ONTARIO, Calif. - CO-OP Network, the largest credit union owned surcharge-free ATM network in the country, has deployed its first ATM which supports additional services than taking deposits and dispensing cash. Cardholders at the iATMglobal ATM will now have the ability to purchase movie tickets, flowers, pre-paid long distance and pre-paid wireless service through their ATM. The $8 million California Center Credit Union based in Rancho Cucamonga, California deployed the machine. Developed by NCR Corporation, the iATMglobal solution uses an ATM's dial-up or TCP/IP connection to allow consumers to securely purchase products and services through the ATM. "One of the industry benefits of the iATMglobal software is the added revenue stream it provides to credit unions deploying the ATM," said CO-OP Network President/EFT Services Gene Polito. "For high-traffic ATM locations, the system is a great way of maximizing operational efficiency and providing greater service to credit union members. Once the technology is developed a bit further, we think it could have some very far-reaching uses for all types of transactions." But Polito acknowledged that there was precious little evidence that ATM users around the country were clamoring for additional consumer services from their ATMs. The neighborhood where the newest ATM has been deployed includes a 30-screen movie complex, so that an ATM nearby which sold movie tickets might be popular. The credit union will collect a fee on all the new transactions and the CO-OP will collect a small transaction fee, but will not switch the transaction. "We just open the door for the other transactions, we don't process them," he said. He also noted that rising demand for prepaid cell phones and other prepaid services might be the vehicle for non-traditional ATM use. Consumers like being able to easily refresh their prepaid items, Polito said. -firstname.lastname@example.org
CO-OP Network Deploys First Additional Feature ATMs
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!