Dec. 14, 2012
CO-OP Financial Services is urging credit unions to share and offering them the means to do it. The credit union service organization has announced its introduction of an ATM enabled for shared-branching transactions.
The CO-OP NextGen ATM was jointly developed by CO-OP and Diebold and runs on specially developed software that allows members of participating CO-OP credit unions to access all of their accounts — not just the ones tied to their ATM card — from a Diebold Opteva ATM. This gives the member the power to conduct almost all branch transactions, including loan payments, at the ATM.
While giving members more ways to manage their accounts at their convenience, the CO-OP NextGen promotes in-branch efficiency, freeing staff is to focus on other, revenue-building activities.
The machine also provides an additional source of acquirer interchange revenue for CUs by giving them the ability to offer shared branch transactions to the nearly 1,800 credit unions and 32 million members in the CO-OP shared branching network.
"CO-OP NextGen ATM gives credit unions the ability to optimize their ATM channel and capital expenditures by using their current ATM fleet to support traditional ATM transactions and shared branching transactions," said Stan Hollen, president and CEO of CO-OP Financial Services. "CO-OP is the first provider in the United States to offer this leading edge technology that provides greater member convenience and expanded branch reach, without brick and mortar, 24/7, 365 days a year."
For more on this topic, visit the transaction processing research center.