PALO ALTO, Calif., June 28, 2023 (GLOBE NEWSWIRE) -- Today, Stanford Federal Credit Union is announcing their live integration with Prizeout, an ad-tech company that will give Stanford FCU members access to bonuses on their spending and support for local community merchants.
Here’s how it will work:
- For members: When members log into their Stanford FCU digital banking account, they have the option to withdraw funds via Prizeout for a gift card with additional bonuses from 4% to 20%. There are more than 1,300 gift cards to choose from, inclusive of national and local brands. This allows members to stretch their dollars for brands they already use.
- For the community: Local merchants and business accounts now have the option to be featured within the marketplace or run promotions for larger exposure to relevant and geo-targeted audiences. This will help increase their exposure, attract new customers, and ultimately keep money within the community.
- For Stanford Federal Credit Union: This partnership allows the credit union to showcase its innovation and eagerness to embrace technology and partnerships that benefit its members, community, and personal growth.
“Almost every bank or credit union offers credit card rewards and bonuses, but not everyone has a credit card. What’s great about this partnership is all our members can get real cash-in-their-wallet rewards at places they already shop,” said Paul J. Jockisch, Chief Financial Officer at Stanford FCU. “Imagine being in the store with items in your cart, and then via Prizeout getting a discount that you could apply right then and there with a code at checkout. In our early member testing we found that members saved on average 10%. That’s real value, to real members, in real-time.”
The partnership was created via a Credit Union Service Organization (CUSO) as a vehicle for credit unions to license Prizeout’s innovative technology and provide Stanford FCU members and the community with immediate value-added offerings that would have been challenging to implement individually. The CUSO was created and will be managed by credit union consulting firm Callahan and Associates, a trusted entity amongst credit unions.
“We’re thrilled to see this partnership go live and to know that it will help support members during this period of inflation and keep money in the local community,” said David Metz, CEO of Prizeout.
About Stanford Federal Credit Union:
Stanford Federal Credit Union is a $4 billion non-profit financial institution with 86,000 members located in Palo Alto, CA. Founded in 1959 by Stanford University employees, Stanford FCU currently serves Stanford University employees, faculty, alumni and students; as well as worldwide employees of over a hundred other companies headquartered in the San Francisco Bay Area. Stanford FCU’s mission is to improve the financial lives of those in the Stanford community.
About Prizeout:
Prizeout is an ad-tech company that works across the gaming, banking, crypto, gig economy, payroll & finance industries to turn withdrawals into a growth solution for e-commerce & retail businesses. Through its exclusive partnerships, Prizeout offers users unprecedented access to bonus offers on popular and emerging brand favorites while providing them with a fast, secure, and curated experience. The company was founded in 2019 and is headquartered in New York City. For more information about Prizeout, please visit Prizeout.
