April 30, 2024 – Advertising and financial technology company Prizeout has announced the newest addition to the Prizeout Partners CUSO, Alloya Corporate Federal Credit Union. Alloya provides financial services to nearly 30% of all credit unions and credit union entities in the US, including comprehensive products and services that help them stay competitive. Through Alloya’s partnership with the CUSO, credit unions within Alloya’s network will now have the ability to access Prizeout’s new CashBack+ suite of products.
“We’re honored to not only have Alloya as a technology partner, but to have them involved in future products,” said Prizeout Founder and CEO David Metz. “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 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. At inception, the CUSO included 9 credit unions. Now over a year later, the CUSO has grown to 20 credit unions and credit union organizations.
Prizeout’s 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,” remarked Kurt Stevenson, Alloya’s Senior Vice President of Payments. “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: Prizeout’s technology integrates directly with credit unions’ online banking and core system providers for a seamless, white-labeled experience. 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.
- For Credit Unions Members: 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 platform will soon include a full suite of products that can earn members additional cashback.
For more information on joining the CUSO, please contact pr@prizeout.com
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About Prizeout
Prizeout is an advertising and financial technology company that helps put money back into people’s pockets. Through Prizeout’s technology, brand-funded offers are available to all partners, including financial institutions, gaming companies, gig economy startups, and more, giving them access to instant cash back from national and local brands when they shop with digital gift cards. The company was founded in 2019 and is headquartered in New York City. For more information about Prizeout, please visit www.prizeout.com.
About Alloya Corporate Federal Credit Union
Alloya provides cooperative financial services to 1,400 member credit unions and credit union entities nationally. Together, the member-owners of Alloya wield aggregated power to gain access to affordable, comprehensive products and services – including payments, liquidity, investments and member solutions – to give each credit union a strategic advantage in the marketplace. The team of 200 professionals at Alloya view themselves as an extension of the credit unions they serve, ensuring that each credit union’s best interest is always at heart. In addition to the support Alloya provides its membership, the corporation supports multiple credit union leagues and associations throughout the country and gives back to local communities nationwide through charitable donations. Visit www.alloyacorp.org to learn more.
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