WesCorp is now beta testing a new mobile banking solution the corporate said will make the service more affordable by delivering it directly from the credit union's core account system.
"Our mobile solution connects directly to the credit union's core processor, bypassing the need to run the transactions through expensive electronic payment systems rails," said Chris Barber, senior vice president of information technology.
The hosted solution was developed in-house and is now undergoing testing at a southern California credit union. It is expected to be offered to other credit union in about two months.
WesCorp said its design will be more plug-and-play than existing mobile solutions and that it "eliminates the need for a series of middlemen to handle the transaction, thereby drastically reducing processing costs," which it said will allow smaller and mid-size credit unions to offer mobile banking to their members.
The service operates independent of a credit union's online banking solution and will initially offer basic mobile functionality. The corporate declined to specify which core processor its mobile solution will work with first but said it is used by most of its more than 900 member CUs and that more platforms and functionality will be added.
"We believe our mobile solution will turn the tables within our industry, giving all credit unions an ability to harness its many benefits and value," said Tony Kitt, WesCorp's executive vice president for member services.