RANCHO CUCAMONGA, Calif.-CO-OP Financial Services reported it is close to completing phase two application software that will allow members of participating shared branching credit unions to skip teller lines and conduct nearly all financial transactions at existing NCR ATMs.
CO-OP has been testing the phase two software on an NCR ATM at CO-OP's Shared Branching Service Center in St. Clair Shores, Mich. The company said the phase two software should be available in the fourth quarter of this year. It is already operating "CO-OP Fast Branch," a standalone kiosk currently installed in more than 100 locations, that delivers the same services available at the teller window.
"The phase two software goes on existing ATMs, providing credit unions with shared branching capabilities at a much lower cost than buying a standalone unit," said Stan Hollen, President/CEO of CO-OP Financial Services, in a statement. "Our phase three solution will be fully integrated with a single point of settlement. By next year, our credit unions will have three options so they can choose what works best for them, expanding shared branching services to more credit unions and more members."
According to CO-OP, phase three, with additional features and installable via software on ATMs of NCR and Diebold, is projected for availability in 2011.
CO-OP noted the new software supports a growing trend towards greater member self service, giving members increased control over their transactions, helps credit unions reduce teller costs, and increases interchange income by generating more guest transactions, i.e., those where members of other credit unions use ATMs equipped with the shared branching software.
The new solution includes an "Our Members" button for current members to expedite the I.D. and sign-on process.
