RANCHO CUCAMONGA, Calif. (12/4/13)--A new version of Sprig by CO-OP, a digital wallet for credit union members, will allow out-of-network, pay-anyone payments, CO-OP Financial Services said Tuesday.
The upgrade incorporates the PayNet payment network from FIS of Jacksonville, Fla., a CO-OP business partner. The secure PayNet platform allows users of Sprig by CO-OP to make digital payments to accounts outside CO-OP Connect, the infrastructure that supports both CO-OP Shared Branching and Sprig by CO-OP.
Available in the first quarter of 2014, the upgraded Sprig by CO-OP will add remote deposit capture via Android mobile devices (to existing iPhone capabilities). The upgrade 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, CO-OP Financial Services president/CEO.
CO-OP will add partners and features to Sprig by CO-OP throughout 2014, Hollen said. The company expects to add global mobile access to allow ATM access through a digital wallet application with point-of-sale capabilities.
Credit union members can use Sprig by CO-OP to transfer money from their deposit accounts based on a real-time funds availability model for most transactions, rather than the delayed automated clearing house model. Members can make instantaneous transfers between their own accounts, as well as immediately verify funds have arrived in a recipient's destination account.
The digital wallet service is available to all credit unions on CO-OP Connect.
A free webinar on Sprig by CO-OP bill be held at 1 p.m. CT Tuesday.