CU Mobile Apps and credit union co-op CU24 have entered a strategic alliance to offer the CU24 mobile person-to person money transfer service, Pocket2Pocket, to client credit unions of CU Mobile Apps, according to a news release.
“P2P offers a new level of efficiency,” said Joe Woods, CU24 VP of sales and relationship management. “Pocket2Pocket is an advanced real-time EFT solution, rather than the traditional ACH-based method that can delay funds transfer by anywhere from 24 to 72 hours."
CU Mobile Apps will add the Pocket2Pocket feature to solutions that its CU clients are already using, said CU Mobile Apps partner Tom Gray.
“It works like PayPal within the credit union and financial industry. Just open your credit union app, click on ‘P2P,’ identify the person you wish to pay, their cell number and the dollar amount—then hit ‘send’ and it’s done automatically, instantaneously.”
According to Rick Hargis, managing partner at CU Mobile Apps, research has determined that growing numbers of potential bank customers and CU members are actively seeking mobile P2P solutions.
“Real-time is the critical advantage they’re looking for, and that’s what CU24 enables us to offer our client credit unions and their members,” he said.