RANCHO CUCAMONGA, Calif. (December 3, 2013) - Sprig by CO-OP, a digital wallet introduced in January specifically for credit union members, is being upgraded to enable out-of-network, pay-anyone payments, according to CO-OP Financial Services.
The new version of Sprig by CO-OP incorporates the PayNet payment network from FIS of Jacksonville, Fla. (www.fisglobal.com), a long-standing CO-OP business partner. The secure PayNet platform allows Sprig by CO-OP users to make out-of-network pay-anyone payments - to accounts beyond CO-OP Connect, the infrastructure that enables both CO-OP Shared Branching and Sprig by CO-OP.
Available in the first quarter of 2014, the upgraded Sprig by CO-OP will also support remote deposit capture via Android mobile devices (it already supports the Apple iPhone) and features a redesigned Web and mobile application user interface.
"The out-of-network pay-anyone capabilities put Sprig by CO-OP in the leadership spot among digital wallet solutions for credit unions, both in terms of technical elegance and convenience for the member," said Stan Hollen, President/CEO, CO-OP Financial Services.
"We will be adding partners and features to Sprig by CO-OP throughout 2014," said Hollen. "In partnership with FIS, we expect to add global mobile access, allowing global ATM access through a digital wallet application. We also intend to add point-of-sale capabilities. MCX, the merchant wallet group representing 60 percent of brick and mortar merchant sales, has chosen FIS for their payments delivery engine. We think this creates some interesting opportunities for CO-OP."
Using Sprig by CO-OP, credit union members transfer money from their deposit accounts based on the real-time Good Funds availability model for most transactions, rather than the delayed automated clearing house (ACH) model. Members can make instantaneous transfers between their accounts, as well as immediately verify funds are available in a recipient's destination account.
Sprig by CO-OP is available to all credit unions on CO-OP Connect, with no implementation or base monthly fees for the digital wallet service.
CO-OP is hosting a free webinar to provide more information on the upgraded Sprig by CO-OP. The webinar will be held at 11 a.m. Pacific time on Tuesday, December 10, 2013. Attendees can register at http://info.co-opfs.org/DigitalWalletsWebinar_Register.
To contact the company about Sprig by CO-OP, send an e-mail to 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 helps 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.