Members of credit unions which process credit card transactions with CO-OP Financial Services will soon be able to control a wide variety of aspects of their cards from a mobile app, the California-based payments CUSO announced Thursday.
CO-OP is developing the tools with Ondot Systems Inc. of San Jose, Calif., and plans to have it available by the end of the year, the big CUSO said.
“Credit unions can introduce customized member-controlled card products that enable users to determine when and where their payment cards are used; and deliver instant, interactive and actionable alerts,” CO-OP said in its announcement.
In addition to allowing cardholders to lock and unlock their cards, CO-OP said the smartphone app will let cardholders set controls and alerts based on their preferences, such as transaction type, merchant, location and thresholds.
“The mobile card product will enable credit unions to deliver real-time, differentiated debit and credit card services to individual members and businesses, while lowering fraud and operating costs,” CO-OP said in the announcement.
“This service will provide credit unions with another opportunity to strengthen relationships with members and increase the transaction activity of the cards they issue,” CEO Stan Hollen said.