News

Co-op goes real-time with upgraded mobile app

The CUSO has added real-time P2P and remote check deposit capabilities to its white-label mobile app for credit unions.

February 10, 2015

Co-op Financial Services is relaunching Co-op Mobile, its mobile banking application, with new features that include optional real-time person-to-person payments and remote check deposit capabilities.

"Mobile banking is indispensable for any credit union competing for consideration as a member's primary financial institution," Stan Hollen, president and CEO of Co-op, said in an announcement. "Co-op Mobile enables credit unions to offer a leading-edge, custom-branded app tailored to the needs of their members — without the costly and time-consuming complexities involved in developing an in-house solution."

Originally introduced in February 2009, Co-op Mobile is being reintroduced to take advantage of Co-op's new person-to-person payments network, RealPay by Co-op, which incorporates the FIS PayNet platform.

Co-op Mobile is a fully customizable and configurable, and uses the same connection technology as Co-op Shared Branch transactions, expediting implementation for credit unions already participating in that network, the CUSO said.

The new Co-op Mobile was tested prior to introduction by Democracy FCU of Washington, D.C.

"Co-op Mobile allows us to deliver more services to members through their smartphones, which is critical because surveys show 50 percent of adults have smartphones — and keep them handy all the time," Bill Cook, Democracy Vice President of Administration, said in the release.

Additional key features of the new mobile include iPhone and Android apps custom-branded to the credit union; account aggregation for access to all accounts at a credit union on one app; account-to-account transfers; account history; text banking; and a back office client portal application to monitor and manage users.