Free Webinar to Highlight Upgrades to CO-OP Financial Services’ Sprig Digital Wallet

CO-OP Financial Services has scheduled a free webinar on Dec. 10 to unveil enhancements to its Sprig by CO-OP digital wallet, including the ability to make out-of-network, pay-anyone payments.

Sprig was introduced in January 2013 specifically for credit union members. The new version, which is expected to be available in the first quarter of 2014, will incorporate the PayNet payment network from FIS (www.fisglobal.com), a longtime CO-OP business partner.

The secure PayNet platform allows Sprig 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. The upgraded version will also support remote deposit capture via Android mobile devices (it already supports the Apple iPhone) and feature a redesigned Web and mobile-application user interface.

“The out-of-network, pay-anyone capability puts 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,” says Stan Hollen, president and CEO of CO-OP Financial Services. “We will be adding more partners and features throughout 2014.”

Hollen says CO-OP Financial Services will partner with FIS to add global ATM access through the digital wallet application. “We also intend to add point-of-sale capabilities,” he says. “MCX, the merchant wallet group representing 60 percent of brick-and-mortar merchant sales, has chosen FIS for its payments delivery engine. We think this creates some interesting opportunities for CO-OP.”

Sprig is available to all credit unions on CO-OP Connect, with no implementation or base monthly fees for the digital wallet service. Using Sprig, credit union members can 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 whether funds are available in a recipient’s destination account.

CO-OP will host a free webinar to provide more information on the upgraded Sprig digital wallet at 11 a.m. on Tuesday, Dec. 10. To register, go to http://info.co-opfs.org/DigitalWalletsWebinar_Register

 

Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed today to find out how Strategic Link can help your credit union save money while meeting its goals in 2013 and beyond: creed@nwcua.org.

Posted in Events.