit union association in administering their own state specific prize-linked savings program,” said John Ferstl, Vice President of the Network Service Corporation. “We see this partnership with New York as a great opportunity to create greater efficiencies for all credit unions participating.”
“The New York Credit Union Association is excited to partner with the Minnesota Credit Union Network on this incredibly successful program,” said NYCUA Management Consultant Chris Pajak, who oversees Lucky Savers. “We created Lucky Savers with the goal of helping financially vulnerable New Yorkers develop sound saving habits, and it’s safe to say it has exceeded—and continues to exceed—our expectations. Our partnership with MnCUN will provide New York’s credit unions with the important resources they need to continue offering this critical program.”
“Saving is the first step to ensuring financial opportunity and security,” said Timothy Flacke, Executive Director, at Doorways to Dreams (D2D) Fund, a national mission based organization that has been the leader in building PLS products and policies in the United States since 2006. “PLS has a proven track record of helping financially vulnerable Americans start and build savings and we are thrilled to see the continued expansion of PLS across the country through programs like WINcentive and Lucky Savers.”
Attachments: Lucky Savers and WINcentive Savings program logos
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.6 million members at almost 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.
Minnesota Item Processing Corporation (MnIPC) offers credit unions nationwide a complete suite of cost-effective technology solutions which improve operational efficiency, increase financial performance, reduce risk, and enrich member relationships. Solutions include: hosted and service-bureau Big Data Analytics with OnApproach, item processing services, remote deposit capture, and more. Visit www.mnipc.com.
The New York Credit Union Association serves as the trade association for the state’s credit unions, which collectively hold more than $72 billion in assets and serve more than 5.2 million members. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.
D2D strengthens the financial opportunity and security of financially vulnerable Americans by discovering ideas, piloting solutions and driving innovations to scale. D2D collaborates with the financial services industry, government, nonprofit groups, consumers, and public policy organizations to build innovative solutions to make people financially secure. Learn more at www.D2DFund.org.