RANCHO CUCAMONGA, Calif. — Sprig by CO-OP, a digital wallet for credit union members introduced earlier this year, is being upgraded to enable out-of-network, pay-anyone payments, according to CO-OP Financial Services.
According to the CUSO, the new version of Sprig incorporates the PayNet payment network from FIS of Jacksonville, Fla., a longtime CO-OP business partner.
The secure PayNet platform allows Sprig users to make out-of-network pay-anyone payments - to accounts beyond CO-OP Connect, the infrastructure that enables both CO-OP Shared Branching and Sprig.
The upgraded wallet will be available in the first quarter of 2014. CO-OP said another enhancement is it will support remote deposit capture via Android mobile devices (it already supports the Apple iPhone). The Web and mobile application user interface have also been redesigned.
"We will be adding partners and features to Sprig by CO-OP throughout 2014," said Stan Hollen, president and CEO of CO-OP Financial Services. "In partnership with FIS, we expect to add global mobile access, allowing global ATM access through a digital wallet application. We also intend to add point-of-sale capabilities."
Sprig allows credit union members to transfer money from their deposit accounts based on the real-time "good funds" availability model for most transactions, rather than the automated clearing house model. CO-OP said members can make instantaneous transfers between their accounts, as well as immediately verify funds are available in a recipient's account.
