The Pennsylvania State Employees Credit Union has tapped fintech Akuvo for debt management and collections services. 

PSECU selected Akuvo for its ability to drive efficiency and effectiveness across its collections operations, a spokesperson for the $9 billion credit union told Bank Automation News.

Akuvo’s platform, which is 100% cloud-native, can onboard an FI in four months, a company spokesperson told BAN. There are 150 FIs currently using its service, and the fintech has plans to implement AI to make its products more efficient.

Akuvo signed these FIs in the second quarter: 

• $2.8 billion Addition Financial Credit Union, headquartered in Lake Mary, Fla.; 

• $2.4 billion Barksdale Federal Credit Union, based in Bossier City, La.; 

• $638 million Cornerstone Financial Credit Union, headquartered in Nashville, Tenn.; 

• $617 million Copper State Credit Union, headquartered Phoenix; 

• $1.5 billion Financial Partners Credit Union in Downey, Calif.; 

• $5.5 billion Genisys Credit Union, based in Auburn Hills, Mich.; 

• $3.4 billion Metro Credit Union, based in Chelsea, Mass.; 

• $231 million New Cumberland Federal Credit Union, headquartered in New Cumberland, Pa.; 

• $5 billion, Numerica Credit Union, based in Spokane, Wash.; 

• $1.2 billion Rize Credit Union, headquartered in Irwindale, Calif.; 

• $1.2 billion Silver State Schools Credit Union, based in Las Vegas; 

• $1.5 billion Vibe Credit Union, headquartered in Novi, Mich.; 

• $493 million West Community Credit Union, based in O’Fallon, Mo. 

Akuvo has signed 21 FIs since the start of the year, according to BAN’s Transaction database. 

Uncertain macro environment 

The tumultuous macroeconomy has forced many FIs to seek the services of fintechs like Akuvo, the company spokesperson said.  

Demand, they said, is high for the fintech’s services for two reasons: 

1. Economic pressures are causing financial trouble for consumers, leading to more delinquency. 
2. Financial institutions are seeking more innovative, automated, AI-driven solutions to improve efficiency. 

“As financial institutions face increasing uncertainty in the economic landscape, it’s essential to have tools that allow us to adapt quickly. Akuvo enables that agility,” the PSECU spokesperson said.  

“We remain cautious, as the broader economic outlook continues to be uncertain and could influence future performance,” they added.