CO-OPFinancial Services, the payments CUSO which is the parent ofCO-OP Network and CO-OP Shared Branching, has released an app forAndroid and Apple phones that it says will make a “virtual branch”available wirelessly.

Dubbed “CO-OPSprig,” the new service's first stage will allow members ofcredit unions participating in shared branching to move fundsbetween their accounts or other members' accounts via smartphone.In addition, members with the app on an iPhone will be able to makedeposits via the app.

Future versions of the app will allow for money movement toout-of-network accounts as well as deposit making capability on theAndroid platform and an option to use the app at participatingretailers at point of sale.

CO-OP emphasized that the money moved in with the app will bemoved in real time and not through the automated clearing housemethod, eliminating that typical delay between when the money issent and when it is received.

Some credit unions already are using the app, including the $92million Northwest Resource FCU of Portland, Ore., and the $8.2million Cal Center Credit Union of Ontario, Calif.

“CO-OP Sprig was extremely easy to implement, for both thecredit union and our members,” said Jim McCarthy, NorthwestResource president/CEO. “The clean and easy-to-use interface can beaccessed from a mobile phone or tablet or PC, providing memberswith 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 ourcredit union the perfect financial solution to their lifestyle andneeds. Without the mobile product, we would not have been able tocapture this market as soon as we would have wanted to.”