CO-OP Financial Services Partners with Zelle to Help Credit Unions Offer P2P Payments
The ongoing need for physical distancing and remote working — as well members’ limited ability to transact in person — is making the adoption of person-to-person (P2P) payments by credit unions more essential than ever.
To support members with their distance banking needs now and in the future, Strategic Link partner, CO-OP Financial Services, is partnering with Zelle, a United States–based digital payments network, to offer P2P payments to credit unions.
“Zelle enables credit unions to support members in many ways consistently, both now as they adjust to the ‘new normal’ brought on by the COVID-19 outbreak, and going forward,” said Bruce Dragt, Chief Product Officer for CO-OP. “As we learn more about what members expect from their primary financial relationship, it’s becoming clear that lifestyle, not just life stage, is the lynchpin of member loyalty. Zelle furthers a credit union’s digital maturity while providing a payments experience that is fast, safe and easy every day.”
CO-OP’s partnership with Alkami, a digital banking solution provider, enables time-saving pre-integration, making it easier for credit union clients shared by the two companies. CO-OP is also working with other digital banking providers to enable this same level of pre-integration, but in the meantime, credit unions can work with their current digital banking providers to initiate the integration of Zelle.
“One of the biggest benefits of Zelle to a credit union is the potential it offers to support members as they increasingly rely on P2P payment technology to complete a variety of daily financial tasks,” said Dragt. “Zelle offers the day-to-day features members need and prefer to send and receive money, including fast funds availability.”
Three credit unions — including Wescom Credit Union, based in Pasadena, California; and Water and Power Community Credit Union, based in Los Angeles, California — are already using Zelle through their partnership with CO-OP and seeing success.
“Zelle is an important part of our long-term payments and digital strategy,” said America Arevalo, Director, Electronic Services at Wescom. “Zelle is a fast, safe, and easy way for our membership to send and receive money. Partnering with CO-OP to integrate Zelle into our digital banking solution was a great experience.”
Stan Wootton, Digitial Banking Manager for Water and Power Community, said P2P payments have changed the way money moves, and Zelle offers convenience and speed for members.
“Zelle, in particular, brought speed to money movement, revolutionizing fast payment functionality,” said Wootton. “CO-OP has always been a well-respected partner, and working with them has resulted in many efficiencies and improved experiences for our organization.”
Credit unions can discover the latest innovations in fintech and member services at the virtual Strategic Link Trade Show, now open, free, and accessible 24/7. Simply log into the platform, browse dozens of virtual booths, and connect with the best business partners in the industry.