RANCHO CUCAMONGA, Calif. CO-OP Financial services has teamed with Ondot Systems of San Jose, Calif., to provide credit unions with a CO-OP-branded service that enables members to use their smart phones to exercise greater control over their card usage.
Instead of simply allowing cardholders to lock and unlock their cards, CO-OP said the product to be offered will provide a range of services, including allowing members to set controls and alerts based on their preferences, such as transaction type, merchant, location and thresholds.
CO-OP said the mobile card product will enable credit unions to deliver real-time, differentiated debit and credit card services to individual members and businesses, while lowering fraud and operating costs. Credit unions can introduce customized member-controlled card products that enable users to determine when and where their payment cards are used; and deliver instant, interactive and actionable alerts. CO-OP said members also will be able to perform specific self-service functions, including balance inquiries and funds transfers; and card management functions such as reporting fraudulent transactions and lost/stolen cards.
CO-OP Financial Services and Ondot anticipate the CO-OP-branded service will be available by the end of 2013. Future updates will include targeted offers at point-of-purchase. CO-OP plans to offer the optional solution to its debit and pass-through credit processing clients.
