CO-OP Teams Up With Zelle P2P Payment Service    

With no end in sight for COVID-19 social distancing and increasing numbers of credit union members electing to conduct their business remotely, credit union support powerhouse CO-OP Financial Services has teamed up with peer-to-peer money transfer company Zelle to provide P2P services to a network of credit unions.

The partnership builds on the same account-based technology already in place at most credit unions, and according to an announcement last week heralding the partnership three credit unions have already begun using the service including Southern California’s Wescom Credit Union and the Water and Power Community Credit Union in Los Angeles.

According to the release, another 15 credit unions have agreed to participate.

CO-OP’s Chief Product Officer, Bruce Dragt, said the partnership is a logical extension for credit unions seeking to make it easier for their clients to move funds quickly and securely.

“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 in a statement.

“Zelle offers the day-to-day features members need and prefer to send and receive money, including fast funds availability,” he said.

Already in use by banks and individuals around the country, Zelle allows users to enroll their email or mobile phone numbers through the Zelle app or via their own mobile banking app, and send money to the email or U.S. mobile number of a recipient.

The new partnership between Zelle and CO-OP offers three ways for credit unions to integrate with the service:

• Pre-integration through a credit union’s existing digital solution provider (already available for those utilizing Alkami Technology’s digital platform).
• Digital provider integration initiated by the credit union itself.
• Self-supported integration for credit unions with a “homegrown digital banking solution.”

America Arevalo, director of electronic services for Wescom, said the initiative has proven to be a winning strategy for his credit union.

“Zelle is an important part of our long-term payments and digital strategy,” said Arevalo in a statement.

“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.”