CO-OP Financial introduces new virtual credit union branch
Feb 05, 2013 (Datamonitor via COMTEX) --
CO-OP Financial Services, a credit union service organization, has introduced CO-OP Sprig, a multi-institution virtual credit union branch, featuring person-to-person, or P2P, payments and account aggregation capabilities in a single portal.
"CO-OP Sprig has, in fact, already been implemented by many credit unions," said Stan Hollen, President/CEO. "FSCC, LLC, a part of CO-OP Shared Branching, offered CO-OP Sprig to our clients in a soft launch. These credit unions are providing their members with a safe, secure and proven online and mobile payment service, under the movement's most widely recognized consumer brand name."
CO-OP Sprig is the first phase in CO-OP's multi-phase plan to expand the product's P2P features and network range into a digital wallet - and beyond, to make it perform as a virtual credit union branch. In its initial phase, CO-OP Sprig is an in-network solution, allowing members to make transfers between, or payments to, any of their accounts. These transactions can include savings, checking or loan accounts residing at any credit union participating in CO-OP Shared Branching or connected to CO-OP Connect, the switch that enables CO-OP Sprig, the company said.
In-network me-to-me and me-to-you payments are supported in the release of CO-OP Sprig, as well as remote deposit capture via Apple iPhone. Future phases of the service will include out-of-network me-to-anyone payments, a point-of-sale option and RDC via Android-enabled smartphones.
Using CO-OP Sprig, credit union members transfer money from their deposit accounts based on the real-time good funds availability model, rather than the delayed automated clearing house (ACH) model. Members can make transfers between their accounts and verify funds are available in the destination account. There are no implementation or base monthly fees for this service.
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