CENTER FOR FINANCIAL SERVICES INNOVATION STUDY HIGHLIGHTS SUCCESSFUL CREDIT UNION-CHECK CASHER PARTNERSHIP
PROGRAM OFFERS MEMBERS IMPROVED ACCESS, SERVICE AND CONVENIENCE


The Center for Financial Services Innovation (CFSI) today released its latest case study, The PayNet Deposit Program: Check Casher-Credit Union Partnerships and the Point of Banking Machine. It examines a pioneering partnership among credit unions and check cashers in New York City that offers credit union members access to their accounts through check cashing locations. The report can be downloaded at http://www.cfsinnovation.com/managed_documents/pobpaper.pdf.

The program enables credit union members to make withdrawals, deposits, and transfers directly into their accounts through point of banking (POB) machines in check cashing locations. The study outlines the key aspects of PayNet Deposit. According to Katy Jacob, CFSI's Senior Analyst and the study's author, "PayNet succeeds because of the similarities between check casher customers and credit union members and provides a creative way to better serve them. Challenges to expansion remain. But this study demonstrates a business model for expanding financial services to underbanked consumers in a way that benefits all sides -- in this case, the consumer, credit union, and check casher." Due to the project's strong initial results, several larger credit unions are considering joining the program, which could also be expanded to include banks.

Joy Cousminer of Bethex Federal Credit Union confirms, "PayNet Deposit significantly expands our opportunities to gain new members. When they want to save money, they walk outside their door, and there's the 'bank' -- it really expands their financial services options."

About CFSI:

The Center for Financial Services Innovation, an initiative of ShoreBank Advisory Services, was founded in 2004 with support from The Ford Foundation. Its mission is to facilitate efforts to offer underbanked consumers across the economic, geographic and cultural spectrum asset-building opportunities that create value for both customers and companies. It provides funding and resources, enables partnerships, and develops and distributes authoritative information on how to respond to the needs of the underbanked both profitably and responsibly. CFSI works with banks, credit unions, technology vendors, alternative service providers, consumer advocates, and policy makers to forge pioneering relationships, products and strategies that will transform industry practice and the lives of underbanked consumers. For more on CFSI, go to www.cfsinnovation.com .

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CONTACT: CFSI Jennifer Tescher, 312-881-5818 jtescher@cfsinnovation.com www.cfsinnovation.com
or Public Relations: Alice Brown, 818-762-9232 alice.brown@mindspring.com www.businesswire.com