Gesa Credit Union Offers P2P to Members

In partnership with MAP, Gesa Credit Union has introduced a person-to-person payment system allowing members to send and receive money in a matter of minutes, through their phones or online.

In April, Richland, Washington-based Gesa Credit Union introduced Gesa P2P Express, a person-to-person payment service.

Gesa is among one of the first credit unions in the country to offer this turnkey service to their members. Pocket-2-Pocket is a white-label solution that requires little credit union programing or cost to implement as it works directly as part of the CU24 gateway network. We sat down with Gesa’s Assistant Vice President of Marketing, Brian Griffith, to talk about the new P2P product.

How does Gesa P2P Express work?

“Utilizing a smart phone or PC, our members are able to send money to anyone with a U.S. banking account. The funds are withdrawn from their checking account via the members’ debit card and secure PIN.”

How has P2P Express been received by members?

“The product has been appreciated by those using it. We really wanted a product that was easy to use and also gave a sense of security. With the debit and PIN method, P2P is just like paying for merchandise at a store. It’s a familiar process to our members.”

Why did Gesa decide to create a P2P solution?

“This was a missing piece to our eChannel offerings. The ability for a member to send money to others without the high cost of wires, and in most cases doing so in real time. We feel that offering P2P gives our members the added safety of secure payments, and the convenience of anytime banking.”

What is Gesa’s approach to investing in new technology?

“We look at member needs and what impacts technology can have on both Gesa and our members. When it makes sense, and the technology is mature we will proceed.”

What makes P2P Express stand out among other mobile payments platforms?

“The best differential is no registration process. Our members can send money quickly and are not required to register unless they choose. Registration adds some enhanced features like history and debit card number storage.

“Other competitive products say the funds are transferred in real time, but that only applies if both the sending and receiving institutions have the same product. With our P2P product, transactions are real time at the network level, which is growing. We believe operating at the network level is the way to go.

“It also works with guaranteed funds. As soon as our member sends money, the account is debited for the funds and held in settlement, until accepted by the receiver. This we feel protects not only Gesa, but also those expecting funds.”

MAP and CU24 Bring P2P Payments to Credit Unions

Gesa’s P2P service is built on Pocket2Pocket, a secure fully-branded person-to-person payment solution launched earlier this year by Member Access Pacific (MAP) and CU24. P2P enables PIN-secured, instant transfer via web and mobile, utilizing PaySecure’s patented PIN pad. P2P allows users to send and receive money in real-time on a debit card or via traditional ACH.

P2P supports both web- and mobile app-based payments, making it easy to send money anywhere without the need for cash, checks or third-party payment solutions. The receiver can be on any network with any financial institution. Money goes straight to their debit card or checking account.

P2P helps credit unions strengthen relationships with members and reduce migration to third-party peer-to-peer enrollers by providing access to a network of 150 million cardholders. The service also revives the credit union’s debit business line by creating net new transaction volume. With MAP and CU24’s Pocket2Pocket payment solution, now being offered at Gesa Credit Union, members have access to a flexible, secure, simple and fast way to send money securely with just the tap of a button.

About Member Access Pacific (MAP)

Member Access Pacific (MAP) is the nation’s only card processing aggregator of the Visa Debit Processing Service platform for credit unions. MAP’s special role in the marketplace provides their client credit unions the unique opportunity to leverage the technology, security, and service of Visa for their members. As a credit union service organization, MAP is committed to the credit union movement and they value their credit union clients first and foremost. Working directly with Visa, MAP offers customized, turnkey debit, credit, ATM, mobile, prepaid-reloadable, and gift solutions — all supported by five-star training, support and service. Learn more at www.mapacific.com.

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 2014 and beyond.