RANCHO CUCAMONGA, Calif. (April 25, 2013) - CO-OP Financial Services is partnering with Ondot Systems of San Jose, Calif., to provide its client credit unions with a CO-OP-branded service that enables members to use their smartphones to exercise greater control over their card usage.
"CO-OP Financial Services is dedicated to providing credit unions with the means to offer greater control and convenience to their cardholding members, and greater assurance of fraud protection," said Stan Hollen President/CEO, CO-OP Financial Services. "With the dominance of smartphones, mobile banking is emerging as the primary channel for member account access. This service will provide credit unions with another opportunity to strengthen relationships with members and increase the transaction activity of the cards they issue."
Instead of simply allowing cardholders to lock and unlock their cards, the product to be offered by CO-OP will provide a range of services, including allowing members to set controls and alerts based on their preferences, such as transaction type, merchant, location and thresholds.
The mobile card product will enable credit unions to deliver real-time, differentiated debit and credit card services to individual members and businesses, while lowering fraud and operating costs. Credit unions can introduce customized member-controlled card products that enable users to determine when and where their payment cards are used; and deliver instant, interactive and actionable alerts. Members will also be able to perform specific self-service functions, including balance inquiries and funds transfers; and card management functions such as reporting fraudulent transactions and lost/stolen cards.
CO-OP Financial Services and Ondot anticipate that the CO-OP-branded service will be available by the end of 2013. Future updates will include targeted offers at point-of-purchase. CO-OP plans to offer the optional solution to its debit and pass-through credit processing clients.
About Ondot Systems, Inc.
Ondot Systems is the creator of value-added mobile card service platforms that bring user preferences and real-time communication to the world of payment processing. Ondot enables financial institutions to deliver differentiated debit, pre-paid and credit card services to consumers and businesses, while lowering fraud and operating costs. Headquartered in Silicon Valley, Ondot brings together expertise in mobile applications, security and payment card processing. For more information, contact email@example.com.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company specializes in helping credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/ Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.