CO-OP Financial Services, the payments CUSO which is the parent of CO-OP Network and CO-OP Shared Branching, has released an app for Android and Apple phones that it says will make a “virtual branch” available wirelessly.
Dubbed “CO-OP Sprig,” the new service's first stage will allow members of credit unions participating in shared branching to move funds between their accounts or other members' accounts via smartphone. In addition, members with the app on an iPhone will be able to make deposits via the app.
Future versions of the app will allow for money movement to out-of-network accounts as well as deposit making capability on the Android platform and an option to use the app at participating retailers at point of sale.
CO-OP emphasized that the money moved in with the app will be moved in real time and not through the automated clearing house method, eliminating that typical delay between when the money is sent and when it is received.
Some credit unions already are using the app, including the $92 million Northwest Resource FCU of Portland, Ore., and the $8.2 million Cal Center Credit Union of Ontario, Calif.
“CO-OP Sprig was extremely easy to implement, for both the credit union and our members,” said Jim McCarthy, Northwest Resource president/CEO. “The clean and easy-to-use interface can be accessed from a mobile phone or tablet or PC, providing members with account access from virtually anywhere.”
Linda Pettit, CEO of Cal Center, said, “Our members, particularly those between the ages of 25 and 40, are finding our credit union the perfect financial solution to their lifestyle and needs. Without the mobile product, we would not have been able to capture this market as soon as we would have wanted to.”