RANCHO CUCAMONGA, Calif. (6/24/10)--CO-OP Financial Services has almost completed phase two application software that will allow members of participating shared-branching credit unions to skip the teller line and conduct nearly all their financial transactions at ATMs. Phase two software can be installed on existing ATMs or kiosks. CO-OP is testing phase two software on an NCR ATM at a service center in St. Clair Shores, Mich. With phase two, which will be available in the fourth quarter of this year, credit union members can deposit cash or checks, inquire about accounts, withdraw funds, transfer funds and make payments. Phase three, scheduled for availability in 2011, will have additional features and the ability to be fully integrated with a single point of settlement. Phase three is installable through software on Diebold and NCR ATMs. With phase three, members will have full account access as if they were at a credit union branch. According to CO-OP, benefits of the shared branching software include:
* Support for a growing trend toward greater member self-service; * Movement of members from teller lines, reducing teller costs; * Enhanced member access and convenience for members because they can perform transactions anytime at an ATM instead of during business hours at a branch; * Increased interchange income through more guest transactions--with members of other credit unions using ATMs with shared-branching software.
CO-OP Financial Services, Rancho Cucamonga, Calif., is a provider of ATMs and shared-branching services for credit unions nationwide.