RANCHO CUCAMONGA, Calif. — CO-OP Financial Services announced that it will re-launch its mobile banking application called "CO-OP Mobile."
The application features optional real-time, person-to-person payments and remote check deposit capabilities for smartphone users.
CO-OP explained that the system was originally unveiled in February 2009, but it is now being re-introduced in order to take advantage of CO-OP's new person-to-person payments network called RealPay by CO-OP, which incorporated the FIS PayNet platform.
As Credit Union Journal reported earlier,
The CUSO further added that CO-OP Mobile is a fully customizable and configurable mobile app for credit unions, using the same connection technology as CO-OP Shared Branch transactions, which enables implementation for credit unions already participating in that network.
"Mobile banking is indispensable for any credit union competing for consideration as a member's primary financial institution," said Stan Hollen, president and CEO of CO-OP, in a statement. "CO-OP Mobile enables credit unions to offer a leading-edge, custom-branded app tailored to the needs of their members — without the costly and time-consuming complexities involved in developing an in-house solution."
The CO-OP mobile also offers the following features: iPhone and Android apps custom-branded to the credit union; account aggregation for access to all accounts at a credit union on one app; account-to-account transfers; account history; text banking; and a back office client portal application to monitor and manage users.
The product was tested prior to the introduction by Democracy FCU, a $153-million credit union based in Alexandria, Va.
"CO-OP Mobile allows us to deliver more services to members through their smartphones, which is critical because surveys show 50 percent of adults have smartphones — and keep them handy all the time," said Bill Cook, vice president-administration of Democracy FCU, in a statement. "This version of CO-OP Mobile enables P2P payments and remote deposit capture — features of mobile banking we will be able to offer our members for the first time. It also fits well with our shared branching concept — we want to be wherever our members go, and now we will be right in the palm of their hand.
Cook added that the testing of CO-OP Mobile was an "absolute success" and that they will be "rolling out the new app to our membership in conjunction with the rebranding of our own name, from HEW FCU to Democracy FCU."
