CU24 Broadens Real Time P2P Payment Service
CU24 will offer its POCKET2POCKET real time P2P payment service on CU Mobile Apps from Member Service Solutions LLC.
The Tallahassee, Fla.-based payments network launched POCKET2POCKET in February, 2014. The partnership with Franklin, Tenn. based Member Service Solutions LLC will increase the number of users.
The originator of the transaction will have to be member of a CU24 participating credit union, according to both companies.
The way it works is the user opens the credit union app, clicks on P2P, identifies the person they wish to pay, their cell number and the dollar amount, and then hits send, said Tom Gray, CU Mobile Apps partner.
According to CU24, the receiving party would not have to enroll to receive the funds. Instead, depending on what information the originator supplied, the receiver will receive an email or text message that they received the funds and then enter their debit card number or account number.
Further, the pin pad where users enter the information will scramble it as they enter the numbers, CU24 said.
POCKET2POCKET is an advanced real-time EFT solution, rather than the traditional automated clearing house-based method that can delay funds transfer by anywhere from 24 to 72 hours, according to CU24.