CO-OP Financial Services has rolled out an ATM which, the CUSO said, will allow members of participating credit unions to conduct shared branch transactions.
The CO-OP NextGen ATM capitalizes on the Next Generation switch that was developed under Credit Union Service Centers, the shared branching network which eventually became CO-OP Shared Branching.
“CO-OP NextGen ATM gives credit unions the ability to optimize their ATM channel and capital expenditures by using their current ATM fleet to support traditional ATM transactions and shared branching transactions,” said Stan Hollen, president/CEO of CO-OP in Rancho Cucamonga, Calif.
“CO-OP is the first provider in the United States to offer this leading edge technology, that provides greater member convenience and expanded branch reach, without brick and mortar, 24/7, 365 days a year,” Hollen said Thursday.
The CUSO said it developed the new application software with ATM manufacturer Diebold, which allows members of CO-OP Shared Branching credit unions to conduct nearly all branch transactions, including loan payments, at Diebold Opteva ATMs.
With CO-OP NextGen ATM, members can select a shared branching option to access all of their accounts with the credit union, not just those linked to the card as with standard ATM transactions, the CUSO said.
The new ATMs will also allow shared branching credit unions to free up staff which would otherwise have to conduct shared branch transactions and they will also provide credit unions which acquire shared branch transactions to enhance their revenue opportunities, the CUSO said.
The shared branching transaction set on the new ATMs includes account inquiry, statement print, cash withdrawal/advance, check and cash deposit, transfers/payment transfers, and check and cash payment, CO-OP said.