CO-OP & Zelle partner to enable Credit Unions to offer P2P payment
By Pavithra R
CO-OP Financial Services, a payments and FinTech company ensuring the success of the credit union (CU) movement, has announced that the firm has partnered with Zelle to offer P2P payments to credit unions in the CO-OP ecosystem.
The ongoing emphasis for social distancing and remote working and the limited ability of members to transact in-person is escalating the adoption of person-to-person payments by credit unions. The partnership aims to support members with their distance banking needs now and in the future.
To get started, Client institutions require to have CO-OP account-based technology and have the ability to offer Zelle within their mobile banking solution. The CO-OP account-based technology represents a key differentiator as it is widely supported in the credit union marketplace by various institutions and all major core processors. Currently, 3 CU clients are live with Zelle through their work with CO-OP, including Wescom Credit Union and Water and Power Community Credit Union. CO-OP has also signed 15 more credit unions for the service.
“One of the biggest benefits of Zelle to a credit union is the potential it offers to support members as they increasingly rely on P2P payment technology to complete a variety of daily financial tasks. Zelle offers the day-to-day features members need and prefer to send and receive money, including fast funds availability,” said Bruce Dragt, Chief Product Officer for CO-OP.
The partnership is part of CO-OP’s mission to offer robust technology to ensure CUs can support more member moments.
“Zelle enables credit unions to support members in many ways consistently, both now as they adjust to the ‘new normal’ brought on by the COVID-19 outbreak, and going forward. As we learn more about what members expect from their primary financial relationship, it’s becoming clear that lifestyle, not just life stage, is the lynchpin of member loyalty. Zelle furthers a credit union’s digital maturity while providing a payments experience that is fast, safe and easy every day,” added Dragt.
Recently, Alliance Bank & Zelle partnered to provide P2P service in the consumer mobile banking app.
Zelle is a service of Early Warning Services, provides an option for consumers to send and receive money. The Zelle Network connects financial institutions (FIs) of all sizes, enabling consumers and businesses to send digital payments to people they know and trust with a bank account in the U.S.
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