LAS VEGAS — CU Wallet, the credit union-owned digital wallet,announced Tuesday at Money2020 that it had contracted with mobilewallet creator Paydiant to power the CU Wallet service.

Massachusetts-based Paydiant offers so-called white label – thatis, non-branded – digital wallet products.

“Paydiant will let us get to market much faster,” said CUWallet CEO Paul Fiore in an interview at the Aria Hotel. Fiore said he had beentelling the 20-plus credit unions that have already signed on forCU Wallet that the product would be live in Q1 2014, but “now Ibelieve we will be able to move that up to Q4 2013.”

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Fiore added that CU Wallet is majority owned by credit unions, which range insize from under $100 million in assets to $6 billion San DiegoCounty Credit Union. He indicated that CU Wallet will continue tobring in credit unions that want to offer their members a digitalwallet.

Key to the Paydiant mobile wallet is that – unlike somecompetitor products – it works on existing smartphones and also onexisting retail point of sale technology. That means there are norequired technology upgrades needed to begin using the wallet.

In a statement, Fiore elaborated that CU Wallet will “enablecredit unions to deploy these (mobile payment) capabilities soonerand with far less expense.”

“Just as importantly, (the Paydiant) platform,” he said, “willallow us to focus on delivering the credit-union specific business,operation and go-to-market capabilities that CU Wallet is uniquelypositioned to bring to the market. That's a win for everyoneinvolved.”