Members of credit unions which process credit card transactionswith CO-OP Financial Services will soon be able to control a widevariety of aspects of their cards from a mobile app, theCalifornia-based payments CUSO announced Thursday.
|CO-OP is developing the tools with Ondot Systems Inc. of SanJose, Calif., and plans to have it available by the end of theyear, the big CUSO said.
|“Credit unions can introduce customized member-controlled cardproducts that enable users to determine when and where theirpayment cards are used; and deliver instant, interactive andactionable alerts,” CO-OP said in its announcement.
|In addition to allowing cardholders to lock and unlock theircards, CO-OP said the smartphone app will let cardholders setcontrols and alerts based on their preferences, such as transactiontype, merchant, location and thresholds.
|“Themobile card product will enable credit unions to deliverreal-time, differentiated debit and credit card services toindividual members and businesses, while lowering fraud andoperating costs,” CO-OP said in the announcement.
|“This service will provide credit unions with anotheropportunity to strengthen relationships with members and increasethe transaction activity of the cards they issue,” CEO Stan Hollen said.
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