RANCHO CUCAMONGA, Calif. — CO-OP Financial Services is using mFoundry's financial-services platform to deliver mobile banking to credit unions.
According to a news release, the service will allow credit union members to verify balances, view transaction history and transfer funds among their accounts, all through their cellular phones.
Co-Op Financial Services has 3,000 credit union members, 28,000 surcharge-free ATMs, 3,500 shared branch locations, and more than 120 million monthly transactions and 26 million cardholders. Co-Op also is the leading credit union EFT network, shared branching network and processor in the U.S. financial services industry.
The mFoundry platform will integrate into Co-Op Shared Branching's Next Generation Network switch to provide mobile banking to members of all credit unions participating in its network.
"MFoundry offers security, flexibility and the ability to quickly scale to meet the demands of our credit union members in a cost effective manner," said Stan Hollen, Co-Op's president and chief executive. "The mFoundry platform is superior to an EFT-based solution, since it will utilize the expanded transaction set available only through our NGN switch."
MFoundry has partnered with Fidelity National Information Services, the largest bank technology provider in the United States, ACI Worldwide, First Data, NCR, and others to provide mobile financial services to banks and credit unions.
