ICUL Service Corporation, a subsidiary of the Illinois Credit Union League, is a provider of electronic payment services including prepaid gift cards, travel cards, family cards, and reloadable general purpose cards. The Naperville, Ill.-based credit union service organization serves credit unions in 50 states.
Prepaid cards have become the fastest growing form of payment in the past 20 years. According to the 2010 Federal Reserve Payments Study, the number of prepaid card transactions increased 21.5% per year from 2006 to 2009, and the value of prepaid transactions increased 22.9% per year.
ICUL Service Corporation serves more than 2,500 credit unions in 50 states with its CUMONEY cards. It launched its gift card program in 2005, everyday spend and travel cards in 2007, and the family card in 2011. ICUL Service Corporation’s mission is to simply “Help credit unions compete.” Founded in 1974, ICUL’s sole purpose is to offer favorable operating environments and provide quality information on products and services within the credit union system.