CO-OP Says Shared Branching Coming to Existing ATMs
Will credit union ATMs soon offer credit union members shared branching transactions as well as ATM transactions?
CO-OP Financial Services says that they will. The national ATM and payments CUSO has announced that it is nearing completion of the software that will allow standard ATMs from participating credit unions to offer the same transactions that the CUSO's shared branching kiosks offer.
"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, CEO of CO-OP Financial Services. "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."
CO-OP is testing the phase two software on an NCR ATM at CO-OP's Shared Branching Service Center in St. Clair Shores, Mich. CO-OP's shared branching kiosks, under the CO-OP Fast Branch brand, are in 100 locations currently, the CUSO said.
Phase three, with additional features and installable via software on ATMs of NCR and Diebold, is projected for availability in 2011. The shared branch transaction capabilities on the ATM will provide credit union members full account access as if they were at their own credit union office.
The new application will be available on stand alone ATMs as well as those that a through-the-wall and drive up