CO-OP and Zelle partner to expand P2P payments access for credit unions

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CO-OP Financial Services has partnered with Zelle to expand P2P payments access for credit union members.

Bruce Dragt, chief product officer at CO-OP Financial Services
Bruce Dragt, chief product officer at CO-OP Financial Services

The deal is significant in part because of CO-OP’s status as one of the nation’s largest credit union payments firms, including its alignment with major core banking platforms and its ubiquity across the country through the CO-OP shared branch and ATM networks. The partnership is also remarkable because some credit unions were initially slow to adopt Zelle.

Credit unions will need CO-OP account technology in place and the ability to offer Zelle within their mobile banking platforms in order to provide the service to members. Thousands of credit unions already utilize CO-OP technology so the partnership should speed up implementation of Zelle across the industry.

Three credit unions have already gone live with the service and more than a dozen others had signed up as of Thursday.

CO-OP said the partnership is particularly well-suited to the coronavirus era, in which social distancing, remote work and other factors limit the ability for in-person transactions.

“Zelle enables credit unions to support members in many ways consistently, both now as they adjust to the ‘new normal’ brought on by the COVID-19 outbreak, and going forward,” said Bruce Dragt, CO-OP’s chief product officer.

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P-to-P payments Payments Faster payments Zelle CO-OP Financial Services Mobile payments Consumer banking