In 1999, Mid-Atlantic Corporate Federal Credit Union began providing Electronic Bill Payment (EBP) services for its member credit unions.
The EBP service quickly grabbed the attention of several software companies who recognized the appeal of a credit union owned solution for EBP payment processing. Third party internet banking providers such as Virtual Financial, AMIS, Cavion and Commercial Business Systems (CBS) all entered into agreements in 1999-2000 to offer the service as a payment processing option to credit unions utilizing their internet banking product.
By the end of 2000, 100 member credit unions were using Mid-Atlantic Corporate’s EBP service. To assist the Corporate in serving non-member credit unions, Mid-Atlantic Corporate formed the CUSO, MY CU Services, LLC.
As EBP continued to grow, corporate credit unions partnered with MY CU Services to offer EBP to their member credit unions. Corporate partnerships included, TriCorp, Louisiana Corporate, Corporate Central, Volunteer Corporate, Midwest Corporate, Eascorp, VACORP, First Carolina Corporate, Georgia Central, Treasure State Corporate, Missouri Corporate, West Virginia Corporate, Suncorp, Kansas Corporate, Kentucky Corporate, Constitution State Corporate and Mid-Atlantic Corporate. The 17 agreements between the corporate credit unions demonstrated our cooperative approach to providing EBP services to credit unions nationwide.
By July 2003, MY CU Services’ EBP was servicing 255 credit unions in 32 states, the District of Columbia and Guam. EBP surpassed all five-year user projections in less than four years, and was on target to almost double the number of credit union contracts originally projected. The monthly payment volume averaged 2,513 in 2002 and grew to over 100,000 with 28,942 total users by mid-2003.
MY CU Services expanded its bill payment hours for after-hours support and added a toll-free number in 2006. To assist our 700+ bill payment credit unions with marketing efforts for electronic bill payment, MY CU Services partnered with Online Resources (ORCC) to offer quarterly bill payment promotions.
In June 2009, MY CU Services, LLC partnered with iPay Technologies, LLC to convert to its PLUS Bill Payment product and back-end processing. The implementation of this program allowed MY CU Services to offer the next generation in electronic bill payment services by enhancing and expanding functionality for current and new electronic bill payment users.
As part of Mid-Atlantic Corporate’s strategic plan, the payments division of the Corporate was moved into the CUSO in 2010, thus enabling other corporate credit unions to use MY CU Services for ACH, items processing, cash services, and wires. In the fall of 2011, First Carolina Corporate and Corporate Central began using MY CU Services ACH platform.
MY CU Services added cloud computing to its service line in June 2012. Cloud services include hosted email, virtual desktop, virtual servers, software as a service (SaaS), hosted VoIP, data backup, disaster recovery, managed firewalls, and vendor connections. MY CU Services partnered with Ongoing Operations, LLC for the back end hosting of these services.
In October 2012, MY CU Services expanded its product offerings to include consulting services designed to ease the difficulty of finding the right firm or business to fulfill credit unions diverse needs.