Credit unions processing credit and debit card transactions with CO-OP Financial Services will soon be able to offer members the ability to better manage their card use and security, the payments CUSO announced today.
The tool, called CardNav, will allow cardholders to turn their credit and debit cards on and off, as well as limit or allow their use by location and spending limit, as well as by transaction and merchant type. Attempts to violate these parameters will generate real time text alerts to the cardholder, the CUSO said.
CO-OP will introduce the new service in an Oct. 22 webinar.
“CardNav by CO-OP empowers credit union members to decide when, where and how their mobile credit and debit cards are used in advance and in real-time,” CO-OP President/CEO Stan Hollen said in a statement. “This application for smartphones and tablets simultaneously addresses two key demands of today's member – greater functionality in mobile payments and greater personalized control and security. CardNav enables credit unions to offer a unique, distinctive service that increases member engagement in the mobile, digital wallet channel.”
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