BOCA RATON, Fla. – Paul Yang, CEO of Premier Community CU in Stockton, Calif., was named winner of the $10,000 THINK Prize from CO-OP Financial Services last night.
Yang was one of three finalists for the prize, which was announced at CO-OP’s THINK 12 Conference here. The money is to go toward developing Yang’s proposal, which seeks to take real-time, person-to-person financial transfers beyond the realm of online banking and move them to the ATM.
“If you have a CO-OP card and I have a CO-OP card, I should be able to transfer from my card to your card in real time,” Yang had earlier told Credit Union Journal. Yang’s project revolves around creating a secure database that connects card numbers with e-mail addresses or cell phone numbers, allowing users to instantaneously transfer funds from one account to another using just that information.
“Within the ATM profile I’d just choose a person-to-person transfer and instead of making withdrawal, I make a transfer to your account,” explained Yang.
